UNR Holdings, a commercial and real estate development company operating primarily in Moscow and its surrounding suburban communities, today announced it has completed the construction of phases IV, V, and VIII of its Marshal Rybalko Project.
The project is a multi-functional residential complex that includes residential living, underground parking, and social resources and business establishments, located in the North-West Administrative District of Moscow. Upon completion, the total gross area of all of the developmental phases of the project will be more than 2 million square feet.
The company expects to complete construction of all eight phases of the Marshal Rybalko Project in 2013, with estimated value of more than US$950 million based on a low-end estimate of current real estate prices.
The three phases include 517,000 square feet of residential and business space priced between US$425 and US$500 per square foot. UNR said it expects market prices to remain in this range for the next nine months, and anticipates sales of more than US$225 million from the three phases.
"The recent progress of these key elements of the Marshal Rybalko Project testifies to our unique design and development expertise as well as the pent-up demand for this prime location," Alexey Kim, UNR CEO stated in the press release. "We believe that when completed, the project will offer a first-rate living experience for residents in a highly attractive Moscow district. We will continue to identify and develop prime real estate where we can add substantial value and offer exceptional residential communities that offer unique social and consumer experiences."
For more information visit unrholdings.com
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