Glorax Development Enters Top-10 St. Petersburg Developers by 2020 Revenue Assessment
Based on the full year 2020 results, Glorax Development (a subsidiary of Andrei Birzhin’s Glorax Group) is among St. Petersburg’s development leaders. The rating was prepared by the analysts of www.dataflat.ru.
When calculating the developers’ revenues, only contracts registered by Rosreestr in 2020 were taken into account. The rating includes revenues from retail sales under co-investment contracts (including receipts to escrow accounts), cession of flats and apartments. Today, under the new interaction scheme between the developer and buyers, Glorax Development is building the Eighth Quarter of the Golden City residential complex. The Grand House clubhouse, the Second Quarter of the Ligovsky City project and the Golden City’s Seventh Quarter are offered to buyers under the old scheme of co-investment construction. In 2020, Glorax Development sold 1,316 flats in the said residential complexes in St. Petersburg. Sales amounted to 73,875 sq. m. An average lot sold is 56 sq. m; an average square meter cost throughout the Glorax Development projects is RUB 120,444; an average price of transaction is RUB 6.7 million.
“The company owes its profit, first of all, to the trust of our buyers. The flats of Glorax Development projects are in high demand, and I am happy that we can offer an ultra-modern product to the Russian development market. We set a new approach to the urban environment creation, a fully functional ecosystem, where one can comfortably live, rest, work, and bring up children. We have ambitious development plans and we come to new regions of presence – soon we’ll be ready to tell you about the company’s new sites,” said Andrei Birzhin, the Glorax Group founder and the president of Glorax Development.
Glorax Development was founded in 2014. The company focuses on construction of residential complexes, commercial real estate and social infrastructure facilities. Currently, the projects portfolio includes 2.5 million sq. m of properties. In 2020, Glorax Development made it into the Top-3 of St. Petersburg’s developers by the volume of completed housing, according to the Unified Register of Developers. In 2019, the company was awarded the Consumer Rights and Quality of Service prize in the category Real Estate. Urban Construction, and received the golden mark Russia’s Reliable Developer. According to RREF Awards-2020, Glorax Development was recognized as St. Petersburg Market Leader.