OREANDA-NEWS. On 28 January 2008, XXI Century, one of Ukraine's leading real estate investment, development and property management companies, is pleased to announce the following update on the development schedule of the projects in its portfolio.

The Company is on schedule with progressing its projects to the construction stage. Construction permits were received for the first stages of both the Virlytsia and Sevastopol mixed-use projects in the fourth quarter of 2007. In addition, construction permits were received one quarter ahead of schedule for the Kvadrat-Myloslavska project.

Preliminary construction approval has also been granted to the Vasylkiv logistics centre project and the first stage of construction, including site scraping and laying the foundations, is now due to commence.

The Voznesensky Yar mixed-use project in Kyiv has successfully received project approval. The Company has already filed the detailed project documentation required with local authorities and it is expected that their review will be finalised in the first quarter of 2008.

The Company has received tenders from general contractors for the Virlytsia mixed-use, Vasylkiv logistics centre and Kvadrat-Myloslavska projects, and is in the process of negotiating outstanding terms with short-listed candidates for each project. The tender process for the general contractor for the Sevastopol mixed-use project (Kvadrat-Sevastopol) as well as the Voznesensky Yar mixed-use project is also progressing.

The Kvadrat-Perova shopping centre is fully financed and 100% leased. Anchor tenants are in the process of installing their technology and equipment, which has moved the anticipated opening of the centre to late March 2008. The Capitoliy and Parus residential projects are fully financed and on track to complete in the first quarter of this year.