LSR Group has started pre-sales of apartments in a new elite residential project located at 29 Morskoy Prospect with a total area of 11.2 th sq m. The project will be built on a land plot of 3.6 ha in the Petrogradsky district in the centre of St. Petersburg.
The seven-storey elite house on Krestovsky Island will comprise 80 apartments from 60.3 to 202.1 sq m. The project is carried out in accordance with Federal regulations of Russian Federation (Federal Law No. 214). The price will start from RUB 200 th per sq m.
All apartments will be transferred to the customers shell and core; common areas are exclusively designed with the use of natural materials.
In recent years there was a lack of major real estate projects carried out on Krestovsky Island. The elite house at 29 Morskoy Prospect will expand the availability of new real estate at this part of St. Petersburg. The project is scheduled for completion in 2017.
Dmitry Khodkevitch, Deputy CEO, Managing Director of LSR. Real Estate – North-West, comments:
“This new high-profile project reaffirms the company’s leadership on the St. Petersburg market, including our position in premium class real estate segment. In the first ten months of 2014, the company’s total volume of new contract sales increased by 30% against the corresponding period in 2013. New contract sales in October exceeded the company’s average monthly figures. Also in November we saw strong, sustained demand in all market segments”.
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 2013 (according to DTZ), the net sellable area of the projects in LSR Group's real estate portfolio is equal to 7.8m m2 with the market value of RUB 117bn. In 2013, the sales revenue of LSR Group amounted to RUB 65,316m (IFRS). LSR Group is a public company, with its GDRs traded on the London Stock Exchange and its ordinary shares traded on Moscow Exchange.
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