XXI Century has rezoned 47 hectares of agricultural land

XXI Century Investments Public Limited, one of Ukraine's leading real estate investment, development and property management companies, today announces the successful rezoning of its project site in Lisnyky.

Having previously been authorised for agricultural use only, 46.8877 hectares of the Lisnyky site has now been rezoned for residential construction. This should enable the Company to progress with plans for the construction and servicingg of residential properties and infrastructure on the site. The Lisnyky project is located at the southern edge of the city of Kyiv, and is set to be the first suburban residential scheme developed by the Company. The total area of the project amounts to 112,850 sq. m.

The current development concept for the land plot envisages the construction of different types of cottages, specifically 48 elite class units, 78 business-plus class units, 69 business class units, 52 townhouses and 13 townhouses together with commercial premises. The concept also includes improvements to the adjacent area and the construction of all necessary infrastructure.

Construction is planned to start in 2008 and project completion is scheduled for 2012. The construction costs for the project amount to approximately $134 mln. As of December 31, 2007 the project was valued by Jones Lang LaSalle at $204.8 mln, making it the second largest asset in the Company's portfolio.

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