Russia’s Belaya Dacha group to invest $1 bln in real estate

MOSCOW, Jun 8 (PRIME) -- Russian real estate developer Belaya Dacha group plans to invest U.S. $1 billion in construction of a business center and residential estate in the city of Kotelniki in the Moscow Region, the group’s founder Viktor Semyonov told reporters Wednesday on the sidelines of a forum.

“We at Belaya Dacha are launching construction. We have already built a retail area there, and we received approval to start construction of the residential part…We will begin construction, where a greenhouse facility used to be, houses will have three, four, or five floors. There will be underground parking lots, stores, a park, a school and an ice stadium. The amount of investments is $1 billion,” he said.

The company will finance construction with its own funds and the residential area will stand at 300,000 square meters, which in combination with the already constructed commercial estate will reach 700,000–800,000 square meters. Construction will be launched in late 2016 or early 2017.

Construction will most likely take up to 10 years, Semyonov added.

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