News & Events

Graduation Golf Fest 2016

For yet another year Golf Club Ibar had the pleasure to welcome on site the graduates and their teachers from the schools in Dolna Banya and Kostenets for the traditional Graduation Golf Fest. On 12th May 2016 we met with the graduates from Dolna Banya and on 19th May 2016 we met with the graduates from Kostenets.
Following the established tradition the young people from both towns planted Linden trees thus completing the Graduate Alley at Ibar with two new trees.
Tree planting was followed by introduction to the game of golf. Practicing of golf shots at the Driving Range was an exciting experience for all guests.
The graduates enjoyed very much their visit to the Ibar complex and Mr. Nedev invited them to visit Ibar on their graduation.
Photos from the lovely events are available at the official Facebook page of the Graduation Golf Fest at www.facebook.com/Graduation.Golf.Fest

---

Christmas Celebration at the Dolna Banya Orphanage

On 18th December 2015 we visited the Orphanage in Dolna Banya to attend their Christmas Celebration Performance and meet with the children for our Christmas Initiative. This year again the children performed a lovely Christmas program for the guests. We greeted the children and gave each child a gift package, prepared with the help of Golf Club Ibar members as well as other things you sent for them. Christmas means love, joy and hope and we were thankful to see these in children’s eyes! We would like to thank all of you who were part of our 2015 Christmas Initiative!

Have a Merry Christmas and a Healthy, Happy and Peaceful New Year!

Ibar

---

Graduation Golf Fest 2015

Following the established May tradition Golf Club Ibar had the pleasure to welcome for yet another year the graduates from the schools in Kostenets and Dolna Banya for the traditional Graduation Golf Fest. The graduates and their teachers from Kostenets visited Ibar on May 8th 2015 and we had our guests from Dolna Banya on May 12th 2015.

Mr. Nedev welcomed all the guests and greeted the graduates on their graduation.

The young people had their first lessons in golf and enjoyed very much practicing golf shots at the Driving Range. They planted two trees in the Graduate Alley at Ibar and now the Graduation Alley has nine beautiful trees.

We were delighted to have these lovely events on site and keep alive the good tradition. Photos are available at the official Facebook page of the Graduation Golf Fest at www.facebook.com/Graduation.Golf.Fest

---

Financial Statements 2014

Please note that the Golf Club Ibar Financial Statements 2014 are now available here »

---

Christmas Celebration at the Dolna Banya Orphanage

We would like to thank all of you who participated in Golf Club Ibar's Christmas Initiative organised again for the children of the Dolna Banya Orphanage! On December 17th, 2014 we visited the Orphanage for their Christmas celebration and met with all the children for our Christmas Initiative. The children had prepared a lovely program and greeted the guests with beautiful poems and songs. We were thankful to be able to attend that touching performance and help in some small way to bring joy and happiness to the children. Thanks to the help of Golf Club Ibar members we were able to present each child with a pair of shoes, sweets and a Christmas card. Thank you for your involvement! We would like to wish you all a very Merry Christmas and a Happy, Healthy and Prosperous New Year!

Ibar

---

Celebration of St. Andrew’s Day at Ibar

On November 30th, 2014 Golf Club Ibar kept the tradition and celebrated the day of St. Andrew – the Patron Saint of Golf. Father Plamen of Dolna Banya assisted by the choir of the Dolna Banya church held a service at St. Andrew’s Chapel on site and consecrated the new icon of St. Andrew. We would like to thank all our guests who even in the cold weather attended the service and joined in the celebration

---

Graduation Golf Fest 2014

We at Golf Club Ibar were very happy to welcome for yet another year the graduates from the schools in Kostenets and Dolna Banya for the traditional Graduation Golf Fest. We had two lovely events, on May 12th 2014 the graduates from Kostenets visited Ibar and had the opportunity to get acquainted with the complex and then on May 14th 2014 the graduates from Dolna Banya had their turn.

The young people were very keen on learning about the game of golf and experiencing it for the first time at the Driving Range. They were excited to be able to plant two trees in the Graduate Alley at Ibar and seeing all the trees which had been planted before them they considered it a very special occasion.

Mr. Nedev greeted them on their graduation, a very significant event in their lives and wished them all the best! He also invited them to visit Ibar on their graduation anniversaries and encouraged them to take interest in the game of golf.

This is a good tradition and we were delighted to host it again in 2014. Photos from the event are available at the official Facebook page of the Graduation Golf Fest at
www.facebook.com/Graduation.Golf.Fest

---

Financial Statements 2013

Please note that the Golf Club Ibar Financial Statements 2013 are now available here »

---

Тhe Orphanage in Dolna Banya Celebrates Christmas

On December 18th, 2013 we visited the Orphanage in Dolna Banya and attended the Christmas Celebration Performance of the children at the Orphanage. The children recited Christmas poems, presented Bulgarian Christmas traditions and danced to greet the guests who joined in the charity initiative. We gave the children the Christmas cards and other things you sent for them and presented each child a gift package. Nothing could be compared to the children’s smiles and eyes full of thankfulness. With hearts filled with joy and gladness we would like to thank all of you who participated in our 2013 Christmas Initiative!

Have a Merry Christmas and a Happy and Prosperous New Year!

---

Celebration of St. Andrew’s Day at Ibar

We are thankful that for yet another year Ibar welcomed guests to celebrate the day of St. Andrew - the Heavenly Protector of the Home of Golf and Patron of the Church at Golf Club Ibar. Father Plamen of Dolna Banya held a service at St. Andrew’s Church. Many business partners and friends attended the service and joined in the celebration enjoying the wonderful sunny weather we were blessed with again this year for our special day.

---

Golf Club Ibar AD Financial Statements 2012

Golf Club Ibar Financial Statements 2012 are available here »

---

Graduation Golf Fest 2013

We are delighted to announce that continuing the already established tradition this year again Golf Club Ibar had the pleasure of welcoming graduates and their teachers from the high schools in Kostenets and Dolna Banya at the May Graduation Golf Fest 2013 on site. The Mayor of Kostenets Mr. Radostin Radev also joined our guests from Kostenets.

Mr. Kiril Nedev welcomed and greeted the guests on the special occasion of graduating from school. The graduates planted three new trees in the Graduate Alley at Ibar which was started last year. Our guests practiced shots at the Driving Range and enjoyed very much the time spent at Ibar. You can see photos at the official Facebook page of the Graduation Golf Fest at
https://www.facebook.com/Graduation.Golf.Fest?fref=ts

---

Mr. Ivan Todoroff, Founder and Manager of BGI Project Ltd

Dear Golf Club Ibar Members,

Happy New Year! Please accept my best wishes for you and your families!

At the beginning of the New Year I thought it appropriate to give you an update on our efforts to move things forward at Ibar. The following steps have been taken so far:

I had the project assessed by SGS S.A. (formerly Société Générale de Surveillance) and after its inspection the company confirmed the value of the Ibar project and issued a positive conclusion on the benefits and feasibility of Ibar.
I initiated meetings with the following Dolna Banya officials:
  - the Mayor
  - the Legal Advisor
  - the Chief Architect

There was brief positive progress resulting from these meetings and several pending documents were indeed issued by the municipality. However I must say that I am deeply disappointed and discouraged by the lack of any further cooperation. The progress is far from what was suggested and falls terribly short of my expectations. I wish we could start the New Year on a more positive note but I currently do not see a good result to my efforts over the past six months.

