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Delivering Right on Schedule

23 November 2007

Operating as the customer, City House Construction Company (GDSK) has completed Phase 2 of the Pulkovsky Posad residential compound. The compound is located in Moskovsky District of St. Petersburg at the junction of Pulkovskoye Shosse and Dunaisky Prospekt. The project developer is OJSC Lenstroirekonstrutsiya.

GDSK has delivered, exactly on schedule, Phase 2 of the Pulkovsky Posad residential compound — two 17-storied houses having a total of 415 flats with a living area of 20,900 sqm. They are a classical brick house and a Series 121 panel house with complete fit-out of flats. Around the buildings comfortable children’s playgrounds and sports grounds were arranged, and lawns laid out. Presales of Phase 2 flats started in 2006 with over 10% of buyers making use of mortgage financing programmes offered by two banks: VTB-Northwest and BaltInvestBank.

The 121,500 sqm compound of Pulkovsky Posad includes 14 buildings of a varying number of stories and of different type — large-panel, brick, brick and poured-in-place concrete, — and a standalone two-storied parking for 300 vehicles. By now 6 buildings have been completed with a total living area of 56,400 sqm (1,139 flats). The construction of Phases 3 and 4 is currently in full swing. The whole compound is to be implemented by the end of 2010. Convenient and ergonomic small-area layouts designed specially for Pulkovsky Posad attract well-deserved interest from the buyers. Traditionally, panel houses are delivered with complete fit-out. Structural faзade glazing of loggias and balconies is provided as well as area landscaping.

For reference:

OOO City House Building Company (GDSK) operating as developer, investor and building owner is a company of LSR Group and was founded in 2001. The company aims at taking leading positions in the large-panel housing construction market of St. Petersburg. By the offer of housing under construction in the St. Petersburg market during the first six months of 2007, GDSK held third place among St. Petersburg developers (survey by OOO Centre of Project Development “Petersburg Real Estate,” August 2007). From its foundation and by October 2007, GDSK completed 300,000 sqm of housing and commercial space. All of the projects implemented by GDSK have been financed on a stable basis and completed on schedule and at high quality. The company specializes in the construction of economy class multi-storied houses and residential compounds focusing on panel houses of Series 137 and 121 produced by ZAO Gatchinsky DSK and ZAO Blok both of them forming part of LSR Group.

OJSC LSR Group is a vertically integrated diversified holding company. Its core business areas are building materials, construction and real estate development. The Group comprises companies engaging in extraction and processing of aggregates, production and transportation of building materials, and housing construction — from mass market large-panel housing to elite residential property built after designs made by leading domestic and foreign architects. LSR Group has companies and offices in St. Petersburg, Moscow, a number of cities in the Leningrad Region, in Lithuania, Latvia, Estonia, Ukraine and Germany. LSR Group employs nearly 15,000 people. According to the audited consolidated IFRS results of OAO LSR Group, its earnings in 2006 amounted to 21.1 billion rubles, a 61% increase over 2005, pre-tax income in 2006 reached 1.76 billion rubles, and net profit stood at 1.1 billion rubles. In July 2007, Moody’s Investors Service assigned a B1 rating to LSR Group; outlook — stable.

For more details please contact:

Marketing and Advertising Department, OOO GDSK
+7 (812) 570-32-62
chesaeva@gdsk.lsrgroup.ru
www.gdsk.ru

Press Service, LSR Group 
+7 (812) 314-10-44
press@lsrgroup.ru
www.lsrgroup.ru

«LSR Group» discloses information on the page on the Internet of LLC Interfax-TsRKI — the news agency accredited by the Central Bank of the Russian Federation to disclosure of information.
Information is available here.



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