Helsinki, Finland, 2015-06-15 15:00 CEST (GLOBE NEWSWIRE) -- YIT CORPORATION STOCK EXHANGE RELEASE JUNE 15, 2015 AT 4:00 P.M.
YIT will start two apartment building projects in Saint Petersburg
YIT will start the construction of two apartment building projects in Saint Petersburg, Russia. A new project will be started on Vasilyevsky Island, in addition to which, the second phase of an area development project will be started in Pushkin, a suburb of Saint Petersburg. The total value of the projects that are now started is approximately EUR 90 million and they will comprise approximately 670 apartments.
The project named Fjord to be constructed on Vasilyevsky Island will cover two buildings, one for business class and one for comfort class. The buildings will comprise approximately 390 apartments and a total living area of around 25,400 square meters. In addition to apartments, the project will include 22 commercial spaces and underground parking lots. The project is estimated to be completed in the autumn of 2017.
The second phase of the area development project in Pushkin will cover four 5-storey buildings with 280 apartments and a total living area of around 11,530 square metres. The second phase is estimated to be completed by the spring of 2017. The first phase of the project, the construction of approximately 600 apartments, was started in November 2013, and the apartments will be handed over to customers in phases by the end of 2016.
“On Vasilyevsky Island, all the apartments of the project that was completed at the end of 2014 have been sold, and there are only few apartments unsold in the project that will be completed in autumn 2015. The Fjord project maintains supply in this area that has traditionally been strong for YIT. Also the sales rate of the first phase of Pushkin is high, and the second phase that is now started increases supply especially in the apartment types that have enjoyed strongest demand”, says Kari Kauniskangas, President and CEO.
For further information, please contact:
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, sanna.kaje@yit.fi
Teemu Helppolainen, Head of Housing Russia business segment, YIT Construction Ltd, tel. +7 915 316 8216, teemu.helppolainen@yit.ru
YIT CORPORATION
Sanna Kaje
Vice President, Investor Relations
Distribution: NASDAQ OMX, major media, www.yitgroup.com
YIT is a construction industry leader. We create better living environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. Over 100 years of experience have secured us a strong market position: we are the largest housing developer and one of the largest business premises and infrastructure developers in Finland, and the most significant foreign housing and area developer in Russia. Our vision is to stay one step ahead – while taking care of our customers, partners and personnel. We have nearly 6,000 employees in seven countries. In 2014, our revenue amounted to around EUR 1.8 billion. Our share is listed on NASDAQ OMX Helsinki. www.yitgroup.com