UNR Holdings, Inc. (OTC: UNRH), today announced that its Russian operating subsidiary, 494 UNR, a leading commercial and residential real estate developer and construction contractor, operating principally in the city of Moscow and its suburban communities, has begun construction of a new residential/office project in Sokolniki, an upper middle class district in the city of Moscow.
The project will include two multistory buildings, with building one containing 167 apartments, offices on the first three floors, an underground parking lot for 367 cars and an above ground parking lot for 28 cars. The total area of construction for this building will be over 400,000 square feet.
The second building, with a total construction area near 250,000 square feet, will contain 104 apartments, 6,000 square feet of office space, an underground parking lot for 156 cars and an above ground parking lot for 52 cars. Apartment selling prices per square foot in the Sokolniki area are between US$500 and US$700.
UNR CEO Alexey Kim commented, "We are delighted to begin work on this carefully planned project. The residential real estate market in the Sokolniki district is robust. We expect a strong demand for the units we are building, and a very satisfactory return on our invested capital."
The anticipated completion date is in the fourth quarter of 2014. Sales will start in the summer of 2013.
To view projects currently under construction by 494 UNR, please use the following link: http://www.unrholdings.com/en/projects.html.
About UNR Holdings, Inc.
UNR Holdings is a U.S. corporation with a 67% controlling interest in its Russian operating subsidiary, 494 UNR. 494 UNR is a diverse development and construction company with many years of success serving the greater Moscow area. The company specializes in general and infrastructure construction services, such as designing and building multi-story apartment buildings for middle and upper middle class families, office buildings, highways and bridges. It also produces and supplies a patented road-base and slope-stabilizing infrastructure construction material.
While 494 UNR is involved in complex construction projects, it also assists the Russian government with infrastructure projects for oil and gas corporations, such as GAZPROM and TRANSNEFT. 494 UNR is one of the oldest and most established construction companies located and operating in the greater Moscow area, which now encompasses over 950 square miles. More detailed information about company projects is available at the UNR Holdings, Inc. corporate website:http://www.unrholdings.com.
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and UNR Holding's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. UNR Holdings, Inc. expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
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SOURCE UNR Holdings Inc.