"Satellite Development" announces that “New England” land development project has been renamed to “Novo-Sergeevo”.

"Satellit Development" plans to develop 16 million square feet of residential housing and 3.2 million of commercial space not far from the Constantine Palace in Strelna. The project will be built by the year 2025 at the cost of $2-2.5 billion.

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Realestate, vladimir skigin, satellit development, russian real estate, construction

“New England” has been Russified

"We plan to commence the first phase of construction in 2014. We want to create a truly unique project for our citizens, which bears no similarities to any in existence today", - notes Vladimir Skigin.

(PRWEB) October 23, 2012

The company "Satellit Development" is concluding its study of the land-planning project not far from the Constantine Palace in Strelna. According to the developers 16 million sq. feet of residential housing will be built by the year 2025. For the development of the land the company intends to attract co-investors for the construction of individual neighborhoods. Previously, the Swedish company “Ruric” was planning to implement the project "New England” on this territory, at this time the Swedes have no connection to the project. Against the background of the upcoming deficit of land prepared for construction, market participants consider the business plan to be viable, but warn that the southern outskirts of the city are becoming too competitive – more than 110 million square feet of land have been claimed for residential housing.

The fact that the management company "Satellit Development" is concluding its land-planning project for the construction of the new residential area “Novo-Sergievo”, was told to " Ъ " by the company itself. According to Vladimir Skigin, co-owner of the management company "Satellit Development", at the present time work on the land planning project is being concluded, and the results of the state expert examination of the design of the first phases of construction are expected by the end of 2013. "We plan to commence the first phase of construction in 2014. We want to create a truly unique project for our citizens, which bears no similarities to any in existence today", - notes Vladimir Skigin.

"Satellit Development" is developing the concept of the project and obtaining permissions from the state authorities and monopolies on behalf of the owner, whose name is not being disclosed. Vladimir Skigin states, that according to preliminary data, the total area of housing of the future project of the integrated development will be approximately 16 million square feet, and commercial space - 3.2 million square feet. The total amount of investments in the project will be $2-2.5 billion.

About:

Management Company "Satellite Development" LLC was established in 2008. Its main activities include: integrated land development, sale of land, development and design of residential and commercial projects, consulting and brokerage services.


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Novo-Segeevo Novo-Segeevo

$2.5 Billion Development Project