Russian real estate developer PIK Group said on Monday that it has won several development contracts worth $1 bn (EUR 750 mln) via a tender process organised by the municipality of Moscow. The contracts will provide $1bn of municipal funds to be invested by the City of Moscow in housing construction projects.
Russian real estate developer PIK Group said on Monday that it has won several development contracts worth $1 bn (EUR 750 mln) via a tender process organised by the municipality of Moscow. The contracts will provide $1bn of municipal funds to be invested by the City of Moscow in housing construction projects.
The municipality will acquire the residential units in five projects (Novokurkino and Levyi Bereg in Khimki; Krasnaya Gorka in Lyubertsy; Dolgoprudny and microdistrict 15 of Yaroslavsky district in Mytischi) at retail prices ranging between $2,900-$3,400 per m2.
Under the terms of the agreement, 30% of the buildings to be purchased by the city has already been completed, with the rest to be completed by the end of 2008.
