Russia's PIK sees continued demand for residential real estate

MOSCOW Tue Jan 21, 2014 2:21am EST

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MOSCOW Jan 21 (Reuters) - Russian homebuilder PIK expects total cash collections for 2014 to rise by up to 4 percent compared with an 11 percent rise the previous year, driven by continued demand for affordable mass-market residential real estate, it said in a statement on Tuesday.

It forecasts total gross cash collections of 76-78 billion roubles in 2014, from 74.8 billion in 2013. Last year's figure was driven by strong sales of apartments to individuals, it said.

(Reporting by Megan Davies)

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