What can be done? I would like to ask your permission to look into some ways to involve additional entities into this process. I believe a foreign investment of such significance should not remain unnoticed and unsupported.

Feedback can be sent to the following specially designated email account: bgi@golfclubibar.com

Look forward to hearing from you,

Best regards,
Ivan Todoroff Founder and Manager BGI Project Ltd

---

Christmas Celebration at the Dolna Banya Orphanage

On December 20th 2012 the Golf Club Ibar Team visited the Dolna Banya Orphanage for our Christmas Initiative and attended the Christmas Celebration organised at the Orphanage. The children presented a lovely performance. They recited Christmas poems, sang and danced to greet the guests. Thanks to many Golf Club members we were able to present the children with gifts, such as warm clothes, sweets and Christmas cards. It was fulfilling to see how a small gesture can make such a difference, especially around such special celebrations. This was a joyful experience which is a reminder to be more giving and caring. We would like to thank all of you who participated in Golf Club Ibar’s Christmas Initiative! Have a Merry Christmas and a Happy and Prosperous New Year!

---

Celebration of St. Andrew's Day at Ibar

Maintaining the long-standing tradition on November 30th, 2012 Golf Club Ibar celebrated once again the day of St. Andrew - the Patron of Golf. Father Plamen of Dolna Banya held a special service at St. Andrew's Chapel on site. About 70 guests joined in the celebration and enjoyed the wonderful sunny weather we were blessed with for this special day.

---

Visiting Golf Club Ibar

On November 7th 2012 a pleasant event took place at Golf Club Ibar. A group of around 50 children and their teachers from countries all over Europe including Bulgaria, Italy, Portugal, Poland, Spain and Turkey came to see and appreciate the natural wildlife at Ibar and of course to play some golf. The pupils were from schools participating in the project "Let's live in the cleaner world" under the Comenius European Program for international school cooperation. One of the participating parties in the project is "Georgi Sava Rakovski" Professional High School in Kostenets. Mr. Kiril Nedev welcomed the guests and shared some information about the project and the golf play. The young generation showed interest and talent in this sport, had fun and took many pictures enjoying a very friendly atmosphere.

---

Mr. Ivan Todoroff, Founder and Manager of BGI Project Ltd

I am Ivan Todoroff, Founder and Manager of BGI Project Ltd. In the spring of 2012 I examined closely the Golf Club Ibar project. At the same time I assigned an independent international company to give an overall assessment of the status of the problems and having been deeply convinced of the benefit and the effectiveness the completion of the project will bring to all and of the feasibility of the project I have undertaken to carry out the construction management of the project with the purpose for its full completion till end 2013.

Several meetings were held with the mayor and administration of the municipality of Dolna Banya. I found that there have been problems due to which some design changes had to be made to the project. Final talks make me think that with keeping administrative legal procedures on both sides, the project can be brought to fruition. Hope for the tolerant disposition on both sides, leading to successful project implementation.

Ivan Todoroff

---

Property Investors Support Golf Club Ibar

We are a group of foreign investors who more than 5 years ago bought properties on Golf Club Ibar, a residential golf complex under construction located in the area of Dolna Banya. The reasons over 250 British and Irish citizens invested are the unique natural resources the area offers, the world famous name of Nicklaus Design (the designer of the golf course) and also the fact that the local Municipality was a shareholder which meant that the local community was going to benefit from the project. In the course of these more than 5 years many of us owners of properties regularly visit Golf Club Ibar and other places in Bulgaria. We have created many new friendships and we and many others would like to visit more often, but unfortunately the current situation prevents us from doing so.

Unfortunately the development is faced with problems leading to it coming to a complete standstill. Not only has this led to foreign investors from fellow EU countries losing a lot of money but it has also seriously damaged the reputation of Bulgaria as a country to invest in. Bulgaria is a beautiful country with so much potential especially in the area of tourism, a multi billion pound industry throughout the world. This local area of Bulgaria has not yet capitilised on its full potential for tourism, although the Mayor of Kostenets and the regional Member of Parliament see tourism as an excellent opportunity to bring prosperity to the area. The combination of the unique natural resources i.e. hot mountain springs, beautiful unspoiled landscapes, excellent skiing, abundant wild life speaks for itself. A PGA quality professional golf course designed by the legendary name of Jack Nicklaus, will be a great asset for both the local and national Bulgarian tourist industry. These are the reasons why we are all even more frustrated, angry and disappointed that after such a long period of time the complex is still not finished and functioning.

We very much want to see Golf Club Ibar completed as soon as possible. We believe that with the support of the Bulgarian authorities the problems that arose after 2007 can be overcome and the complex will start to operate in the way we have always dreamed. With this in mind we have undertaken a course of actions with the purpose of finding a way to achieve a positive outcome for all parties involved with the current situation. One of those actions was the event: “Working together for a prosperous Bulgaria”. This was hosted by us together with the Ibar developer on September 23rd 2012. The meeting took place at Golf Club Ibar, Dolna Banya. Among the guests invited were representatives of the state administration, Embassies, construction companies involved in the complex and media. The meeting was attended by owners of properties as well as employees at Golf Club Ibar. The owners of properties and the Ibar developer had constructive discussions with the guests on how to raise awareness and give publicity to the problems. The guests expressed their support for resolving the problems and many good contacts were forged that we will continue to take forward.

We would like to thank all who responded to our invitation. We believe that if we work together we will achieve the desired success for the progress of Golf Club Ibar and Bulgaria

On behalf of Ibar investors
Linda Cullen and Dee Jardine

---

British Party at Ibar

We are delighted to announce that on August 5th 2012 Dee Jardine who is one of the owners of properties at Ibar organised a special British party to celebrate Queen Elizabeth's Diamond Jubilee and the Olympics. All visiting owners and their families currently staying at Ibar, Ibar Team members and friends the owners have already made in the region joined the celebration. The guests enjoyed the home-made British food and drinks especially prepared for the party. They practiced both Bulgarian and English languages in friendly conversations and had a wonderful time together which all of them will certainly remember.

---

Meeting at Ibar

Dear Friends,

We would like to inform you that on August 2nd 2012 a meeting was held at Ibar with regard to the EPC contract signed between Golf Club Ibar and BGI Project Ltd. The meeting was attended by visiting clients at Ibar, Mr. Dimitar Gerov, Partner and Project Management Director of BGI Project Ltd., Ms. Elka Valcheva, Expert Construction Supervision in SGS Bulgaria Ltd., Mr. Kiril Nedev, Executive Director of Golf Club Ibar and members of Ibar team.

Mr. Gerov and Ms. Valcheva answered clients' questions with regard to the EPC contract and Mr. Nedev answered questions with regard to different elements of the complex like water supply, electricity, the golf course, future marketing, etc.

All present agreed that the meeting was very positive and beneficial. Further developments on this initiative will be following and new information duly provided.

---

EPC Contract Signed

We are extremely pleased to announce that on June 20th 2012 Golf Cub Ibar signed an Engineering, Procurement and Construction (EPC) contract with BGI Project Ltd. for the completion of Ibar project. The contract was signed by Mr. Kiril Nedev, Founder and Owner of Golf Club Ibar and Mr. Ivan Todoroff, Founder and Manager of BGI Project Ltd.

