Helsinki, 2013-11-18 07:00 CET (GLOBE NEWSWIRE) -- YIT’s subsidiary YIT St. Petersburg has started the construction of a new residential area in Pushkin, a suburb of St. Petersburg. At the same time, sales of the apartments in the area began. The area will be built in several phases, and the value of the current first phase is approximately EUR 70 million. YIT has plot reserves for building approximately 2,500 residential units in Pushkin.
YIT’s new residential area is located in the southern part of the town of Pushkin near historical Tsar-era palaces and parks. The first phase consists of the construction of nine apartment buildings, with a total area of nearly 46,000 square metres, on an approximately four-hectare plot. The decision to start the construction applies to a block with approximately 600 units and nearly 200 parking spaces. The apartment complex will be handed over to customers in phases by the end of 2016.
The five-storey buildings of the apartment complex are built according the principles of modern Finnish architecture and they will blend in smoothly with the historical buildings of the surrounding town of Pushkin. The units consist of one to three rooms and their area is approximately 25 ? 90 square metres. Each unit has a glazed balcony, and the plan is to include a sauna in some of the units. The basements will house storage facilities. The designs for the yard area include playgrounds for children as well as areas suitable for sports and recreational activities.
“The construction of this residential area in Pushkin is significant both for our company and for the property market in the region,” says Mikhail Voziyanov , General Director, YIT St. Petersburg. “The new apartment complex to be built will represent a new standard of living in the region. All solutions in the residential area are designed so that they comply with the standards of modern Finnish design when it comes to functionality and living comfort. In addition, we consider it very important that the buildings will blend in with the surrounding historical landscape. The execution of the project as a phased entity also gives us good chances to adjust production volume to existing demand.”
Photo material:
http://yit.materialbank.net/NiboWEB/YIT/showC...mp;lang=en
For further information, please contact:
Sanna Kaje , Vice President, Investor Relations, YIT Corporation, sanna.kaje@yit.fi , +358 50 390 6750
Jukka-Pekka Uuskoski , Vice President, Business Development, St. Petersburg, YIT Construction Ltd, jukka-pekka.uuskoski@yit.ru , +7921 766 6029
YIT is a construction industry leader. We create better living environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. Over 100 years of experience have secured for us a strong market position: We are the largest housing developer and one of the largest business premises and infrastructure developers in Finland, and the most significant foreign housing and area developer in Russia. Our vision is to stay one step ahead – while caring for our customers, partners and personnel. We have more than 6,000 employees in seven countries. In 2012, our revenue amounted to approximately EUR 2 billion. Our shares are listed on Nasdaq OMX Helsinki. www.yitgroup.com
