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The contract was signed as a result of the open auction held by the Government of St. Petersburg July 2009. According to the contract terms, City House Building Company was to complete residential units by 31 March 2010. The total value of the contract is approximately RUR 1.8 billion.
In addition, under another governmental contract signed with the RF Ministry of Defence as a result of the open auction held in June 2009, OOO GDSK is planning to transfer 1,366 flats in completed projects ahead of the agreed schedule. Under this contract, OOO GDSK is to transfer 1704 flats by the end of September 2010. The contract value is approximately RUR 4.7 billion.
Note to Editors:
OOO GDSK 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. During 2003-2009, GDSK has completed 44 residential units constituting 12 projects with a net sellable 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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