Completion of Two More Phases in Nemchinovka Development
- Aug 03, 2011
The Nemchinovka development, a $600 million luxury residential and commercial development in suburban Moscow, has moved closer to completion. Commercial and residential development company UNR Holdings Inc. last week announced it had finished Phases III and IV of construction on the development, whose total of eight phases are expected to be complete sometime in 2013.
Situated less than one mile from the Moscow Beltway, the Nemchinovka development will encompass a total gross area of 2.1 million square feet, with 1.3 million square feet of that area being devoted to residential settings. Space is expected to sell at an average price of $250 to $350 per square foot.
Alexey Kim, UNR’s chief executive officer, lauded completion of Phases III and IV, heralding the attainment as “a tremendous milestone” for the company.
The achievement “positions us to maintain our anticipated completion schedule for 2013,” he says, adding the development’s construction has come at the right time to leverage several important trends in the Moscow area.
“The combination of residential and commercial establishments within the same development has become the preferred real estate setting for the modern Moscow scene,” he says. “And the concept of having a city within a city has become wildly popular among Moscow’s business elite.”
UNR holdings is a holding company with a 68 percent ownership in subsidiary 494 UNR. The subsidiary is a diverse construction firm specializing in residential and commercial projects. Among the oldest and most well-established construction companies in the Moscow area, 494 UNR has served the Russian construction market for more than four decades.
UNR also has a proprietary road and slopes stabilization material called Prudon. The holding company not only supplies Prudon, but oversees its installation in infrastructure projects across Russia. In addition, UNR is also involved in helping the Russian government complete infrastructure projects for oil and gas corporations such as GAZPROM and TRANSNEFT.