BGI Project Ltd. is a company known for its rich experience in construction project management. The company manages and advises large investment projects in Bulgaria.

The signing took place in Golf Club Ibar's office in Sofia and marks a turning point in the development of Ibar project.

---

Graduation Golf Fest 2012

We are delighted to announce that on May 16th and May 17th 2012 Golf Club Ibar had the pleasure of welcoming graduates and their teachers from the high schools in Kostenets and Dolna Banya at the Graduation Golf Fest 2012 on site. Officials from the Kostenets Municipality lead by the Mayor of Kostenets Mr. Radostin Radev also attended the event on May 16th when we had our guests from Kostenets. All guests were welcomed by Mr. Kiril Nedev who greeted them on the occasion of graduating from school and wished them the best of luck in all of their future pursuits. They learned more about Ibar golf complex and golf play. The graduates received a gift from Ibar and planted two trees thus starting the Graduation Alley at Ibar. Our guests practiced their shots at the Driving Range and felt the magic of golf. We believe Graduation Golf Fest 2012 has started a good tradition which will continue every year and leave a mark for future generations.

---

Graduation Golf Fest 2012

Dear Friends,

On the eve of May 24th, the Day of Slavonic Alphabet, Bulgarian Enlightenment and Culture, we are happy to announce that Golf Club Ibar will again have the pleasure of welcoming graduates from the high schools in Kostenets and Dolna Banya at a Graduation Golf Fest 2012 on site. Classes of graduates and their teachers will be attending the Golf Fest on several meetings in the second half of May to learn more about Ibar golf complex and golf play. We hope the Graduation Golf Fest will become a good tradition for the young people in our beautiful region.

---

Children from Dolna Banya Orphanage at Golf Club Ibar 2012

On April 12th 2012 Golf Club Ibar had the pleasure of welcoming the children of the Dolna Banya Orphanage on site along with their supervisors. We welcomed our guests, about 18 in number, at the driving range and told them more about golf play and our golf course. The children received gifts from Ibar and had the opportunity to enjoy their first lesson in golf. They practiced their shots at the driving range. All children, little and older, were very excited and impressed and left the site filled with emotions.

---

Opening of the New 2012 Season at IBAR

Dear Friends,

After the severe cold and snowy winter period we had this year spring is now in to awaken nature and bring it back to life. We are delighted to invite you to join us for the opening of the new 2012 season at Ibar which will take place on site on April 22nd at 11.00. You are welcome to bring family and friends!

---

Celebration of St. Andrew's Day at Ibar

Dear Friends,

We are delighted to announce that on November 30th, 2011 we celebrated again the day of St. Andrew - the Patron of Golf! Father Plamen of Dolna Banya, Father Georgi of Kostenets and Father Anton of Momin Prohod held a special service at St. Andrew's Chapel on site. Many people joined the celebration and enjoyed the fantastic weather!

---

Celebration of Saint Andrew's Day 2011

Dear Friends,

It is our pleasure to announce that maintaining our tradition this year we will once again celebrate the day of St. Andrew - Patron of Golf. We are delighted to invite you to join the celebration and attend the service which will be held at St. Andrew's Chapel on site on November 30th 2011 at 11:00. You are welcome to bring family and friends!

---

A Dutch Choir at Golf Club Ibar

We are delighted to inform you that on September 12th 2011 a mixed choir from The Netherlands with 17 members visited Ibar. The choir was accompanied by representatives of the church society in Dolna Banya. All present had the pleasure to enjoy the relaxing church music performed by the choir. In front of St. Andrew’s Chapel – our church on site – the choristers sang church songs both in Slavonic and Latin languages. Our guests were very excited and impressed with the site and its unique atmosphere.

---

Golf Club Ibar AD Financial Statements 2010

Please note that the Golf Club Ibar Financial Statements 2010 are now available here »

---

Graduates from Dolna Banya at Golf Club Ibar 2011

To continue our good tradition of congratulating the students of the Neofit Rilski School in Dolna Banya upon their graduation Golf Club Ibar had the pleasure of welcoming them on site along with their teachers and representatives of the School Board on the sunny afternoon of May 28th 2011. All guests, about 25 in number, were welcomed by Mr. Kiril Nedev who greeted them on the occasion of graduating from school and wished them luck in their future endeavours. The graduates received gifts from Ibar and had the opportunity to enjoy their first lesson in golf. The guests practiced their shots at the driving range and chipping green. They also enjoyed a short tour round Ibar and left site with very positive impressions.

---

Annual General Meeting of the Bulgarian Golf Association

On April 19th 2011 Mr. Kiril Nedev attended the Annual General Meeting of the Bulgarian Golf Association (BGA) which was held in Sofia. Golf Club Ibar has been member of the Bulgarian Golf Association for several years now. The Bulgarian Golf Association (BGA) was licensed by the Bulgarian State Agency of Youth and Sport in June 2001. BGA joined the European Golf Association in the same year and in 2003 became an affiliated member of the Royal & Ancient Golf Club of St. Andrews and joined the International Golf Federation in 2006.

---

Golf Club Ibar at the EGCOA Conference in London

Golf Club Ibar’s Executive Director, Mr. Kiril Nedev, participated in the 5th European Golf Business Conference held at the Royal Horticultural Halls in London, November 30th through December 2nd 2010. About 200 delegates attended the Conference. A growing number of golf courses were represented, compared to last year’s conference in Amsterdam. This is demonstrating the significance of the event to a large number of participants.

The central theme of the 2010 Conference was “Back to the Future” and its goal was to investigate new ways to increase player numbers and to secure the future of golf.

The Conference saw the launch of the UK Golf Course Owners Association (UKGCOA). The Association will be an integral part of the European Golf Course Owners Association, and will play an active role alongside other European golf course owners in pan-European initiatives and programmes.

The Grow the Game website was also launched at the Conference. The initiative is based on best practices and feed-back gathered from professional players, course owners and course operators from around the world.

---

November 30th Celebration at Ibar

Maintaining our tradition in 2010 once again we celebrated November 30th, the day of St. Andrew, Patron of Golf. Father Plamen of Dolna Banya held a service at St. Andrew's Chapel on site. About 50 people joined in the celebration and attended the service.

---

Golf Club Ibar at the KPMG Golf Business Forum

We would like to inform you about our participation in the KPMG Golf Business Forum held in Turkey May 12th through 14th 2010. Attending this forum was a very positive experience. There were more than 200 delegates from all over the world discussing the theme of ‘Rethink, Redesign, Reposition the global golf industry’. Mr. Greg Norman was presented with the 2010 Lifetime Achievement Award and Ms. Annika Sorenstam received the 2010 Entrepreneur of the Year Award.

It was generally agreed that the economic situation continues to be difficult. More than 43% of the participants voted that they expected the economic downturn to be over in 2012 or later. Another interesting poll was that when asked which factor hinders golf and its growth the majority replied it was the time needed to play golf. This once again shows that golf developments should be family focused and friendly allowing for a variety of activities to accompany the golfing and further emphasised the trend of 9-hole golf courses and large practice facilities for the developing golf markets.

We had numerous meetings with representatives of the golf business, among them with the Nicklaus Design team – Paul Stringer, Executive Vice President, Dirk Bouts, Senior Design Associate, and Scott Tolley, Vice President of Corporate Communications. The meeting with them was very productive, we discussed the current situation and received clear guidelines as to the future steps that need to be taken.

