Sale of Holding

6 June 2012

SOUTH AFRICAN PROPERTY OPPORTUNITIES PLC

(the "Company")

SALE OF GOSFORTH PARK

The Board is pleased to announce that conditional contracts have been concluded for the sale of a substantial majority of the Company's holding at Gosforth Park to the Improvon Group for a purchase price of R92.5m. Coupled with other completed or contracted sales on this property, the total gross receipts are R118.2m which is broadly in line with CBRE's valuation of the sold portions. The Company retains a further portion of land at Gosforth Park which will be sold in due course. Prior to these sales Gosforth Park represented approximately 17% of the company's overall portfolio by value.

Net of project debt repayment, infrastructural services obligations and sales costs the transactions will realise approximately Rs75mn for the benefit of the Company, before any applicable South African taxes.

The Board is advised that the sale conditions are readily satisfied, and that the majority of proceeds will be received within 3 months, with the residue later this year.

These sales are in line with the Company's stated strategy to dispose of its property assets in an orderly manner. Further discussions on other assets are taking place with potential purchasers. A general letter to shareholders from the Chairman is attached to this announcement.

Matrix Paul Fincham +44 (0)20 3206 7175

Robert Naylor +44 (0)20 3206 7340

Note to Editors:

- South African Property Opportunities plc (SAPRO) is a company investing in the South African property market. Its shares were admitted to AIM in October 2006 raising an initial £30 million (before placing expenses). In May 2007 a further £34.2 million (before placing expenses) was raised from new and existing investors.

Letter from the Chairman to the Shareholders

Dear Shareholder

I am writing to you following the conclusion of contracts for the major sale, to Improvon, of land at Gosforth Park, which we have announced today. This is an excellent achievement by our team in South Africa and has been implemented in close cooperation with our partners on that property. We are also involved in discussions regarding other substantial assets and am hopeful we will have additional positive news in the not too distant future.

I would also like to thank shareholders for their support at the recent EGM. The requisition notice was served on behalf of shares ultimately beneficially owned by Principle Capital Investments Limited. Aside from these shares, less than 1% of the shares voting supported the requisitionists while one large shareholder abstained. I regret that the Company's money had to be wasted on this matter.

John Chapman and I visited South Africa in April and had productive meetings with partners on assets which add up to over 73% of SAPRO's joint ventures by value. While these partners, generally developers or builders with very long term horizons, do not necessarily share the strategic objectives set by SAPRO shareholders, they reconfirmed to us that they recognised the logic behind them and understand the need to work with our local director and managers to achieve these objectives.

There are other partners on a minority of projects where the contractual arrangements are unfavourable to SAPRO: our managers are instructed to work with these partners to create better alignment.

In seeking to implement the Company's disposal strategy, as well as dealing with inappropriate legacy contractual situations, we are to a large extent dependent on the wellbeing of South Africa's property and banking markets. Demand for development land is conditional on tenant demand and on the availability of bank finance. These have both been very subdued and little or no speculative development is taking place. I am therefore reluctant to overpromise on the timing of sales, other than to offer an assurance that the team in South Africa is mandated to be flexible and imaginative in achieving disposals at satisfactory prices. This policy has led to some potentially interesting conversations.

Certain of the assets require work by way of provision of power or water or improved planning consents, and the manager again is mandated to seek to deliver these as efficiently as possible: however many of these matters are extremely time consuming in South Africa.

In summary, I am pleased that we have achieved some sales, including this latest one, and your Board will continue to focus on delivering the agreed strategy with an optimum balance of timing and price.

Yours sincerely

David Hunter

Chairman