PJSC LSR Group (“LSR” or the “Company”) (LSE: LSRG; MOEX: LSRG), one of the leading real estate developers and building materials producers in Russia, announces that its January sales volume reached RUB 5.3 million, increasing by 38% compared to January last year.
Moscowsales demonstrated robust sales growth of 83%, underpinned by the performance of LSR’s Zilart project, in the Danilovsky district, the biggest redevelopment project in Europe, which is located just 5 kilometres away from the Kremlin. Sales in Zilart grew by 90% with the first units of the residential complex already commissioned. Property can be purchased in either shell and core or fully-fitted formats, with units that are both complete and under construction available for purchase, with prices starting from RUB 8.5 million.
In Saint-Petersburg, sales grew by more than 3.7 times year-on-year, driven by sales of elite category real estate thanks to high demand in apartments in the high-end residential complex “Russky Dom” in Baskov lane. Higher sales in the “Civilisation” complex (October embankment) and “Novaya Okhta” complex (Krasnogvardeisky region) also contributed to this performance. In the latter, we launched new property for sale in February. It includes 157 apartments ranging from 34 to 81 sqm. Customers can chose one-, two- or three-bedroom apartments of classical layouts and two-room apartments of European design at an advantageous price.
Mortgage sales have traditionally accounted for nearly half of the Group’s sales. LSR has built a strong track record as a reliable developer with a well-established reputation among Russia’s leading banks, through whom clients can gain access to properties on preferred terms of financing. One such initiative in Moscow is the “Discount for interest” mortgage package, which offers a mortgage at a reduced rate of 6.6%.
Maxim Sokolov, CEO of LSR Group, commented: “We are delighted to follow up on a solid set of figures for 2018 with impressive results in January, which is down to a well-structured offer that meets market needs and customer requirements.
We are optimistic about our prospects for 2019 and do not believe that the slight increase in mortgage rates will affect our sales. We are confident that anticipated market consolidation will create new opportunities for our growth and development.”
For more information please contact:
Director of Investor Relations and Sustainable Development
LSR Group Press Service