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.
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