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Developer RGI International believed in the speedy restoration of residential real estate market in Russia and plans to invest about $ 150 million in the construction of the first residential complex of economy class in Moscow in 2010-2011, CEO Emanuel Kuzinets reported in the interview.
The company plans to spend about $ 1.3 billion over 7-8 years, said Kuzinets. The company expects to receive $ 900 million of net profit.
Israeli RGI has traditionally specialized in the implementation of elite residential and office property in Russia, but under the impact of the crisis has decided to adjust its strategy and concentrate on segment of mass housing. The first dwelling - three houses with a total area of over 90.000 square meters - the company promises to start in the second half of 2010.
"We will need debt financing to start construction - about $ 50-70 million ... If we can pre-sale by reinvesting part of the profit from the introduction of the first stage in implementing the second phase and so on, we do not need substantial credit facilities," - said Kuzinets .
Nat Lawyer
1 comment:
This all goes to show that Russia's economy is swinging around, and Western investors are smart to get into the market soon. Learn more by visiting www.propeum.com
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