Setl City Increases its Part in Planetograd Project
2015 may 27
Setl City has entered with the Israeli investor Morgal Investments Ltd. into an agreement of joint implementation of a project for the development of four low-rise housing blocks with social and utility facilities 167 ha in total area in the framework of the Planetograd concept in the area of Pulkovo Heights.
The blocks to be developed by Setl City are the core of the Planetograd project, forming a ring around the centre of attraction, the promenade area with cultural, shopping and service sites. Thus, the blocks symbolize planets on the solar orbit.
All in all, the company is planning to build in the four blocks about 1.45 MIO sq. m of housing, as well as 8 schools for 5,775 pupils and 8 kindergartens for 1,730 kids. Besides, there will be outpatient clinics and an ambulance station in these blocks. Car-parks will have space for over 10,000 cars. There will be no more than 4 storeys with an attic in the residential buildings.
“Our initial plan was to develop only one block,” Ilya Eremenko, CEO of the company, says. “However, we have changed our decision, understanding that all the four blocks are connected by a single concept, and the implementation of our part of the project will be more efficient in the territory of four blocks, not just one block. On such a scale, the project will make it possible to ensure single logics and style of organizing the residential space and thus to create a most interesting product that will be in keen demand.”
Ilya Yeryomenko stressed that the project will be entering the market gradually, in small-size stages and in strict compliance with the current market situation and demand. It is expected that the first stage of the new residential estate will be launched this summer. Setl City is planning to complete its part of the project in 2030. The estimated total volume of investment is about 116 billion roubles.
“The choice of Setl City as a partner and co-investor is an efficient and reasonable step,” CEO of Morgal Investments Ltd. David Gitterman comments. “This company has a vast experience in implementing big projects, is a key expert in the field of sales of housing under construction and has an impeccable reputation. I am confident that that participation of our partner in the Planetograd project will contribute to its quality development and ensure a keen interest of buyers.”
Planetograd is a large-scale integrated development project on a land plot 239.71 hectares in total area, near Pulkovo Heights, to the north-west of the intersection of Pulkovskoye and Volkhonskoe highways within the boundaries of the reference quarter 7723V in Moskovsky district of St. Petersburg.
The project, which is implemented jointly by the Israeli company Morgal Investments Ltd. and the St. Petersburg developer Setl City, includes 8 blocks, including five residential blocks (low-rise buildings 12-18 meters high), two blocks of commercial development (shopping and service facilities) and one cultural center of the entire developed area.
Companies of Setl Group holding