London-quoted Etalon Group has bought a 2.1ha plot in the Moskovsky district of St Petersburg for a new 50,000 m2 net sellable area mass market residential project.
It is the second new project the company has added to its development pipeline since its April lPO in London.
The group plans to develop a multi-storey residential complex, comprising housing, parking and commercial real estate on the site, which has utility infrastructure in place. Construction is expected to start in 2012.
The site is located in the south of the Moskovsky district of St Petersburg, 2 km from Pulkovo Airport and 1 km from the airport railway station, a 15-minute drive from central St Petersburg.
Viacheslav Zarenkov, president and chairman of the board, said: “Our strategy is to expand our operations through acquisitions of high-quality development projects. We will pursue further, similar acquisitions in the St Petersburg and Moscow Metropolitan areas.”
