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- Stock Exchange Release
- 16.12.2004 10:01 CET
YIT starts up residential construction in the City of Moscow
YIT starts up residential construction in the City of Moscow
YIT has signed an investment agreement on a plot in the Mozhaisk region in western Moscow. YITs strategy is to expand its residential production in Russia and the Baltic countries. In 2004, the construction of about 3,600 residential units was started up in these regions. The scale of operations has been large in St. Petersburg and the environs of Moscow - at the end of 2004, about 3,500 residential units are under construction. With this agreement, YIT will now also begin residential production in the City of Moscow.
The City of Moscow has the largest residential market in Russia.
The investment agreement concerns a plot on which a 17-storey block of flats will be built on a developer-contracting basis. The residential floor area of the building will total 6,000 m2 and it will have 60 flats. In addition, the building will house 741 m2 of offices. A childrens playground and sports field, a recreational area and a visitors parking lot will be built in the yard. The size of the plot is 0.64 hectares. The project will be implemented by YITs subsidiary ZAO YIT Ramenje. Works will begin in autumn 2005.
For additional information, contact: Head of Division Timo Lehmus, YIT Construction Ltd, tel. +358 20 433 2474
YIT CORPORATION
Veikko Myllyperkiö Vice President, Corporate Communications