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Monday, October 8, 2007

Some Info From Seven Hills About Development In Progress

Seven Hills (Kiev), a subsidiary of Scorpio Real Estate Group (Tel Aviv), a multinational group of developers, intends to invest more than USD 1 bln. in housing, offices and industrial property in Ukraine. Funds will be invested in the construction of residential complex Park Avenue in Goloseevskiy district, mixed-use retail and office center - Podil Center and the Airport City, mixed-use complex in Boryspil.

Their plans also include construction of suburban shopping mall and toll roads that would connect the Polish border with the Donetsk region and Russian border with Black Sea ports.

Currently, the company is involved in 3 projects: Park Avenue, Podil Center and City Airport.

Park Avenue - residential complex, which will be located in front of Goloseevo park in Kiev on the 4ha land plot. The total area is K 200 sqm., including K 120 of housing, K 10 sqm – the offices. The complex will include a sports centre, swimming pool, shopping center, underground parking, restaurant, bar. Now the site is being prepared for construction.

Podil Center is located near Kyiv - Mohyla Academy and will be a combination of A Class offices (K22 sqm.) and the K 30 sqm. shopping center. The company intends to begin construction through 14 months.

Airport City will be located on the 50 ha land plot near the Borispil highway.

According to the Seven Hills’ CEO, Ari Schwartz, the PB period for Park Avenue is 1.5-2 years, Podil Center 3-3.5 years, City Airport 4.5-5 years respectively .

All land plots for the development are under the long-term lease, in particular for the Park Avenue construction - for 5 years, Podil Center for 10 years, and Airport City in 49 years