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New contract sales reached RUB 19 billion. Share of mortgage sales increased to 63% compared to 51% in the first quarter of last year. 1Q 2021 Highlights:
Andrey Molchanov, CEO of PJSC LSR Group, commented:
“In the first quarter of 2021 our sales in monetary terms expectedly declined by 14% year on year following strong results of 2020.
Sales dynamics was partly explained by the completion of large-scale mass-market projects in St. Petersburg last year, Shuvalovsky and Novaya Okhta, which we had been actively selling in the first quarter of 2020. At the same time, we recorded solid sales in our current projects. For example, sales in our residential complex Civilization increased by 63% in square meters compared to the same period last year.
In the Moscow region sales declined due to our limited offering. Nonetheless, we are very pleased with the results of our flagship project ZILART. Despite the launch of premium buildings last year, sales increased by 3% in square meters in the first quarter of 2021.
Overall, we continue to see stable demand for our offering, which we also plan to expand this year. We have already launched 225 thousand square meters in the reporting quarter, with an intention to launch around one million square meters this year."
For more information please contact:
LSR Group Press Service
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