Russian listed property developer LSR Group has unveiled plans to launch new development projects in a bid to take advantage of a forecast 'construction sector recovery' in the country.
Russian listed property developer LSR Group has unveiled plans to launch new development projects in a bid to take advantage of a forecast 'construction sector recovery' in the country.
'We believe that the lowest point of the economic recession is already in the past, and our main task now is to capitalize on opportunities from the real estate development and construction market recovery for further growth of our business,' said Chief Executive Igor Levit.
'Even though there is still uncertainty about the recovery level and timing, we should be well-prepared, so that to fully use the opportunities of a new period in the economical cycle to develop our business and to further strengthen our market positions.'
The London-listed company is set to launch the construction of a number of development projects in St. Petersburg. In the capital, LSR Group said it will continue a feasibility study for new development projects while looking for opportunities through acquisitions of new land plots for strategic expansion.
Also in Russia, lender Sberbank has announced that it will partly finance the $1 bn (EUR 732 mln) Mountain Sea development project in the Stavropol region. The North Caucasian branch of the bank has signed an agreement with Petersburgkurortstroy, the developer and investor in the project which is part of the M-Industry conglomerate, to realise the new resort located on a 360-ha site in the town of Zheleznovodsk.
Under the project, the resort is to have four recreation zones for all types of leisure and is expected to start operating by 2016.
