By Elena Vardon
Etalon Group’s first-half new contract sales rose on its expanded affordable housing offer in regional markets.
The Russia-focused construction company on Monday said it sold 184,268 square metres of floor space, up from 143,475 square metres the previous first half. In monetary terms, sales rose to 34.0 billion Russian rubles ($354.6 million) from RUB29.32 billion, it added.
The group said the average price per square metres fell 10% on-year to RUB184,500. This is due to the higher proportion of regional projects in its portfolio, which made up 34% of its contracts in the half-year, up from 4%.
New contract sales for July were 41,000 square metres and RUB8.0 billion, it added.
“By the end of the year, we expect to put around an additional 150 thousand square metres on sale in regions beyond Moscow and St Petersburg,” Chief Executive Gennadiy Shcherbina said.
Write to Elena Vardon at [email protected]
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