---

Golf Club Ibar AD Financial Statements 2009

Financial documents »

---

Rally Bulgaria 2010

This year in July Borovets will host the 41st Rally Bulgaria. That is the oldest and most prestigious rally in Bulgaria. Furthermore, this year Rally Bulgaria is making its debut as a round of the 2010 World Rally Championship. The Service Park for the Rally will be located at the Dolna Banya Airport which is just across the street from Ibar. This offers Ibar the exclusive opportunity to welcome guests of the event. We have been contacted by the Accommodation Reservation Office of the event and by some of the participating teams with regards to accommodation at Ibar. This is your opportunity to rent out your property! We would like to ask Golf Club Ibar members wishing to rent out their properties for the period of 5th through 12th July 2010 to kindly contact our office at info@golfclubibar.com for further details.

For more information on the event please visit the event’s official website here: www.rallybulgaria.com/en

---

Two-Instalment Payment Plan for the 2010 Membership Fees offered

At its meeting yesterday the Board of Directors of Golf Club Ibar reviewed the requests received by some of our clients to pay the 2010 security and maintenance membership fees in installments and decided to offer this option. The clients who are not in a position to make payment of their security and maintenance membership fees amounting to EUR 780 by the end of February as per the club’s rules and regulations can opt for a 2-instalment payment plan:

• EUR 400 by the end of February 2010
• EUR 400 by June 30th 2010

This plan will incur the extra cost of EUR 20 because of the deferred payment. Please make the payments into the following bank account:

Beneficiary:	IBAR DEVELOPMENTS EAD
BANK:	UNICREDIT BULBANK
Bank address:	Sofia, Bulgaria
BIC:	UNCRBGSF
IBAN:	BG13 UNCR 7000 1500 5192 20
Beneficiary address:	Dolna Banya, Bulgaria

Please note that the delay in payment will result in temporary restrictions of the club rights. The club rights will be restored once all due payments are made.

---

Golf is Back as an Olympic Sport

On October 9th 2009 the sports of golf and rugby have been voted by the International Olympic Committee (IOC) Session for inclusion in the programme of the 2016 Olympic Games – awarded on October 2nd to Rio de Janeiro.

“The International Golf Federation is absolutely delighted by today’s results. We thank the IOC for the thorough process and we are looking forward to playing our part as a member of the Olympic Movement,” said Peter Dawson, Secretary General of the International Golf Federation. “This is great for golf and we hope to be of great benefit to the Olympic Games as well.”

For more information, please visit the official website of the Olympic movement.

---

Ibar Autumn Junior Golf Tournament

We have the pleasure to announce that the first Ibar Autumn Junior Golf Tournament was held on September 13th 2009 at Golf Club Ibar. There were nine participants aged between 8 and 13. The tournament included the following four challenges:

1. Best Driving Range shot
2. Best 50-meter Green shot
3. Best Chipping Green shot
4. Best Putting Green shot

Each discipline was awarded a certain amount of points which were then summed up for the final ranking. And the winners are:

1. Kiril Nedev Jr. - 30 points
2. Lyuboslav Tzvetkov - 28 points
3. Anna-Maria Donova - 25 points

Congratulations to all winners (and their families)!

---

BANK REFERENCE

More »

---

Announcement

We would like to inform you that a meeting of the Board of Directors of Golf Club Ibar AD was held on April 14th 2009. The Board reviewed various aspects of the work of the company for 2008. Two major areas of concern were discussed namely the ongoing and growing world economic crisis with its effect on the contractual responsibilities of the company and the total lack of administrative service on behalf of the Dolna Banya Municipality. These two circumstances unfortunately lead to delay in the performance of the company’s contractual obligations.

Having seriously considered the above described circumstances, especially their accumulative effect on the work of the company, the Board of Directors unanimously agreed that this is a case of force majeure circumstances with direct effect on the investment process, resulting in delayed completion of some aspects of the project - construction of the Spa Centre, the second 9 holes of the Nicklaus Design Golf Course, some of the infrastructure and some properties.

Please note that this announcement refers only to the possible delays which the force majeure circumstances may cause. It is in no way indicative of the financial situation of the company which remains stable and profitable. For full information on the financial status of Golf Club Ibar AD please view the Official Financial Balance of the company for 2008 which is available here.

---

Dirk Bouts, Senior Design Associate of Nicklaus Design

Mr. Dirk Bouts, Senior Design Associate of Nicklaus Design, had a two-day visit at Golf club Ibar.

Especially for the members of Golf club Ibar he said:

"Now that the snow has melted, it was nice to see that the grass is recovering from the winter and that the maintenance team is working hard on getting the golf course back in shape. A few greens were being mowed with the hand mower for the first time. I was also able to approve the next 2 greens for drainage, which will give us a loop of 9 holes to be opened for play by the end of this coming Summer. I also marked the sand/grass lines in the bunkers for the first 3 holes, which will allow the team to install the sand in the bunkers and this will have a great impact on the course. I will be returning to the golf course in order to approve the next greens for grassing and mark more bunker lines."

Mr. Bouts’ next visit is scheduled for the end of May 2009 when he will give an extended interview. Our members and their guests are able to enjoy the golf course even before the official opening since some of the facilities are already operational.

---

Bulgaria is still the Place to Invest

"There are still bargains abroad to be found, says The Independent from March 4th, 2009. It goes on to say that: Bulgaria has fallen out of favour recently, but the low cost of living means that tourism is expected to pick up. Despite sterling having lost value against the Bulgarian lev, prices are still reasonable, with apartments selling for as little as £30,000 in ski resorts such as Borovets and Bansko, and on the Black Sea coast."

To view the full article please click the following link: » Property overseas: Outside the Eurozone

By the way the article also gives the following tips:

Bargain properties: A buyer's guide

* Be wary of buying cheap property through developers or agents with no track record. The quality may be substandard or the company could be unethical or go bust.

Our comment: We welcome everyone who would like to visit us and personally check the quality we offer. We pride ourselves of being the first Nicklaus Design Golf Course in South-East Europe. Furthermore our development has been awarded 1st Class Certificate by the Invest Bulgaria Agency. In spite of the global financial crisis our project is still going forward and we concluded both 2007 and 2008 with profit.

* Check if your chosen agent or developer is a member of a professional organisation

Our comment: Golf Club Ibar is member of the European Golf Course Owners' Association and of the Bulgarian Golf Association.

* Currency markets can be volatile, so it's worth changing money via a specialist broker to get the best rate.

Our comment: We find this advice very helpful and we fully support it. Trying to be of help to our clients we also provide the possibility for our clients to make payments in GBP as well as in EUR

* Many international markets may have further to fall. Research your chosen location so that you're ready to take advantage of any price drops.

Our comment: We would like to point out that our prices are very reasonable. We work individually with our clients and show flexibility. We have also been affected by the crisis and that is why prices have not gone up in the last year. However, we always try to offer excellent promotions. At the moment we have an exclusive offer for front line golf properties! We offer the freehold of a front line property and the right to build any type of property at any stage at the price of GBP 100 000. The plots are located along holes 1 and 2 and along holes 17 and 18. Thus investors can buy premium plots and wait till the crisis is over to build a property to their liking.

