Glorax Development enters Moscow market

The development company Glorax Development, part of Andrey Birzhin’s Glorax Group, acquired a land plot for the construction of a residential quarter in Moscow. The land acquisition transaction has been completed, the Land Commission has been passed.

The land plot for construction is located in the South-Eastern district of the capital on Nizhegorodskaya street, 74, near the “Nizhegorodskaya” MCC station. Here, the company plans to build a comfort-class residential complex with an area of 32 thousand square metres. The volume of investments in the project will be about 2.3 billion roubles. The construction of the residential complex will begin in 2019.

“Currently, we are developing several more sites, so we are planning the same active development and increase of the land bank for the housing construction on the Moscow market, which has already been demonstrated in St. Petersburg,” said Dmitry Konovalov, the managing partner of Glorax Development.

The development company was established in 2014. Its total investment portfolio is about 2.5 million square metres, 600 thousand square meters are in the stage of construction Most of the company’s projects (8 residential complexes) are located in Saint Petersburg. Among them – Ligovsky City (800 thousand square metres) on Ligovsky Prospekt and Golden City (450 thousand square metres) in the alluvial areas of Vasilievsky island. In the Moscow region, the company is implementing a residential complex of 57 thousand square metres in Khotkovo near Sergiev Posad.

“It’s impossible to imagine Glorax Development without constant growth and development. Working in a highly competitive market, even in times of crisis, we managed to bring the company to the industry leaders. Therefore, entering the Moscow real estate market is a logical step. In St. Petersburg, Glorax Development has set a new tone in urban planning and the principles of creating large-scale projects that have become truly significant for the city, and we hope to repeat our success in the Moscow region,” commented Andrei Birzhin, the founder of Glorax Group.

Material published on the portal RBC 12/11/2018
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