Aug 27. The PIK group more than doubled its y-o-y cash flow for 1H 2008 to USD 1.263 trillion from USD 611 million, mainly due to the realization of residential property projects, the developer's report states. Almost 80 per cent of revenue (USD 1.005 billion) came from sales and presales on the primary residential market. The remainder of the influx of money (USD 258 million) came from the sale of the rights to develop and implement other projects. "First we get cash inflows, not at the completion stage of construction, as most commercial developers, but at its very beginning. 90 per cent comes from presales of housing and only 10 per cent from the sale of built properties. This allows us, even in the face of the global liquidity crisis, to accumulate large amounts money", said the PIK group head of Investor Relations, Victor Salkai. Presales of housing during the period increased by 51.3 per cent by increasing diversification and developing a regional business. The amount of money received from the sale of residential real estate in the Moscow region and other regions of Russia increased by more than threefold to USD 513 million and up to USD 270 million, respectively. Income from the sale of residential property in Moscow, compared with last year fell by 32 per cent to USD 221 million. The average sales price of apartments rose in the first half of 2008 by 30.2 per cent.