REG - Etalon Group PLC - Etalon Gets Permit for Petrovskiy Island Project <Origin Href="QuoteRef">ETLNGq.L</Origin>

EtalonAnnouncement

02/02/2018 07:30

RNS Number : 7451D
Etalon Group PLC
02 February 2018
02 February 2018
Etalon Gets Permit for Petrovskiy Island Project
ETALON GROUP PLC ("Etalon Group" or the "Company"), one of Russia's largest and longest-established development and construction companies, announces that it has received a construction permit for its business-class residential project on Petrovskiy Island in St Petersburg.
The project will comprise two seven-storey and one nine-storey residential buildings, an underground parking garage with 395 parking spaces, as well as commercial premises. The expected net sellable area ("NSA") of the project is 73 ths sqm, including 47 ths sqm of residential area. This development will have vividand memorable buildings containing a wide variety of flats that meet the highest standards. All of the apartments will have 3.3-metre ceilings, with spacious and functional living spaces created in accordance with clients' needs.
The development will also feature urban landscaping covering more than seven thousand square metres, creating a unique atmosphere of amenity and comfort. Outdoor areas will include playgrounds, sitting areas, walking paths and sports facilities; small architectural features and landscaping designed specifically for this project will make these areas more unique. The western section of the land plot will include a public square that connects to the beautiful Southern Pier.
The project is located in a prestigious part of Petrovskiy Island, next to one of the biggest yacht clubs in St Petersburg. It is situated in the well-known Petrogradsky district of St Petersburg, and is within walking distance of the picturesque Maritime Victory Park and an amusement park on Krestovskiy Island. The future residential complex is surrounded by some of the best restaurants in St Petersburg and various recreation areas. The territory also benefits from direct access to a long embankment and close proximity to green zones. At the same time, the historic centre of St Petersburg can be reached by car in 15 minutes.
This project was acquired by Etalon Group in 2017, in line with its new strategy aimed at obtaining high-quality projects that will be ready to launch within 6-18 months. When sales are launched, this will become the Company's fourth business-class project after Fusion, Botanica, and Silver Fountain.
This and other recent announcements are available on the Etalon Group website: http://www.etalongroup.com/investors/news/
Etalon Group IR Team
T: +44 20 8123 1328
E: info@etalongroup.com
EM
Sam VanDerlip
T: +44 7554 993 032
T: +7 499 918 3134
E: vanderlip@em-comms.com
About Etalon Group
Founded in 1987 by Viacheslav Zarenkov, Etalon Group has become one of Russia's largest development and construction corporations. The Company focuses on middle class residential real estate in the Moscow and St Petersburg metropolitan areas, where it operates through Etalon Invest and Etalon LenSpetsSMU subsidiaries. With a 30-year history, Etalon Group has one of the longest and most successful track records in the Russian real estate industry - since its inception, Etalon Group has commissioned 5.8 million sqm.
Etalon Group's strong reputation among consumers supports its pre-sales business model, which helps the Company to minimise external financing needs for on-going projects while maintaining a secure liquidity position: net debt as of 31 December 2016 was RUB 7.8 billion.
The Company is vertically integrated, which helps it to control costs, quality and timing, as well as to demonstrate best-in-class profitability. Etalon Group employs 5 thousand people, and its nationwide sales and marketing network covers 52 Russian cities.
As of 31 December 2016, Etalon Group's portfolio comprised 35 projects, with a total of 2.82 million sqm of unsold net sellable area. JLL valued this portfolio at RUB 115,818 million.
For the year ended 31 December 2017, Etalon Group's new contract sales totalled 512 ths sqm, or RUB 50,240 million. Deliveries in 2017 amounted to 423 ths sqm.
Etalon Group's GDRs have been traded on the Main Market of the London Stock Exchange since 20 April 2011.

This information is provided by RNS
The company news service from the London Stock Exchange
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