Lemminkäinen pumps €200m into resi project in St Petersburg

Finnish group Lemminkäinen is to start construction of the Tapiola residential project in the centre of St Petersburg, investing a total of €200 mln.

The company said it has obtained a building permit for 757 apartments on the site it bought in autumn 2012.

The project, located close to Moskovsky Prospekt, will involve two phases with stage one comprising 339 apartments scheduled for completion by the end of 2014. Phase two is due for delivery by the end of 2015.

In total, the company will build 52,000 m2 of housing premises on the site with a further 4,000 m2 of office and commercial space, which will be sold separately, as well as 360 parking spaces.