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The land plot for construction of 110.5 ha is located along the Okhta river. “Novaya Okhta” will comprise houses up to 19 storeys high with more than 12,000 apartments transferred to customers fully fitted-out. In addition, the project will include public and commercial premises, social infrastructure facilities and parkings.
Customers will be offered a wide range of various apartments. The complex has many three- and four-room apartments of moderate size popular among clients with families. The average price per square meter starts at RUB 55,000.
Aleksandr Vakhmistrov, CEO of LSR Group, comments:
“Construction of this project means in fact start of a new city district. However, the price per square meter today is comparable to the standard rate specified by the Ministry of Regional Development of Russia for St. Petersburg. We are able to offer such price due to LSR Group subsidiaries providing full cycle of housing projects implementation – production, design and construction”.
Notes to Editors:
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 production of building materials, real estate development and panel construction. LSR Group's main operations are located in St. Petersburg, Moscow and Yekaterinburg. As of 31 December 2012 (according to Cushman & Wakefield Russia), the net sellable area of the projects in LSR Group’s real estate portfolio is equal to 8.7m m2 with the market value of RUB 120bn. In 2012, the sales revenue of LSR Group amounted to RUB 61,122m (IFRS). LSR Group is a public company, with its GDRs traded on the London Stock Exchange and its ordinary shares traded on MICEX-RTS.
For more information please contact:
LSR Group Press Service
Tel.: +7 812 314 10 44
Fax: +7 812 458 83 72
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