Thursday, August 17, 2017

YIT Uralstroi to construct 5,000 apartments in Yekaterinburg's Verkhnyaya Pyshma

Last weekend, Russian real estate developer YIT Uralstroi acquired a license to develop a 187.8-acre plot of land in the Yekaterinburg-area suburb of Verkhnyaya Pyshma.

YIT Uralstroi plans to use the area to construct a series of three-story low-rise buildings containing more than 5,000 new apartment homes in total. Moreover, the developer's blueprints call for the construction of one municipal school, three childcare facilities and several outdoor parks, The Wall Street Journal reports.

"Construction of modern low-rise apartment buildings is a new concept for YIT Uralstroi and the whole of the local residential market," YIT Uralstroi General Director Roman Gibov said, according to the Wall Street Journal. "We are certain that our clients will appreciate living in a low-rise residential environment close to services and nature."

Residents of YIT Uralstroi's apartments in Verhnaya Pyshma can commute to Yekaterinburg via the newly-completed Yekaterinburg Ring Road.

Construction operations are expected to begin in 2015 and will likely take 10-15 years to complete, according to The Wall Street Journal.