Helsinki, 2013-10-10 10:30 CEST (GLOBE NEWSWIRE) -- YIT CORPORATION Investor News October 10, 2013 at 11.30 a.m.
YIT has launched its first residential project in Tyumen, Russia
YIT Uralstroi, a Russian subsidiary of YIT Corporation, has launched its first residential project in the Siberian city of Tyumen after being granted a building permit at the end of September. The project is located on a 3.16-hectare plot in the western part of Tyumen, in the residential suburb of Dom Oborony.
The complex consists of three apartment buildings, each of which will have 17 to 18 storeys. Altogether nearly 900 apartments will be built in the area, along with space for 20 offices and two stores. The overall area of the apartments is approximately 44,000 square metres, while that of the business premises is around 1,900 square metres. Two parking garages accommodating a total of 580 cars will also be built in the area, as well as a children’s playground and sports field. The value of the first phase now launched is more than EUR 20 million, and it includes 288 apartments. The value of the whole project is approximately EUR 70 million. The first of the apartment buildings is estimated to be completed in the second quarter of 2015.
The apartments are located in the vicinity of good commercial and municipal services. Public transport connections in the area are also excellent.
“Expanding into the new area is a significant event for YIT Uralstroi this year. We have strong faith in the attractiveness of the project when we begin apartment sales in the near future,” says Roman Gibov, General Director of YIT Uralstroi.
Tyumen is a new conquest for YIT in Russia, and the scope of the project can be compared to the YIT Group’s expansion into the city of Yekaterinburg in the Central Ural region in 2006. The Tyumen area is a growing commercial and industrial hub in Southern Siberia. The city is home to several oil and gas companies, for example, and the income level of the population is one of the highest in Russia. It is also one of Russia’s most important logistics hub thanks to its good road and water way connections.
For further information, please contact:
Teemu Helppolainen, Head of Business Area, Russia, teemu.helppolainen@yit.ru, tel. +7 915 316 8216
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, sanna.kaje@yit.fi, +358 50 390 6750
YIT leads the way in the construction sector by creating better living environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. YIT builds houses, business premises and infrastructure, develops entire areas, and offers residential service concepts for consumers. YIT has over 100 years of experience and a strong market position: It is the largest residential construction company in Finland and the most significant foreign residential construction company in Russia. YIT is also one of the largest business premises and infrastructure construction companies in Finland. YIT has more than 6,000 employees in seven countries. In 2012, the company’s revenue was approximately EUR 2.0 billion. YIT’s shares are listed on NASDAQ OMX Helsinki. www.yitgroup.com
