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LSR Group Real Estate Portfolio Fact Sheet at 31 December 2010
As of 31 December 2010, the net sellable area of the projects in our portfolio is equal to 8,436 th m2. 1 The real estate portfolio of LSR Group includes properties/projects in the residential elite class, business class and mass market property, gated communities and commercial property segments.
Real estate development projects of LSR Group are located in St. Petersburg, the Leningrad Region, Moscow and Yekaterinburg.
Valuation of Real Estate Portfolio
The market value of our holdings in our real estate portfolio accounted for RUB 103,777m as of 31 December 2010. Share of Moscow/Moscow region in our real estate portfolio value increased by 28% to RUB 8,423m. The valuation of our real estate portfolio as of 31 December 2010 was undertaken by DTZ Russia as an independent external appraiser.
Breakdown of Real Estate Portfolio by Segment
Our real estate portfolio is well-balanced across the various property segments thus making it possible to offer property targeting distinct consumer groups. In terms of net sellable area, approximately 86% of the portfolio (incl. land plots held for future development) accounts for mass market residential real estate which is always characterized by higher volume of demand. The portfolio also includes residential elite (or high-end) and business class development projects, gated communities and office developments. These segments account for a smaller part of the portfolio in terms of sellable area however they account for a more substantial part of market value due to higher prices per square meter compared to mass market properties.
|
Segment of property |
Unsold net sellable/leasable area, |
Market Value, RUB m |
||
|
Mass-market |
4,396 |
52.1% |
37,812 |
36,4% |
|
Elite |
504 |
6.0% |
25,921 |
25.0% |
|
Business class |
594 |
7.0% |
10,450 |
10.1% |
|
Offices |
45 |
0.5% |
4,423 |
4.3% |
|
Operating offices |
22 |
0.3% |
4,557 |
4.4% |
|
Gated communities* |
7 |
0.1% |
1,181 |
1.1% |
|
Held for future development |
2,867 |
34.0% |
19,433 |
18.7% |
|
Total |
8,436 |
100% |
103,777 |
100% |
Breakdown of Property Portfolio by Stage of Development
At 31 December 2010 our real estate portfolio includes 705 th m2 of net sellable area at the construction stage and 979 th m2 at design and permitting stage. We also have 648 th m2 of the completed and partially sold properties and 22 th m2 of net lettable area of the operating offices.
6,082 thousand square meters of net sellable area are at the stage of initial concept design including our long-term residential mass market project Tsvetnoy Gorod/Ruchi which accounts for 4,700 th m2.
|
Segment of development |
Unsold net sellable/leasable area, |
Market Value, RUB m |
||
|
Initial concept design |
6,082 |
72.1% |
46,643 |
44.9% |
|
Under construction |
979 |
11.6% |
23,482 |
22.6% |
|
Design and permitting |
705 |
8.4% |
20,456 |
19.7% |
|
Completed and partically sold |
648 |
7.6% |
8,639 |
8.4% |
|
Operating offices |
22 |
0.3% |
4,557 |
4.4% |
|
Total |
8,436 |
100% |
103,777 |
100% |
Breakdown of Property Portfolio by Region
Most of our the properties – approximately 90% of the portfolio by area and 86% by value – are located in our home market in St. Petersburg.
|
Segment of development |
Unsold net sellable/leasable area, |
Market Value, RUB m |
||
|
St. Petersburg |
7,634 |
90.5% |
89,701 |
86.4% |
|
Yekaterinburg |
302 |
3.6% |
8,423 |
8.1% |
|
Moscow |
490 |
5.8% |
4,617 |
4.5% |
|
Leningrad Region |
10 |
0.1% |
1,037 |
1.0% |
|
Total |
8,436 |
100% |
103,777 |
100% |
|
LSR Group’s Real Estate Portfolio Valuation at 31 December 2010 |
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Full LSR Group Real Estate Portfolio Valuation Report | download | |
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LSR Group Real Estate Portfolio Valuation Summary | download | |
Previous real estate portfolio valuations:
