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YIT scales back Novo Orlovsky project

Rafał Ostrowski 08 January 2018

Rafał Ostrowski

Journalist

+48 22 356 25 11
rafal.ostrowski@eurobuildcee.com

Rafał is a journalist at ‘Eurobuild CEE’. Previously he worked for Wydawnictwo Murator and for Shopping Centre Magazine, as well as for retailnet.pl. He has also written for many newspapers and magazines as a freelancer and published photo-reportages from his travels to Asia, where lived and worked for some time. Rafał graduated from the University of Warsaw in philosophy. He also completed postgraduate studies in text editing. He enjoys sailing, travelling and family life. For ‘Eurobuild CEE’ he specialises in eastern European markets and is responsible for the film direction of Eurobuild TV.

YIT scales back Novo Orlovsky project
The company had been planning to build just under 10,000 apartments in the complex
RUSSIA YIT has sold a 21 ha plot in St Petersburg’s Primorsky district to Oikumena Holding for EUR 36 mln.

The plot comprises nearly half of a site that was once part of its Novo Orlovsky project. YIT began working on the project in 2013, since which time it has built more than 1,000 apartments. According to YIT’s 2013 announcement the company had been planning to build just under 10,000 apartments in buildings of from seven to 25 storeys on the 46 ha plot. In addition, multi storey car parks, retail and business premises, five day care centres, two schools, a large supermarket, pharmacies and a sports and leisure centre were planned for the area. Although these plans have been scaled back with the latest land sale, the company stil has the possiblility to build over 120,000 sqm on the site, which should take around five years. The land sales result from the developer’s intention to increase capital efficiency and decrease the capital locked up in Russia by app. RUB 6 bln (almost 90 mln euro) by the end of 2018.


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