Estate peak for 16 months fell 4-fold - from $ 12 billion to $ 3 billion
By admin at 9 October, 2009, 2:15 pm
PIK Group has published the results of revaluation of property portfolio held by an independent valuer CB Richard Ellis on April 1, 2009. Estate peak for 16 months fell 4-fold - from $ 12 billion to $ 3 billion
total land bank (selling area) grew by about 4.7% to 14.89 million sq. (14.2 million square meters of January 1, 2008), 98% of the total portfolio accounts for residential projects /
77% reduction of portfolio value to $ 2.86 billion (as of 1 January 2008: $ 12.3 billion) due to changes in the following assumptions: the depreciation of the ruble (38%), lengthening the timing of projects (2-4 years); zero growth in prices and construction costs in 2009-2010, the growth of the discount rate because of increased risks of implementing development projects in the current market conditions (3-7%), decrease in estimated initial price of sales in the model, and sales of apartments on the higher stages of readiness.
As a consequence of the above parameter changes, the net cost of one square meter in the projects PIK Group amounted to $ 192 dollars (as of 1 January 2008: $ 865 USD).
At the same time, the share of projects in the active stage of development, amounted to around 29% of the total land bank (1 January 2008: 40%), reported in the press release.
portfolio at the stage of readiness for 1 April 2009
| ; | Marketed area, the share of FDI (sq. m.) | unsold area (sq. m.) | Cost ($ million) |
|---|---|---|---|
| Completed and partially sold | 71 | 12 | 33 |
| At the stage of development | 6 237 | 4 316 | 1 709 |
| for construction in the future | 10 629 | 10 566 | 1 113 |
| Total | 16 937 | 14 894 | 2 855 |
geographical distribution of the portfolio on April 1, 2009
| ; | Number of objects | Marketed area, the share of FDI (th m) | unsold area (square meters) | Cost ($ million) |
|---|---|---|---|---|
| Moscow | 31 | 1 760 | 1 515 | 1 343 |
| Moscow region | 23 | 5 752 | 4 569 | 1 021 |
| Regions | 57 | 9 425 | 8 810 | 491 |
| Total | 111 | 16 937 | 14 894 | 2 855 |
Source: Report CB Richard Ellis
Top-5 key projects at a cost of 1 April 2009
| Project Name | Location | Type | January 1, 2007 | January 1, 2008 | April 1, 2009 | |||
|---|---|---|---|---|---|---|---|---|
| Neprod. Area (sq m) | Cost ($ million) | Neprod. Area (sq m) | Cost ($ million) | Neprod. Area (sq m) | Cost ($ million) | |||
| Mytnaya ( English Quarter) | Moscow | residential, business class | 65 | 238 | 63 | 693 | 63 | 338 |
| Khimki Novokurkino | Mos.obl. | Residential, economy class | 905 | 1 238 | 742 | 1 196 | 680 | 326 |
| Park city | Moscow | Residential, De Iux | 177 | 252 | 122 | 977 | 101 | 75 |
| Mytishhi, Yaroslavl | Mos. region. | Residential, economy class | 1 141 | 1 327 | 881 | 998 | 729 | 166 |
| District Kommunarka | Mos.obl. | Residential, economy class | n /a | n /a | 1 023 | 745 | 1 023 | 155 |
| Total | 2 288 | 3 100 | 2 832 | 4 609 | 2 755 | 1 157 | ||
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