Company Sold Approximately 44,600 Square Feet During Third Quarter, Up 173% From Previous Year
Company Sold More Than 33,000 Square Feet of Two Flagship Developments, up 232% From Same Period in 2009
ORLANDO, Fla., Oct. 4, 2010 (GLOBE NEWSWIRE) -- UNR Holdings, Inc. (OTCBB:UNRH) ("UNR" or the "Company"), a housing and commercial construction and development company, announced today that it sold roughly 44,582 square feet of space in its residential construction projects during the three months ended September 30, 2010, a volume increase of 173% over the same period in 2009.
The Company's flagship Marshal Rybalko and Nemchinovka developments accounted for approximately 33,041 square feet or 74.1% of residential construction sales during the quarter, a volume increase of 232% or more than triple sales over the same period last year. During 2010, the Company sold its new units for an average of $551 for residential and $366 for non-residential space per square foot for the Marshal Rybalko development and an average of $245 per square foot in the Nemchinovka development.
Jones Lang LaSalle, a global real estate consulting firm, projects that investment in the Russian real estate sector will grow 60% year-over-year to reach $4 billion in 2010, due to recovering oil prices and increased macroeconomic stability.
UNR's Nemchinovka development is located in the suburbs of Moscow, less than one mile from the Moscow Beltway, a major highway that encircles the city. The total gross area of the development is 2.1 million square feet, with a total living area of over 1.3 million square feet. The Marshal Rybalko development, a multi-functional residential and commercial complex located in the northwest district of Moscow, has a planned gross area of approximately 2.2 million square feet.
The Company's Balashino, Bronitsy, Noginsk and Electrostal developments sold approximately 11,582 square feet of space during the third quarter, as compared to 11,448 square feet for the same period in 2009. The average price per square foot for these projects was $192.
"We are very pleased with our third quarter sales for our residential construction projects, particularly the Nemchinovka and Marshal Rybalko developments," said Mr. Alexey Kim, Chief Executive Officer of UNR. "Following our strong second quarter performance, we continue to see increased customer interest in our residential housing projects as Russia's real estate market recovers from the global recession. We look forward to sharing our full third quarter results with our shareholders later this year."
About UNR Holdings, Inc.
UNR Holdings is a holding company that has a 68% ownership in its subsidiary, 494 UNR. 494 UNR is a diverse construction company with more than 40 years of success serving the Russian construction market. The Company specializes in housing and commercial construction developments. UNR also supplies and oversees the installation of its proprietary road and slopes stabilization material Prudon to infrastructure projects in various parts of Russia. While UNRH is involved in complex construction projects, the Company also assists the Russian government with infrastructure projects for oil and gas corporations, such as GAZPROM and TRANSNEFT. 494 UNR is one of the oldest and most established construction companies located and operating in Moscow and the Moscow area of the Russian Federation.
More detailed information on the housing projects is available at the UNR Holdings corporate website: http://www.unrhs.com.
Forward-looking statements
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.