City authorities approved the project layout of the site of the Baltic Pearl residential, commercial and recreational complex, which will be built by Shanghai Industrial and Investment company.
The 200 hectare site will be located in the Krasnoselsky district, southwest of the city, the city press office said. The site currently has no residential or public housing or any infrastructure.
The Chinese investor will build 1.62 million square meters of housing for 35,000 residents, among other facilities.
The $1.25 billion project is expected to be completed by 2010.
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News source: www.times.spb.ru
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Business news archive for 03 May' 2005.
Business news archive for May' 2005.
Business news archive for 2005 year.