PIK designs high-rise amid widening gap of supply, demand in Russian housing |
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Tue, 30 Oct 2007 08:57
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LONDON (Thomson Financial) - Russian residential developer PIK Group started the construction of a new building, the Kope Tower, as the gap between supply and demand for refurbishment and replacement of housing for the Russian population widens.The company said that the design for the Kope Tower has been developed from the Kope industrial system manufactured by DSK-2, on of PIK's core prefabricated production facilities.The design of the building will be constructed at various residential development projects, including 'Yubileyny' and 'Novokurkino' in Khimki (Moscow Region),and 'Yaroslavski' in Mytischi (Moscow Region).Chief executive Kirill Pisarev said: 'Russia has a gap between supply and demand for refurbishment and replacement of housing for the population' amid a limited amount of plots in cities such as Moscow and satellite cities around it.He added that the design of the building allows more square meters on smaller footprints to be completed in a shorter period of time.PIK said that the Tower building is 25 floors high with an underlying total net sellable area of approximately 11,600 square meters including 6 to 7 apartments on each floor.The company plans to build an underground car park beneath the building at a later stage.PIK, which was founded in 1994, completed a listing on the London Stock Exchange, the RTS and MICEX exchanges in Russia on June 1.By Anita Likus: anita.likus@thomson.comaml/akCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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