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Monday, July 9, 2007

XXI Century Announces Its Ambitious Plans

Company is going to build 28 shopping centers, 20 logistics complexes and about 12 office centers. For these projects, the company offers to regional developers and construction companies a strategic partnership. Lev Partshaladze, Charmain of Board told at the press conference on Friday.

He explained that the XXI Century is joined with one of the Kharkov company, which has already begun development. Thus their plans to build in Kharkov a couple shopping centers, one or two hotels, office and a logistics center. This company is ready to use such model of cooperation in other regions of Ukraine. In addition, the company plans to be involved in residential real estate, but to build housing in the regions, XXI Century "treated with caution, arguing that small towns construction cost may be higher than the selling price.

Mr. Partshaladze proves that the company is not afraid of competition in the regions, because the demand for real estate is still far out of supply. The main reasons for coming to the regions the Board mentioned lower prices for land "plus loyalty of local authorities who are willing to "green road " for the construction of real estate in the region".

XXI Century plans to work only in 1 mln. population cities for a while. The volume of investment in future projects is not disclosed.