YIT aquired 50 000 m2 of building rights in yhe center of St Petersburg
YIT's subsidiary in St Petersburg, YIT Lentek, has acquired a land plot of 2.9 hectares in the historic centre of St Petersburg. The residential complex to be built on the plot will have a total of about 500 apartments i.e. 50,000 sq.m. of buildings. YIT will construct the project in several phases. Start-up of construction works is scheduled for 2012.
The plot is located on Smolny prospect, next to the City government. It is on the Neva river embankment, in the very heart of St. Petersburg - it's a historical place with cultural heritage and there are green areas close to the plot. Most of the apartments will have beautiful views over Smolny cathedral, the surrounding parks and over the Neva River and Bolsheohtinsky bridge. Acquisition of this remarkable land plot takes YIT to a new level of market presence in St Petersburg.
The plot agreement was done in Q1/2011 and official registration of the plot was finalized this week.
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