15 Oct 2019 14:59

PIK saw real estate sales fall 2% in 9M, to 1.29 mln square meters

MOSCOW. Oct 15 (Interfax) - The PIK Group sold 1.289 million square meters of real estate in 9M 2019, a decrease of 2% from 9M 2018's 1.309 million, the company said in a report.

In value terms, sales increased 12%, to 156.1 billion rubles.

Sales in Moscow fell 5% in volume terms, to 609,000 square kilometers, but rose 11% in value terms, to 93 billion rubles.

By one count, the average retail-sale price increased 14% year-on-year, to 121,000 rubles per square meter, including 16% in Moscow, to 153,000 rubles per square meter.

Within the fee development segment, sales came to 79,000 square meters for 10.7 billion rubles.

Total cash collections rose 27.9% to 199.9 billion rubles, including 154.9 billion from sales of real estate (including to escrow accounts).

PIK put two new projects on sale (9M 2018: 12) and 62 new buildings (72). A total of 1.393 million square meters was put on sale (-23%).

Completions grew 41%, to 1.202 million square meters.

PIK is one of Russia's biggest publicly traded real estate developers. Its controlling shareholder is Sergei Gordeyev.