CJSC LSR. Nedvizhimost-M (subsidiary of LSR Group) signed an investment contract with OOO Bolshoye Domodedovo (owner of the land plot, member of Coalco Development) to build the second stage of the mass-market residential neighbourhood in Domodedovo, the Moscow region.
The second stage of Novoe Domodedovo project, to be constructed on a land plot of 45 ha, has a residential area of 350 th m2. The total area of the project has increased more than twice, up to 685 th m2. The whole Novoe Domodedovo project covers an area of approximately 85 ha.
Construction of the second stage is scheduled to begin in 1Q 2013. We expect to complete the whole project in 4Q 2017. The construction of the second stage (7 thousand apartments) is to be carried out simultaneously with the completion of the first stage (more than 6 thousand apartments).
The project also implies construction of the supporting social infrastructure including 4 schools, 6 kindergartens, sports-grounds, recreation areas, multi-level parking and commercial premises.
There are several factors contributing to the success of the project. Among them are good transport accessibility ensured by the high-speed road M-4 (Don) and concentration of enterprises in the region including air conditioners plant, warehousing complex Northern Domodedovo, John Deere and Pepsi factories. According to the Master Plan for the district of Domodevo, approximately 15 thousand professionals, residing in Moscow, are employed in the district. By 2025, another 60 thousand jobs will be created in Domodedovo, according to the district development plan.
Valery Zabelin, Managing Director of CJSC LSR. Nedvizhimost-M, comments:
“We increase the scale of the project primarily due to its commercial success - over the first six months we have sold about 50% of apartments available for sale. The sales are driven by the significant demand for mass-market housing in the Moscow region and also by the apt choice of the project’s concept”.
Sergey Chetverikov, Executive Director of Coalco Development, comments:
“LSR Group proved itself a reliable partner. We have stable sales volumes in our first joint project. I’m certain we will extend our collaboration not only within Novoe Domodedovo project but also to other projects.”
Note 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 2011 (according to Cushman & Wakefield Russia), the net sellable area of the projects in LSR Group’s real estate portfolio is equal to 8.4m m2 with the market value of RUB 124bn.
In 2011, the sales revenue of LSR Group were RUB 51,910m (IFRS).
LSR Group is a public company, with its GDRs traded on the London Stock Exchange and its ordinary shares traded on MICEX-RTS.
CJSC LSR. Nedvizhimost-M(till July 2012 - CJSC Mosstroyrekonstruktsiya) – an investment and construction company, subsidiary of LSR Group. Since 2001 the company is engaged in real estate development activities in the Moscow region. The company has completed several projects including Dom na Davydkovskoy and Grunwald. CJSC LSR. Nedvizhimost-M is currently involved in real estate development projects with a total area of 2 million m2 as an investor, developer or contractor, including the projects carried out under governmental contracts, in Moscow and several towns of the Moscow region – Nakhabino, Balashikha, Reutov, Solnechnogorsk, Domodedovo and in the Leninsky district.
Coalco Development is an international development company, one of the leaders of Russia’s real estate and land-development markets. The company was established in 1994 by Vasily Anisimov. In Russia it mainly focuses on the projects in Moscow and the Moscow region.
The company owns 17.5 thousand ha of land for comprehensive land development in the Moscow region (Domodedovo district). Bolshoye Domodedovo project will include 12.5 million m2 of residential areas, 2.6 million m2 of industrial and logistics projects, 1.2 million m2 in the project “Akademgorodok”.
In Moscow Coalco Development has a land bank of 1 million m2 of commercial and residential projects. In 2010 the company was awarded with CRE Moscow Awards as a Developer of the Year, and its project “The White Horse” became the best project in the nomination “A Class Business Centre”.
In July 2010 Coalco Development together with Rixos, a Turkish company, completed a mutual project of a retail entertainment center “Khan Shatyr” (Kazakhstan, Astana). The project was designed by Norman Foster, and was included into the list of the world’s best eco-buildings according to Forbes Style.
For more details please contact:
LSR Group Press Service
Tel.: +7 812 314 10 44
Fax: +7 812 458 83 72