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28 March 2024

Limitless starts work on Russian JV project

Zagorodny Kvartal phase 1 (SUPPLIED)

Published
By Parag Deulgaonkar

Dubai-based Limitless and Moscow-based RDI Group have commenced sales and construction of their Zagorodny Kvartal, a mixed-use project, near Moscow.

Phase one of the development - 24 km northwest of Moscow - includes 700 apartments and 46 townhouses.

Russian media reported that active construction on the first houses and townhouses began at the end of 2011.

In a company statement, issued Thursday, Saeed Ahmed Saeed, CEO, Limitless, said: "The launch of Zagorodny Kvartal reinforces Limitless' commitment to Russia and our partner, RDI Group. Together, we are bringing a new style of development to Moscow: a walkable community that allows residents to step out of the city and into nature."

Limitless had signed a joint venture agreement with RDI to create a new town near the Russian capital in February 2008.

Zagorodny Kvartal, meaning Country Quarter, is being constructed alongside the Moscow Canal, and on completion will span 111 hectares and accommodate for 14,000 people. Residential units for sale in phase one include studios, one, two and three-bedroom apartments and two, three and four bedroom townhouses.

According to the Lloyds TSB International Global Housing Market Review, house prices in Russia have surged by a stunning 209 per cent since 2001, after inflation. This is equal average annual rise of 12 per cent.

The company website lists the following regional projects - Downtown Jebel Ali, The Galleries in Downtown Jebel Ali, Arabian Canal, Sanaya Amman in Jordan, Al Wasl in Riyad, Saudi Arabia, 29 buildings in International City. The only other international project listed is Halong Star in Halong Bay, Vietnam.