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Metropoliya, a 1.6 million square metre sustainable development valued at over $3 billion, in the Russian capital of Moscow, has obtained approval to proceed with project planning by city officials managing the 2025 vision for the General Plan of Development of Moscow.
“Although the news has only just been made official, the preliminary notification coincided with our participation alongside Nikken Sekkei at Cityscape Global Exhibition in Dubai. We were delighted with the response we received from regional investors," said Oleg Korol, CEO of the Metropol Development, developer of the Project.
Moreover GCC investors will have been warmed by a recent report by real estate analyst CBRE, which estimated that the Russian property market would witness robust and consistent growth from 2012, which should coincide with the start of construction on the site.
Although Russia has suffered during the global recession, especially during the period from Q4 2008 through to Q1 2009 when a barrel of oil was trading on average at less than $50, according to a Central Bank statement it still has immense economic clout, with gold and currency reserves in excess of $500 billion – third only to China and Japan.
Indeed the latest Haver Analytics report has forecast positive GDP growth of 4.9% this year from minus 7.9% last year and unemployment down to 6.9% from 7.8% in 2009.
Furthermore, Sergei Sobyanin was appointed the new Mayor of Moscow in October and vowed to cut Moscow's notorious red tape, create better conditions for investors, improve Moscow's congested roads and give a boost to education and health care. He had earlier criticised the former city government for inefficiency and corruption.
“This type of progressive Mayor will create an investor-friendly culture,” added Mr Korol.
Metropol Development, a company within Metropol Group – an international industrial and financial Group with Russian capital. Metropol Development is one of the group’s fastest growing real estate companies in Moscow with total projected and under construction real estate of approximately two million square metres. The market value of the assets under the Company’s management is more than 1 billion US dollars.
Based on cutting edge Japanese sustainable technology the huge "city-within-a-city" Metropoliya project features a colossal mixed use development several kilometres from the Kremlin. Metropoliya will utilise the latest "green" technology available by the world’s top architectural practice and global leader in sustainable design, Nikken Sekkei of Japan.
Mitsuo Nakamura, President and CEO of Nikken Sekkei, said: “Our sustainable design technology can reduce energy consumption by up to 60%. This is critical considering Moscow’s extreme range of temperatures throughout the year, from minus 9 degrees centigrade to over 23 degrees centigrade.”
The focus of the Metropoliya project – grouped around 12 buildings connected by green public spaces - will be sustainability and energy efficiency with a low carbon footprint. Using technologies tried and tested in Japan, Nikken Sekkei is aiming for a development that uses up to 60% less energy than equivalent projects.