Russia's ZAO Snegiri Development (earlier ST Group) does not plan to suspend or stop realizing a project on the construction of the Sunrise residential complex in Yalta (Crimea).
The company told Interfax-Ukraine that at present a land plot is being allocated, which has been delayed due to reasons within and beyond its control. If earlier the developer said that the construction of the complex would start in Q1, 2009, at present the company expect the positive decision on land plot allocation, which is expected to come on June 15, and design works would be started after the land allocation.
The complex would be commissioned in Q3, 2011. The company said that according to an investment agreement, the developer can prolong construction of the complex in Yalta for one year without explaining the reasons.
The company did not disclose investment in the project.
As reported, the 12-storey complex with 375 flats has a total area of 31,000 square meters
The development of the project is to be performed through the Ukrainian subsidiary ST BudInvest Ltd.
Snegiri Development was established in early 1990s as ST Group. In 2008, the company built around 100,000 square meters of elite apartments in Moscow, Sochi and Rostov-on-Don. The company’s earnings last year came to $133 million.
The key shareholders in the company today are Alexander Chigirinsky (60%), companies affiliated with Roman Abramovich (16%) and Teimuraz Mardakhiashvili.
