Setl City Commissions Marseille Residential Estate
2013 august 19
Setl City (a company of Setl Group) has commissioned the Marseilles Residential Estate in Primorsky District. It is expected that tenants will move into the 31,500 sq. m estate before the year 2013 expires.
The Marseilles RE that has been built at 22 Turistskaya Street has 726 apartments after complete fine finishing. Not so many apartments can still be bought: over 97% of the apartments have been already sold.
The residential estate includes two arc-shaped units with a varying number of storeys (12-14-16-18 storeys), attached one-storey garages on the southern side and integrated attached spaces on the northern side. Such an architectural concept has made it possible to form a semi-closed yard with recreation grounds and playing facilities for children inside, where comprehensive improvement of the area and landscape gardening is provided for, as Setl City’s projects always imply.
Project funding for the Marseilles RE was provided by Bank St. Petersburg, one of the main financial partners of the Setl Group holding company. The granted line of credit amounted to 800,000,000 roubles, to be repaid in January 2014.
“The main advantage of Bank St. Petersburg’s project funding plan is the synchronization of the site’s construction cycle with the funding period, “ Sergey Staroverov, Setl Group’s Deputy CEO in Charge of Economics and Finance comments. “This makes it possible to repay the loan in fact simultaneously with the commissioning of the house. We are planning to fully repay the credit ahead of schedule in September this year.”
Marina Gorilovskaya, Director of the Retail Business Directorate of Bank St. Petersburg says: “Setl Group has been a Bank St. Petersburg’s reliable partner for a long time. We are always ready and willing to support our partners and are practising a comprehensive approach to interaction. Therefore, the Bank not only funded the construction of the residential estate, but also helped many people to buy apartments in it using mortgage credits.”
Companies of Setl Group holding