Meanwhile the European Commissioner for Economic and Monetary Affairs, Mr. Joaquin Almunia, described Bulgaria as an island of stability. At his meeting with Bulgaria Prime Minister, Sergei Stanishev, he said that Bulgaria, unlike many other European countries, faces the global crisis with a stable economy .

---

Jack Nicklaus is the undisputed Number 1

The annual list of “America’s Top 100 Golf Communities” once again proves that Jack Nicklaus is the undisputed Number 1 not only at golf and golf design but also at designing residential golf communities. Our Conceptual master plan is by Nicklaus Design which reaffirms once again that Country Golf Club & Spa Ibar will be among the leading golf communities in our region.

View Nicklaus Newsletter January 2009 »

Celebration of Saint Andrews Day

Many people joined the celebration and enjoyed the fantastic weather! A special service was held at St. Andrew's Chapel – the church we have on site. We are delighted to announce that on November 30th, 2008 we celebrated the day of St. Andrew - the Patron of Golf!

---

Golf club Ibar first Bulgarian member EGCOA

This September the European Golf Course Owners Association welcomed its first member in Bulgaria. Golfclub Ibar, the first Nicklaus design Golf Course in South-Eastern Europe, is a spacious, luxurious vacation place in the foothills of the Rila Mountain, just few miles away from one of the Bulgaria finest skiing resorts in Bulgaria - Borovetz.
View EGCOA Newsletter October 2008 »
View the article at EGCOA’s web sait »

---

Temporary club house is now open

It is our pleasure to announce that a Temporary Club House is now open in one of the villas at Golf Club Ibar where members and their guests can have drinks and light meals. We tried the new Club House for the first time on September 6th and enjoyed the BBQ which was personally prepared by the two owners of Golf Club Ibar. Beer and soft drinks are also now available at the Driving Range.

---

Declaration by the Municipal Council of the Dolna Banya Municipality:

Excellent news! The session of the Municipal council just finished. The Declaration in favour of Golf Club Ibar was approved and passed. The municipality promised to start issuing all documents now including the planning permits for the spa centre.

Declaration
by the Members of the Municipal Council of the Dolna Banya Municipality

Today, June 26th 2008, we the Members of the Municipal Council of the Dolna Banya Municipality, with regards to the existing social tension, declare that as share-holder in "Golf Club Ibar" AD have supported and will continue to support the construction of Golf Club Ibar 1 and any other investment initiative in the Dolna Banya Municipality as per the existing legal procedures and investors' actions provided for in the legislation. We will work together for the successful completion of the project in order to affirm the Municipality as a tourist destination attracting future investments, which will guarantee the livelihood and quality of life of the people of Dolna Banya.

---

Golf & Spa Magazine, June 2008

On 24 May, the Day of Slavic Alphabet, the Bulgarian company for gardening equipment and irrigation systems Ditek signed a contract with Ibar Golf Club for the delivery of maintenance machinery and equipment manufactured by the British- American brand RANSOMES JACOBSEN, known for maintaining golf courses like the Augusta National, Pebble Beach and St. Andrews. The event took place on the golf course in Dolna Banya and brought together friends of both parties and golfers.
Ditek is an official importer for Bulgaria of world brands like Rain Bird (irrigation systems) and Ransomes Jacobsen (maintenance equipment) and is one of the very few Bulgarian companies that can deliver the complete set of equipment for the overall maintenance of a golf course. Ibar Golf Club purchased the complete set of 115 pieces of equipment – mowers, aerators, machines for soil preparation, hazard cleaning, leaf removal, transportation of aggregate, as well as machines for the maintenance of the Ransomes Jacobsen machinery and EZGO carts. The contract price is over $1 100 000.
Ditek is a company with an impressive portfolio. It has built the irrigation systems of dozens of big stadiums, including Vasil Levsky National Stadium. Ditek helps many of our seaside resorts maintain their perfect landscaping. Few know that the ground and underground irrigation systems of all golf courses in Bulgaria are designed and delivered by Ditek – the BlackSeaRama, the Lighthouse, Pirin Golf, Pravets Golf, Ibar Golf, etc. At this moment Ditek is building the irrigation system of Prvets Golf. The company provides the compete set of pumping stations a golf course needs. The pumping station of Ibar Golf Club is state-of-the-art technology with its 280 m3/h under 10 bar, and irrigation is controlled by a special satellite system. Ditek has enough experience in irrigation systems to compete with international companies.

---

Golf-Geschäfts-Forum Mai 12 – 14, 2008 Dublin, Irland

Die Gründer des Golfclubs Ibar, Herr Kiril Nedev und Herr Ilia Lazarov nahmen am KPMGS fünften jährlichen Golf-Geschäfts-Forum teil, das in Dublin, Irland, vom 12. bis 14. Mai, 2008 gehalten wurde. Das Forum wurde von mehr als 330 Delegierten aus 45 Ländern besucht.
Die Eröffnungssession des Forums wurde Jack Nicklaus eingeweiht, der den Golf-Geschäfts-Forum-Lebenswerk-Preis empfing. Ihm wurde der Minute-Stehbeifall gegeben, als er sich den Weg zum Podium machte.
Das Forum war sehr produktiv, da es ausgezeichneten Businesskontakte und Geschäftschancen lieferte.

---

Die Praxis-Anlage des Golfclubs Ibar war offiziell am 11. Mai 2008 geöffnet

Wir werden erfreut zu verkünden, dass die Praxis-Anlage des Golfclubs Ibar offiziell am 11. Mai 2008 geöffnet war. Die Zeremonie fand am Ort statt und war von über 400 Gästen beachtet. Herr Pentcho Nenov, Vize- Exekutivdirektor vom Bulgarischen Agentur für Investitionen, teilte Glückwünschwort und schnittete das Band, um die Praxis-Anlage zusammen mit den Inhabern und Gründern des Golfclubs Ibar Herr Kiril Nedev und Herr Ilia Lazarov offiziell zu öffnen. Herr Atanas Genov, bekannt als einer der besten bulgarischen Golfspieler, machte den ersten Schuß auf dem Driving Range.
Wir möchten uns bei allen Freunden bedanken, die unsere Freude und Stolz teilten und das Ereignis mit uns gefeiert haben!

---

Оffizielen Eröffnung der Praxis-Anlage

Sehr geehrte Freunde,

Wir haben das Vergnügen Ihnen zu der offizielen Eröffnung der Praxis-Anlage von Golf Club Ibar einzuladen! Die Zeremonie finded am 11. May, 2008 um 12:00 Uhr am Ort statt. Ihre Familie und Freunde sind auch willkommen.

---

Glückliche Kunden

Tom u. Linda Cullen genieß ihr erstes Glas Wein auf ihrem Balkon, Februar 1. 2008. “Es gab ausgezeichneten Schnee in Borovets und die Sonne schien auf Ibar. Man konnte leicht morgens Ski fahren und Golf am Nachmittag spielen – genau die “reine Perfektion”, die wir alle erwarten!”

