Good News from Wed, 19 September, 2012:

YIT builds in Russia

YIT is serving the growing middle classes of St Petersburg YIT is serving the growing middle classes of St Petersburg

YIT has announced two major projects in Moscow and St Petersburg.

The company has started an extensive residential construction project in the town of Lytkarino, close to Moscow, as well as launching the sale of apartments in a new residential complex in downtown St. Petersburg

The Lytkarino project, which will be implemented in several phases, involves construction of a total of 79,000 square metres of housing.

The first phase, which is due for completion in early 2014, involves the construction of 263 residential units with a total floor area of approximately 14,100 square metres. YIT’s 7.6-hectare plot is situated in the southwest part of the town.   

Meanwhile YIT says it has begun the sale of apartments in the Novomoskovsky residential complex near the city centre in St Petersburg. Construction work at the site began in June.

YIT will build a complex of three apartment buildings on the 2.5 hectare site. The area has been in industrial production use, but will now be turned into a residential neighbourhood.

The Novomoskovsky project will be carried out in two phases. The first stage comprises the construction of two apartment buildings with 318 and 156 apartments and 9 and 11 floors respectively.

The second stage will consist of a third building with 427 apartments. The first stage is planned for completion in 2014 and the second in 2015.

The current residential market in St Petersburg is fairly lively, says Mikhail Voziyanov, Director General of YIT Sankt-Peterburg.

There is particular demand for well-equipped, high-quality apartments from reliable developers. We plan to launch three or four new projects each year.

Construction and sales have already started on three sites this year and several more will be started before the end of December.