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Setl City Commissions the 1st Stage of the MORE Residential Estate ahead of Schedule

2013 april 19

Setl City (part of Setl Group) has obtained the permission to commission the 1st stage of the MORE Residential Estate. The site has been commissioned five months earlier than stated in the project declaration. Two residential buildings are designed to house 1,540 apartments. The stylobate forming courtyards houses a two-tier attached car-park for 862 cars. MORE is situated near the Gulf of Finland and the Yuzhno-Primorsky (South-seaside) Park of Victory, in Krasnoselsky District of St. Petersburg. The first stage of the residential estate is located on the bank of Matisov Canal. The 2 residential houses consist of fourteen sections of different heights (5, 6, 7, 9, 11, and 20 storeys, including technical levels), each forming a half-closed quadrangle with a courtyard where recreation areas and playgrounds for children have been arranged. Integrated commercial spaces are provided for on the ground floors of the buildings. All apartments will be handed over to buyers after complete finishing. Over 90% of the apartments in the 1st stage have been already sold. The 2nd stage of MORE is being built ahead of schedule, too. It is expected that the construction and sales of the 3rd stage will be started before the year expires. The project funding for the construction of the 1st and 2nd stages of MORE for the total amount of 5.6 billion roubles is provided by VTB Bank. The line of credit worth of 2.1 billion roubles granted to Setl Group for the construction of the 1st stage of the project was repaid ahead of schedule in December 2012. It is to be recalled that the MORE project being implemented in the Baltic Pearl estate implies building about 285,000 sq. m of housing on the area of over 20 ha.

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Companies of Setl Group holding