---

Zentrales Europa und östliche neue Wirtschaft-Strategien mit Golfstaaten,
Mittlere Osten, Bahrain April 8-10, 2008

Der jährliche Lernabschnitt des Crans Montana Forums für den Mittlere Osten wurde in Manama, Bahrain, April 8 bis 10, 2008 gehalten. Das Hauptthema war die Mitarbeit mit den neuen auftauchenden Märkten in Osteuropa, und spezieller Bulgarien und Rumänien.
Es wurde gemerkt, daß trotz der Krise in den vergangenen Monaten die Investitionen in diesen zwei Wirtschaftssystemen ständig und mit ausgezeichnetem Potential sind. Während Rumänien eine Industrieinvestitionbestimmungsort geworden ist, Bulgarien ist heute als eine der besten Destinationen für Immobilien und touristischen Investitionen, sowie auch Energetik verbundene Investitionen bekannt.
Das Potential der Immobilienanlagen liegt an den verhältnismäßig niedrigen Preisen pro Quadratmeter im Vergleich zu den Ländern der Europäischen Union und Ländern wie Ukraine und anderen ExSowjet Republiken. Das bedeutet ein gutes Potential für das Wachstum im Wert der Immobilien im mittelfristigen Plan.
Die bulgarischen Teilnehmer an das Forum waren Herr Peter Dimitrov, Bulgarischer Minister der Wirtschaft und Energetik; Herr Petar Stoyanov, Präsident der Republik Bulgarien (1997-2002); Botschafter Stoyan Stalev, Executivdirektor von der Bulgarischen Agentur für Investiotionen; Herr Ilko Shivachev, Botschafter von Republik Bulgarien in Kuwait; und Herr Kiril Nedev und Herr Ilia Lazarov, Gründer und Innhaber von Golf Club Ibar.
Eine große Anzahl von Regierungsbeamten und Geschäftsmännern aus den Golfländern sowie auch aus Osteuropa, der Europäischen Union und Asien nahm auch am Forum teil.

---

InterHome 2008 Moskau, Russland, 19-22.03.2008

Golf Klub Ibar nahm in InterHome Moskau 2008, eine Handelmesse die für Immobilien im Ausland angemessen ist, teil. Die Ausstellung fand in Moskau, Russland, März 19. - 22. 2008 statt. Wir sind glücklich, für noch eine erfolgreiche Messe mit vielen Besuchern zu benachrichtigen, die ihre Interessen über Ibar Projekt während der 4 Tage der Ausstellung ausgedrückt haben.
Wir werden uns jetzt freuen, alle die an unserem Stand stoppten, hier in Bulgarien, auf dem Ibar Golfplatz begrüßen zu können.

---

Moskau Golf & Luxury Aufnahme, Moskau, Russland, 20.03.2008

Golf Klub Ibar nahm am Moscow Golf & Luxury Travel Reception teil, die am 20. März, 2008 im Pushkin Museum in Moskau, Russland gehalten wurde. Das war ein Invitation Only- Fall und die sorgfältig vorgewählten Besucher hatten die Gelegenheit, mehr über das Ibar Projekt in einer eleganten und doch unförmlichen Atmosphäre und in persönlichen Gesprächen mit den Ibar Gründer und Inhaber – Herr Kiril Nedev und Herr Ilia Lazarov, zu erlernen.
Wir sind mit dem von allen Besuchern am unseren Stand ausgedrückten Interesse erfreut und zufrieden und haben den Wunsch uns bei Ihnen dafür zu bedanken.

---

Golf Club Ibar Executivdirektor nimmt am 3. Kurs des IUHEI Monte-Carlo, das der Tourismus-Industrie gewidmet wird, teil.

Wir haben das Vergnügen zu verkünden, dass zwischen 29. Februar und 1. März, 2008 Herr Ilia Lazarov, der Executivdirektor von Golf Club Ibar, hat am 3. Kurs des IUHEI Monte-Carlo durch die persönliche Einladung von Herrn Jean-Paul Carteron, Vorsitzender und Gründer des Crans Montana Forums teilgenommen. Der Kurs wurde der Tourismus-Industrie gewidmet. Herr Ilia Lazarov wurde eingeladen, über das Thema “Nutzung der internationalen Hauptfällen, um “top-level” Tourismus-Industrie und Geschäftstourismus zu stimuliren” zu sprechen.
Einige der anderen Teilnehmer an den Kurs schlossen ein: Herr Bernard Pasquier, Ehemaliger Finanzminister von Brasilien und Ehemaliger Direktor von World Bank Group, Herr Wolfgang Bertelsmeier, Europa Repräsentant, International Finance Corporation, World Bank Group, Herr Luc Pettavino, Generaldirektor, Monaco Yacht Show, Herr François Chopinet, Generaldirektor, Intercontinental Carlton Hotel, Cannes, Frankreich, Herr Dominique Loiseau, Relais & Châteaux, Präsident, Bernard Loiseau SA, Frankreich, Herr Adetokunbo Kayode, Minister von Tourismus und Kultur und Nationale Lagebestimmung, Nigeria, Frau Anelija Krushkova, Vorsitzerin vom Bulgarischen Staatsamt für Tourismus, Herr Khaled Makhlouf, Generaldirektor, Ministerium von Tourismus, Ägypten u.a. (für das Programm und alle Teilnehmer gehen Sie an http://www.iuhei.org/activities/tourism3.html ).
Wir wollen auch verkündigen, dass Herr Kiril Nedev und Herr Ilia Lazarov wurden von Herr Jean-Paul Carteron zum Crans Montana Forum in Manama, Bahrain eingeladen. Es wird um das Thema “Zentrales Europa und östliche neue Wirtschaft-Strategien” gesprochen” vom 8. bis 10. April, 2008.
(http://www.cmf.ch/_sEuropeCentrale/2008/index.php?l=uk )

---

Rheingolf – 22‐24.02.2008, Köln, Deutschland

Wir haben das Vergnügen zu verkünden, dass Golf Club Ibar an einer der größten Golf‐Ausstellungen in Europa – Rheingolf, die vom 22 bis 24 Februar, 2008 in Köln, Deutschland stattfand, teilgenommen hat. Mehr als 27 000 Golfers besuchten die Ausstellung und viele von ihnen liessen sich an unserem Stand stoppen, um mehr Information über Golf Club Ibar zu erhalten und ihr Interesse an unserem Projekt auszudrücken. Botschafter Svetlan Stoev, Leiter des bulgarischen diplomatischen Büros in Bonn, besuchte unseren Stand, um seine Unterstützung unserer Teilnahme in der Ausstellung auszudrücken. Golf Club Ibar ist die erste bulgarische Firma, die an dieser Messe teilnimmt, was wir für einen guten Anfang für produktive zukünftige Relationen halten. Wir sind glücklich, alle Besucher unserem Stand in Köln hier in Bulgarien, auf dem Ibar Golf‐Platz begrüßen zu dürfen!

---

18th International Real Estate Exhibition DOMEXPO 2008, Russland, Moskau - 21-24.02.2008

Unsere Verkäufsmannschaft nahm an der 18. Internationalen Immobilien‐Ausstellung DOMEXPO teil, die in Moskau im Period 21. ‐ 24. Februar, 2008 stattfand. Unser Projekt weckte das Interesse vieler Besucher und wir fanden die Messe sehr erfolgreich. Einer der Ausstellungstage wurde besonders nach Bulgarien eingeweiht. Herr Plamen Grozdanov, Botschafter der Republik von Bulgarien in Rußland, Herr Milen Keremedchiev, Abgeordneter Außenminister von der Republik von Bulgarien und Diplomaten von der bulgarischen Botschaft in Rußland besuchten useren Standplatz und wurden durch unser Projekt beeindruckt. Wir bedanken uns bei allen Besuchern, die am Stand von Golf Club Ibar stoppten und wir schauen vorwärts zu unserer vorteilhaften Mitarbeit in naher Zukunft!

