City House Building Company (OOO GDSK), 100% subsidiary of LSR Group, has won the open auction for the right to conclude a government contract for a sale of flats in St. Petersburg for the needs of the city. The total amount of the government contract is around RUR 1.9 billion (1,800,933,750 roubles).

According to the auction results, the government contract will be concluded for the construction of 1,040 mass-market flats which are currently under development with a total area of 38,134.44 sq.m.

The planned completion date is no later than March 2010.