SRV to build a shopping mall in St. Petersburg

Part of Finnish SRV Group, SRV Russia and Chinese Baltic Pearl CJSC have signed a letter of intent for building a new shopping mall in St. Petersburg. SRV has already started concept planning, market research and the process of securing external funding for the shopping mall.

The final decision of the investment will be made by the end of 2010. If the conditions of the letter of intent are met, SRV will begin the two-phase designing and building project of the 100 000 square meter shopping mall. This is estimated to take three years. SRV and Baltic Pearl CJSC have also agreed on establishing a joint venture, which will own the property.

The shopping mall is part of Baltic Pearl development project, where Baltic Pearl CJSC develops about 205 hectare area on the coast of Gulf of Finland, southwest of central St. Petersburg.

Most of the roads, canals, and structural engineering infrastructure are already in place. The entire project entails a total of about a million square meters of apartments, two hospitals and several schools and nurseries. The project is the biggest foreign investment project carried out by the Chinese government, excluding oil and natural gas investments. Baltic Pearl is expected to be fully developed in 2013.

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