Russian leading developer Pik Group said on Tuesday that it is expanding into another new city in Russia's regions with the acquisition of a major land plot in the city of Krasnodar. The total area acquired is around 24 hectares on which the firm plans to develop approximately 250,000 m[sup]2[/sup] of residential and commercial real estate by the end of 2013. The project developer will be PIK-Kuban, a subsidiary of Pik Group with operations in the Krasnodar region.
Russian leading developer Pik Group said on Tuesday that it is expanding into another new city in Russia's regions with the acquisition of a major land plot in the city of Krasnodar. The total area acquired is around 24 hectares on which the firm plans to develop approximately 250,000 m2 of residential and commercial real estate by the end of 2013. The project developer will be PIK-Kuban, a subsidiary of Pik Group with operations in the Krasnodar region.
In a statement, Pik pointed out that it expects the Krasnodar region will be a key development area in the coming years mostly as a result of the Winter Olympic Games which will take place in this area in 2014. Pik's total land bank in the region amounts to 761,000 m2, including two current developments in Krasnodar, the Yuzhny Bereg on the Black Sea Coast and the Cottage Village Myshako in the city of Novorossiysk.
