Glorax Development Made Itself into TOP-10 Developers in Saint Petersburg by Estimated Revenues


Based on 11 months of 2020, Glorax Development is a leader in terms of estimated revenues (including assets credited into escrow accounts) from retail sales under shared partnership agreements, lodgings and apartment assignments in Saint Petersburg. The rating was compiled by analysts of Dataflat web portal.

Over the mentioned period, the total aggregate apartment sales under all Glorax Development projects in Saint Petersburg amounted to 79,755 thou. m2 which means a 14% YoY rise. The company’s revenues totaled RUB 11,571 mln.

“Despite the hard lockdown constraints, we managed to transform rapidly and come up with high quality project presentation service delivered remotely. We keep developing proactively and put the emphasis on furnishing our buyers with products of utmost quality. We have ambitious plans for expanding the project portfolio next year for us to maintain the leading positions among developers of the Russian Northern Capital,” summed up Andrei Birzhin, CEO and founder of Glorax Group.

The average square meter price for all residential properties is RUB 145,076, with the average transaction value equaling RUB 8 mln. Over 11 months of 2020, Glorax Development sold 1,448 apartments in residential properties in Saint Petersburg, whereas the average floor area of the properties under sale equaled 55 m2.

Glorax Development is currently developing the Second Quarter at Ligovsky City, Quarter VII at Golden City and the Grand House clubhouse using the old shared interest construction scheme. As part of the new escrow account based system of interaction between the real estate developer and buyers, the company is erecting Quarter VIII of the Golden City residences.