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LSR Group

April 1, 2010

LSR Group launches its first mass market project in the Moscow Region

CJSC Mosstroyrekonstruktsiya and OJSC Zavod ZhBI-6 (subsidiaries of LSR Group in the Moscow Region) launched a new product – low-rise 8 and 12 unit panel houses under the brands EURO-8 and EURO-12.

On 31 March 2010, CJSC Mosstroyrekonstruktsiya entered into an investment contract with Moscow developer Morton Group to jointly develop a mass market neighbourhood on a land plot of 30 hectares in the Moscow Region. The total investment in the project is estimated to be approximately RUR 3 billion (excluding the value of land) including 30% to be invested by LSR Group in the form of reinforced concrete panels to be produced by Zavod ZhBI-6.

The neighbourhood comprising 114 low-rise houses is to be built in the Novsky township, Balashikha, 13 km  from Moscow. The project provides for the integrated development of two- and three-storey houses of 8 and 12 single- and double-room flats, with  areas of 32 to 54 square meters respectively. Under the investment contract with Morton Group, the total sellable area will be 79 thousand square meters including approximately 20 thousand square meters (41 low-rise houses) to be transferred to LSR Group for subsequent sale to end users. The construction of the new neighbourhood is planned to start this spring and is to be completed in stages by the end of 2011.

Igor Levit, the CEO of LSR Group commented as follows:

“Using the production capacities of Zavod ZhBI-6 and the expertise of Mosstroyrekonstruktsiya in real estate development, we aim to combine the economies of scale of prefabricated panel production with the attractiveness of low-rise housing in the Moscow Region making such projects affordable for mass consumers.

In the future, after the testing of this product we will consider  applying our Moscow Region experience in other key regions of our presence such as St. Petersburg, the Leningrad Region and the Urals where we also have our own housebuilding capacities.  We believe in the prospects of the production and construction of low-rise mass market houses as a new business area for our company. On the one part, it is in line with the global suburbanization trend i.e. the development of low-rise suburbs around big cities, and on the other part, it complies with the government’s policy aimed at resolving the housing problems. Furthermore, according to different experts, standard low-rise developments fully meet the expectations of prospective mass-market buyers, with some of them even today preferring to move to low-rise countryside neighbourhoods.”     

Subsequently, Zavod ZhBI-6 and Mosstroyrekonstruktsiya are planning to develop additional modifications to the new houses, to further enhance their design and layout solutions with a view to offer a wider variety of housing to customers.

 

 

 

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