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City House Building Company (OOO GDSK), a subsidiary of LSR Group, has entered into a number of preliminary contracts totaling RUR 1.7 Bn to purchase land plots of 34 hectares in the Kalininsky district of St. Petersburg. According to the terms of the preliminary contracts, the payment will be made by several tranches, the last of which is scheduled to be made in the second half of 2013.
OOO GDSK plans to build a mass market residential complex on the land which is being acquired. The net sellable area of the complex is estimated to be approximately 350 thousand square meters.
The new residential complex is expected to comprise a number of 17-25 storey prefabricated panel buildings made of components produced by one of LSR Group’s housebuilding factories, DSK Blok, as well as of brick and cast-in-situ sections. Project design is expected to start in April 2010. The preliminary completion date is the end of 2016.
Note: According to the Petersburg Real Estate Consultancy Centre, in February 2010 the average price for standard mass-market housing in the Kalininsky district amounted to RUR 75 thousand per square meter, which is a 7.9 % premium to the average price in the city at that moment (RUR 69.7 thousand per square meter).
Note to Editors:
OOO GDSK (previously OOO Gatchinsky DSK) is a subsidiary of LSR Group, founded in 2001.
The company performs development and construction of modern mass market and business class residential complexes as developer, investor and constructor. Since 2003, GDSK has completed 44 projects with a total area of approximately 550 thousand square meters.
OJSC LSR Group is a real estate development and building materials company founded in 1993 and operating in a number of complementary market segments. Its core business areas are building materials, real estate development and panel construction.
LSR Group's main operations are located in St. Petersburg, Moscow, Yekaterinburg and Ukraine.
In 2008, the sales revenues of LSR Group were RUR 49,813m (IFRS). LSR Group is a public company, with its GDRs traded on the London Stock Exchange and its ordinary shares traded on MICEX and RTS.
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