City House Building Company (OOO GDSK), a subsidiary of LSR Group, successfully completed a contract with the Government of St Petersburg for the sale of 1,040 flats for social needs. The completion of the apartments and transfer to the Government was completed in full compliance with the contract deadline and with contract obligations fully fulfilled.
The contract was signed as a result of the open auction held by the Government of St. Petersburg July 2009. According to the contract terms, City House Building Company was to complete residential units by 31 March 2010. The total value of the contract is approximately RUR 1.8 billion.
In addition, under another governmental contract signed with the RF Ministry of Defence as a result of the open auction held in June 2009, OOO GDSK is planning to transfer 1,366 flats in completed projects ahead of the agreed schedule. Under this contract, OOO GDSK is to transfer 1704 flats by the end of September 2010. The contract value is approximately RUR 4.7 billion.