StockMarketWire.com - Etalon Group - one of Russia's largest and longest-established development and construction companies - has won an auction to acquire the rights to a land plot in St. Petersburg from the St. Petersburg Property Fund.

The three-hectare land plot is situated on Polyustrovskiy prospect in the Kalininskiy district of St. Petersburg. It is located within walking distance from the Lesnaya metro station and four kilometres from central St. Petersburg.

Land planning documentation for the land plot has already been obtained, and allows the rights holder to begin construction in the near future. The documentation permits construction of a residential project with an expected NSA of 92.5 ths sqm. Etalon Group subsidiary LenSpetsSMU plans to acquire the land plot at a price of RUB1.05bn.




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