Setl City Commissions Another House in the MORE Residential Estate
2015 may 20
Setl City (a company of Setl Group) has been given the permission to commission the first house within the 3rd stage of the MORE residential estate, which is being built by the company in Krasnoselsky District of St. Petersburg. By the end of the year 2015 Setl City plans to commission another 4 houses, thus completing the construction of the third stage of MORE RE. Petersburg Real Estate is the exclusive broker of the project.
The commissioned house, about 38,000 sq. m in total area, will have 607 apartments after complete finishing, from studios to four-room apartments, more than 90% of which have already been sold. On the ground floor there are commercial spaces about 800 sq. m in total area.
The total investment in the construction of the first house of the third stage of the MORE RE has amounted to about 2.3 billion roubles. The VTB Bank co-funded the project. A 1.7 billion rouble line of credit was granted in November 2013. According to the agreement, the credit line is to be repaid by December 2015.
All in all, 5 houses about 200,000 sq. m in total area and parking lots for more than 1000 cars will be built in the 3rd stage of the MORE project.
A completely new social, shopping and service infrastructure of the Baltic Pearl estate is at the service of the tenants of the new residential estate. A new kindergarten and a new school that have already been commissioned are situated right between the 3rd and the 2nd stages of MORE RE.
Companies of Setl Group holding