Russian developer PIK Group said on Wednesday it has acquired a 61-hectare plot of land in the Rostov region which it intends to develop for residential and commercial purposes. The company expects to invest around $650mln (EUR 412mln) in the project, which will be completed by 2018.
Russian developer PIK Group said on Wednesday it has acquired a 61-hectare plot of land in the Rostov region which it intends to develop for residential and commercial purposes. The company expects to invest around $650mln (EUR 412mln) in the project, which will be completed by 2018.
PIK plans to develop around 600,000 m2 of housing and 52,000 m2 of commercial premises on the site, which is located along the Moscow to Rostov-on-Don highway, approximately 15-20 minutes from the centre of Rostov-on-Don. The group considers the Rostov region in the southern federal district to be a strategically important area for development activity. Since setting foot there in 2004, it has completed over 100,000 m2 of residential units.
On January 1, 2008, PIK owned approximately 760,000 m2 for development in the area, including the Sokol and Vishneviy Sad projects. In addition, the company acquired 2.6 hectares in the nearby city of Azov at the beginning of the year.
