Jul 22 2012
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Limitless and RDI award AED37 million contract for Zagorodny Kvartal apartments
Dubai, 22 July 2012: Limitless and RDI have awarded an AED37 million contract to build two apartment buildings at Zagorodny Kvartal, the mixed-use community project north-west of Moscow.
The joint venture partners have appointed Moscow-based FODD as general contractor for two apartment buildings, containing 78 residential units and scheduled for completion in Q1 2013. Construction also continues on another two apartment blocks under a separate, previously-awarded contract with Palmira Group.
The announcement follows news earlier this month that Dubai-based Limitless and Moscow-based RDI had secured an AED120 million financing agreement with Expobank for the ongoing construction of Zagorodny Kvartal phase one, which broke ground in late 2011 and, when complete, will comprise 700 apartments and 46 townhomes.
Zagorodny Kvartal will be at the heart of the one of the most rapidly-developing districts in the Moscow region. It is 4km from Sheremetyevo International Airport, 8km from the Moscow Ring Road and 10km from Kimki Business Park. Highway upgrades planned for 2012/2013 will provide quick, congestion-free routes to and from Russian capital, and a new high-speed toll road will mean easy connections to St Petersburg.
Zagorodny Kvartal is a joint venture between Limitless and RDI.
Limitless : Dubai-based Limitless was established in 2005 with the objective of enhancing lives through the delivery of distinctive, sustainable developments. Limitless specialises in master planning of large residential areas and project management, and has projects in the UAE, Saudia Arabia, Vietnam and Russia.
RDI Group: The RDI Group is a leading company operating in real estate in the Moscow Region. Founded in 2005, RDI Group's main activities are suburban real estate developments, high-rise buildings, industrial developments, construction management and management and development of land assets.
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© Press Release 2012
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