Kazakh developer BI Group enters Russian market

logo russianconstruction.com
Kazakh developer BI Group enters Russian market
Tags: Photo source:

A major developer from Kazakhstan, BI Group, enters the Russian market, where it plans to build up to 1 million square meters of housing per year, Vedomosti newspaper wrote on Thursday.

“It is interested in projects in Moscow, St Petersburg and Yekaterinburg,” — the newspaper notes.

To implement the first projects in Russia, BI Group chose St. Petersburg: the company will build three residential complexes with a total area of about 230 square meters, Chairman of the Board of BI Group Development, Aman Omarov, said. Two of the residential complexes will be located on Moskovsky prospect, 65, the other one will be situated on Moscow prospect, 83. All three projects until recently belonged to another Kazakh company — Meridian Development.

According to Aman Omarov, BI Group’s investment in Promenad project on Moskovsky prospect, 65, and “Lyrics” on Moskovsky prospect, 83 will amount to 8 billion rubles. Both projects are scheduled for completion in the third quarter of 2019.