---

Golf Club Ibar und das Superborovets Projekt

Wir möchten Sie dafür informieren, daß das Superborovets Projekt jetzt offiziell angefangen wurde. Das Projekt schließt das Bauen von verschiedenen Hotels, zahlreichen Gaststätten und Unterhaltung Aufstellungsorte ein. Mehr als 15 neue Skipisten und ungefähr 10 neue Skilifts sind geplannt errichtet zu werden. Einer der Skiheber würde im Dorf von Raduil aufgestellt, das nur 8 Kilometer weit von der Golf Club Ibar ist. Unser Golf Club Ibar 2 Projekt wird sogar näher aufgestellt! So können unsere Mitglieder und ihre Gäste den Frieden und die Ruhe des privaten Clubs genießen und gleichzeitig nur 10 Minuten vom ganzen Ski-Service, den Superborovets anbieten würde, entfernt sein.

---

Bahrain International Property Exhibition, Manama - 28-30.11.2007

The participation of Golf Club Ibar at property events continued with the Bahrain International Property Exhibition in Manama, November 28-30, 2007. The show was very well attended. We are delighted to announce constantly growing interest in our development and a number of keen visitors searching for good investment. Thank you for visiting our stand and we are looking forward to our future cooperation.

---

International Property & Investment Show, Seoul - 20-22.11.2007

On November 20th to 22nd 2007 our Sales Team participated in the International Property and Investment Show in Seoul, South Korea. Golf is very popular in South Korea and our stand was visited by many interested investors. The Ambassador of the Republic of Bulgaria in South Korea, Mr. Alexander Savov, also visited our stand. He was delighted to see us at the show – Golf Club Ibar is the first Bulgarian company to visit a property exhibition in South Korea. We would like to thank all clients for stopping by to learn more about our project.

---

Nicklaus Design leads the way with six in Golfweek's "Best New Courses 2007"
Sebonack, Concession make top seven of courses opened from 2005-07

NORTH PALM BEACH, FLORIDA-Led by a course that has already earned Top-100 status in one publication and a course already crowned by another magazine as Best New Course in America, Golfweek agreed on one thing: Nicklaus Design continues to set the pace. From Southampton to Southwest Florida, Jack Nicklaus and Nicklaus Design led all designers with six layouts featured in Golfweek's ranking of the 50 "Best New Courses 2007."

---

Worldwide Property Show in Dubai
1-3 November, 2007

Our Sales Team has just returned from the Worldwide Property Show held in Dubai, November 1st - 3rd. We are delighted to announce that there was a lot of interest in our development and we are very pleased with the results. Enquiries from both local and expatriate visitors kept our team very busy throughout the whole exhibition. We would like to thank all visitors who stopped by at our stand to express their interest in Golf Club Ibar!

---

A Place in the Sun - NEC Birmingham

Our sales team has just returned from "A Place in the Sun" exhibition, which took place in Birmingham between the 28th and 30th of September 2007. Due to the number of interested visitors at our stand we found the show very successful. We would like to take the opportunity to thank all who devoted us some of their time and we will be looking forward to seeing some of you on the golf course in Dolna Banya in the near future.

---

Mr. Paul Stringer, Senior Vice-President of Nicklaus Design visiting Golf Club Ibar

On September 17th and 18th, 2007 the Senior Vice-President of Nicklaus Design, Mr. Paul Stringer, visited Golf Club Ibar. The main purpose of his visit was to see and evaluate the location of Golf and Spa Complex Ibar 2 as well as to oversee the construction progress of the first one...

---

Troy M.G. Vincent, Design Associate at Nicklaus Design: IBAR IS A UNIQUE AND CHALENGING PROJECT

What makes IBAR unique is that it has many natural creeks in it, and the elevation changes make it rather challenging. It will be a very enjoyable golf course to play...

---

Golf Club Ibar and Rain Bird Gmbh sign contract for irrigation system. “Golf and Spa Complex Ibar 2” granted Certificate for First Class Investment!

Today, at Golf Club Ibar which is being constructed in Dolna Banya Municipality, a contract for the construction of the irrigation system was signed between Golf Club Ibar AD and Rain Bird Germany Gmbh.

Rain Bird is one of the leading companies for building irrigation systems in the world and is represented in Bulgaria by DITEK OOD which will be executor of the assignment. One of the significant projects completed by Rain Bird is the irrigation system of the Versailles Palace gardens.

At the same ceremony, the Executive Director of the Invest Bulgaria Agency, Mr. Stoyan Stalev, handed to the Mayor of Dolna Banya, Mr. Vassil Hristov, a Certificate for Investment “First Class” for the project to construct a second golf course on the territory of Dolna Banya Municipality.

The project “Golf & Spa Complex Ibar 2” includes a golf course with 18 holes and two options for design:

One option is a championship style 18-hole golf course personally designed, supervised and signed by the legend in world golf and player number one of XX century, Jack Nicklaus.

The other option is a Bear’s Best, being 18 personally selected by Jack Nicklaus par 3 holes, which replicate already existing famous holes from the Nicklaus courses around the world.

There will be around 300 detached houses with approximately 45 000 sq.m. constructed on the territory of “Golf and SPA Complex Ibar 2” .

It is expected that a five-star hotel with a SPA centre will be built onsite and its management will be assigned to a world class hotel chain with proved experience. The project will be realised within 4 years.

---

Golf Club Ibar- Ranked World Best, Most Affordable Golf Resort By Place In The Sun Magazine!

Golf Club Ibar is NUMBER ONE investment by the fairway in the golf supplement of Place in the Sun Magazine from July 2007.

THE BEST property money can buy at a PGA golf course is the 14,300 studio apartment available at Ibar. The development is near the Rila Mountain, very close to the ski resort of Borovets and features an 18-hole, 72-par golf course by Nicklaus Design plus a thermal spring Spa centre.

There are high hopes for Borovets too, where millions of euros are being channelled to turn it into "Super Borovets", which will include 3 to 5 other golf courses in a radius of 50 km. The plan is that there will be contracts between the golf clubs allowing members to play at any one of them.

---

Play golf, ski in Borovets and relax at a modern Spa centre! Do all three in a single day at Country Golf Club & Spa IBAR!

Ibar is one of the two best opportunities to invest in Bulgaria together with Pirin Golf. The development is located near the town of Dolna Banya, only 70 km from the capital city of Sofia, and is the first Nicklaus Design PGA course in South East Europe. Dolna Banya is 18 km from the slopes of the ski resort Borovets- the oldest, biggest and most modern ski resort in Bulgaria, currently undergoing a massive improvement thanks to a cash injection of Euro 300-400 million. The "Super Borovets Project" will increase the length of runs from 58 km to 100 km and the total number of slopes to 33.

Golf Club Ibar is more attractive than Pirin Golf because of the better location and its proximity to the Rila mountain and the airports of both Sofia and Plovdiv, the two biggest cities in Bulgaria offering numerous opportunities for shopping and entertainment.

Like in Spain, it is possible to play golf and ski in a single day, however properties are less than a quarter of the price of their Spanish counterparts. With average temperature of 10.5 C (compared to 12 C in Spain), and 150 days of sunshine a year, this is the perfect place for sun lovers.

