VTB to Build Housing for Autoworkers
Vneshtorgbank plans to build over 1.1 million sq. m. of economy-class housing and 300,000 sq. m. of office space on 198 ha. of land in the village of Shushary, outside St. Petersburg, where Nissan, General Motors and Suzuki will build factories. It will invest up to $2.5 billion. The scope of VTB's plans will allow it to claim a government subsidy under the Accessible Housing national project.
Setl Group and Petropol will design the development. A Setl Group spokesman said the design should be ready by next month. VTB came into the land in Shushari when it bought Promstroibank. The latter bank had been buying up land there for four year. It paid $60-100 million for 200 ha. of land that it worth $300-400 million today.
VTB began investing in real estate last year with two projects in downtown St. Petersburg. It built 470,000 sq. m. of housing, offices and hotel accommodations on the bank of the Neva River, and 400,000 sq. m. of office space near Smolny. The value of those projects is estimated at close to $2 billion. In Moscow, the bank plans to build 500,000 sq. m. of offices, stores and hotel accommodations near Petrovsky Park, and it will build a housing complex in Chuvashia.
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All the Article in Russian as of Sep. 06, 2007
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