LSR Group Starts Redevelopment Project
OREANDA-NEWS. February 16, 2012. LSR Group (LSE: LSRG; MICEX, RTS: LSRG), one of the leading real estate developers and building materials producers in Russia, and Setl City (a subsidiary of Setl Group) start a joint real estate development project on the land plot of 104.7 th sq m in St. Petersburg (9 Energetikov pr.). According to preliminary estimates, the total area of the new residential complex will be around 120 th sq m., reported the press-centre of LSR Group.
This land plot was used before by one of the subsidiaries of LSR Group (OJSC PO Barrikada) as reinforced concrete production site. Few years ago these facilities were moved to another location. The land value in this project is estimated at RUB 1.56 billion.
The new complex will be very well located in terms of both transport and social infrastructure: metro and railway stations, the Ring Road and Koltushskoye highway are nearby; different retail centres and cafes will be available for its future residents.
The construction is planned to begin in 2013.
Redevelopment of this land plot is part of LSR Group’s programme aimed to maximize value of the company’s land assets: land plots in St. Petersburg suitable for real estate development are being freed and existing industrial facilities are relocated to the existing sites in the Leningrad region or in the industrial zones of the city.