While the fathers and sons play golf, mums and younger children have plenty to occupy themselves even if they don't fancy the slopes or the golf course. The complex will have numerous swimming pools filled with hot mineral water, modern Spa centre with various facilities.

In the last two years, property prices have risen by over 50 percent and highly profitable rental returns can be achieved through holiday rentals. The Nicklaus Design golf project is due for completion in September of 2009.

---

The Worldwide Property Show in Dubai

Golf Club Ibar participated at the Worldwide Property Show, which took place in Dubai, U.A.E. from May 17th till May 21st, 2007. There was a lot of interest for our properties from both local citizens and expatriates looking for a sound investment. We would like to thank all of you who stopped at our stand and we'll be looking forward to seeing some of you come on an inspection visit to Dolna Banya in the near future.

---

An interview with Brad Kendall

An interview with Brad Kendall, the man who made a golf course for the brother of the sultan of Brunei and was recommended to us by Nicklaus Design.

---

Worldwide Property Show

Golf Club Ibar will be exhibiting at the Worldwide Property Show, taking place at Grand Hyatt Hotel, Dubai from May 17 through May 19, 2007. We can be found at stand 300 together with our agent Ocean Estate International.

---

The London Golf Show

Golf Club Ibar participated at the London Golf Show, which took place in London from April 26th till April 29th, 2007. We had a successful presentation and a number of people showed keen interest in our project and properties. We would like to thank all who stopped at our stand and we'll be looking forward to seeing some of you come on an inspection visit to Ibar Golf Club & Spa.

---

A Place in the Sun exhibition

Golf Club Ibar will be exhibiting at A Place in the Sun exhibition, taking place at London's ExCeL Centre from March 30th through April 1st, 2007. We invite everyone to visit us at stand E6 where we will be co-exhibiting with our partner Ocean Estates International. Looking forward to seeing you there.

---

Golf Club IBAR featured in the Golf & Spa Magazine

The article tells the story from the perspective of the two Executive Directors- Kiril Nedev and Ilia Lazarov interviewed by the Editor-in-Chief Prolet Yordanova. Please, download the document to find out why Dolna Banya, why golf, why "Ibar" and much more.

---

Golf Club Ibar at the Homebuyer Show in London

Golf Club Ibar attended the Homebuyer Show which took place from March 2nd till March 4th in London. Our sales team and Executive Directors would like to thank all current and potential clients who visited our stand and contributed to our successful presentation.

---

Success Stories: Golf Club Ibar featured in "A Place in the Sun" Magazine

Bulgaria was ranked third in the Top 20 list of the world's most popular places to buy in the February issue of "A Place in the Sun" magazine. In the Bulgarian section of the magazine, there is a feature about Mark and Wendy Davis who have bought a flat within the Ephrosina apartment villa in Golf Club Ibar. The couple made 18,800 in just one year for their two-bedroom apartment.

---

First Owners Inspecting Their Completed Properties

Golf Club Ibar is happy to announce that the first owners were invited to come and inspect their finished properties. Mr. Po Koon Huang and his wife came to the development and inspected their villa Christina situated in Stage 1, block 55, plot V. Please, find below their impressions.

"My wife and myself are genuinely happy with the villa. When we entered the site, we could see that stage 1 is really taking shape. The view from the balcony is great, and with the proposed chapel to the right and first hole to the left, I can only imagine it to get better.

The interior finish of the villa is also good, there are a few minor things to touch up, but we were immediately assured that they will be put right. During the visit, there was actually a fire in the fire place, it made the whole living room feel really warm. We like the finish and colour of the kitchen, which I think will be more than adequate for a holiday home. We also like the choice of carpet, it extends from the stair to all the three rooms. We already know the centre room is going to be small, so we intend to make it into a tea or study room. The other two bedrooms are of good size and both have wonderful views from the windows. We would have preferred the bathrooms to be in beige/cream colour, but I think the light green is also acceptable.

Few of our would be neighbours have garage which integrate well with the rest of the villa. After seeing the build quality, we decided to put in an order for the garage.

We intend to spend more time here rather than just purely having it for rental."

Po Koon Huang

---

Laying of the Foundation Stone of St. Andrew's Chapel

On November 30, 2006, Archimandrite Johan held the service of laying the foundation stone of the St. Andrew's Chapel at Golf Club Ibar. The Chapel will host various services, weddings and ceremonies once the complex becomes fully operational. Among the clerics present were father Plamen of Dolna Banya, Father Dimitar and others. The service was honoured by Mr. Pencho Nenov, Deputy Chairman of the Foreign Investment Agency, Vassil Hristov, Mayor of Dolna Banya, and many other guests.

---

Golf Club Ibar Interconnected to the Electricity Grid

On November 29, 2006 Stage 1 of the development was interconnected to the grid and the first houses glittered as the sun was setting behind the mountain peaks. The first homes will welcome their owners for inspection and transfer of the notary deed in December 2006 and January 2007.

First Class Investor Certificate Ceremony

On July 3rd, 2006, the Executive Director of the State Agency for Investments Mr. Stoyan Stalev (former Minister of foreign affairs and Ambassador of Bulgaria in Germany and Turkey) presented to the owners of Golf Club Ibar AD Mr. Ilia Lazarov, Mr. Kiril Nedev and the Dolna banya Municipality represented by Mrs. Marinika Yakova, Deputy Mayor, a First Class Investor Certificate for the investment project "Golf Club Ibar".

The project was estimated by the State representative as an extremely important for the regional development and for the investment climate in the Dolna Banya Municipality.

Mr. Nedev thanked to the representatives of the State and the Municipality for the very good cooperation in the framework of the public-private partnership.

---

First Digging Ceremony

On the 27-th of September 2005 the Governor of Sofia region Mr. Emil Ivanov and the Mayor of Dolna Bania Mr. Todor Ivanov, made the first digging of the practice area and of the first villas. The ceremony was honored by the presence of the members of the Parliament Mr. Mladen Cherveniakov (former minister of justice) and Mr. Oleg Popov, the President of the State agency for the development of new technologies Mr. Plamen Vachkov, the Commercial counselor of the British

Embassy Mrs. Christine Mc Neal, the mayors of Ihtiman, Kostenets and Gorna Malina, al municipal counselors, business partners and citizens of Dolna Bania. Mr. Mladen Cherveniakov and Mrs. Christine Mc Neal placed the pin of the green of the 18 hole and of the tee of the 1 hole. From the 1-st October 2005 starts sales of the villas of the first stage and fifteen first line villas on the golf.

---

Design Contract Ceremony

On June 14 2005 in State residence of “Bojana” Sofia, Bulgaria, Thimoty P. Kenny, Executive Vice president of Nicklaus design, and Kiril Nedev and Ilia Lazarov, Executive directors of Golf club Ibar, signed the Agreement for the design of the golf course in Dolna Bania, 70 km away from Sofia. This will be the first Nicklaus design Golf course not only in Bulgaria, but in

South East Europe. The ceremony was honored by H.E.Petar Stojanov – President of Bulgaria 1997-2002, Mr. Todor Ivanov - mayor of Dolna Bania, all members of the Municipality council of Dolna Bania, members of the diplomatic corp, as well as 420 distinguished guests.