Companies to develop new town near Moscow for 12,000 people
Dubai, 05 February 2008... Limitless, the global master development arm of Dubai World, and RDI Group, a leading investment company involved in managing land assets, development projects and properties in the Moscow region, have signed a joint venture agreement to create a new town near the Russian capital for around 12,000 people.
The project - the first for Limitless in Russia - will be a distinctive, balanced residential community near Ivakino and Starbeevo in the Khimki Region, 3km from Sheremetyevo International Airport and 24km north-west of central Moscow. With an innovative, 113 hectare master plan design and distinctive architecture, the project features around 4,500 homes including low-rise apartments buildings, townhouse and villas, as well as schools, retail and commercial elements.
The site is in natural countryside surroundings, alongside the Moscow Canal and in extensive pine forest, which will be retained and incorporated into the master plan: almost 30 per cent of the development will be 'green'.
The project is the latest addition to Limitless' growing list of global developments: the company also has developments underway in Saudi Arabia, India, Vietnam, Malaysia and the UAE.
RDI Group focuses on creating large scale integrated development solutions, and this is the first mixed-use development in the Moscow region to be announced by the group, which is also developing similar projects in other parts of the Moscow region.
Saeed Ahmed Saeed, CEO, Limitless, said: "Russia is a strategic market for Limitless, and our move into Moscow is yet another chapter in our success story. We are delighted to add Russia to our ever-expanding global portfolio, and to be working with RDI, who share our vision for quality, sustainable projects.
"This style of development - never before seen in Russia - will radically change the way people live. It will bear all the hallmarks of a classic Limitless product: a distinctive balance of residential and business elments, with extensive outdoor spaces."
Alexander Reznikov, General Director, RDI Group, said: "We are glad that Limitless shares our strategic view on the development of large mixed-use projects. We have reached understanding on all major issues regarding the vision and masterplan for the project that RDI initially designed at pre-development stage. With the experience and skills that Limitless will contribute to the project our confidence in imminent success gets even stronger."
Construction of the project is due to begin in early 2009, and is expected to take seven years.
-Ends-
About Limitless
Limitless LLC, a Dubai World company, is a global real estate master developer across all market segments, delivering distinctive and sustainable developments. Established in July 2005 and built on the philosophy of 'delivering distinction', Limitless has three specific areas of expertise: master planning large urban communities; waterfront development and the implementation of large scale, balanced projects.
Current Limitless projects:
Residential North, Puteri Harbour, Malaysia (announced 19 December 2007): 44 hectare waterfront development of luxury homes and condominiums. Development value US$450 million
Al Wasl, Saudi Arabia (announced 11 October 2007): US$12 billion, 1,400 hectare mixed-use development near Riyadh, including 60,000 homes as well as mosques, educational facilities, offices, shopping malls and hotels.
Arabian Canal, UAE (announced 10 October 2007, preliminary work began 31 December 2007): US$11 billion, 75 kilometre-long man-made waterway - the biggest and most complex civil engineering project ever undertaken in the Middle East. Limitless is also master planning a US$50 billion, 20,000 hectare canalside 'city' as part of the project.
Bidadi, India (announced 2 October 2007): US$12 billion, 4,000 hectare urban community near India's technology capital, Bangalore. The first of five new towns planned by the Government for the outskirts of the city.
Halong Star, Vietnam (announced 5 September 2007, broke ground 12 December 2007): US$220 million, 125 hectare mixed-use development with residential units, hotels, and education, cultural and recreational facilities, overlooking Halong Bay, a UNESCO-sanctioned world heritage site.
Downtown Jebel Ali, UAE (announced 15 November 2006): US$13 billion, 200 hectare sustainable, mixed-use development consisting of four quarters, each with its own iconic, individually-themed plaza. Downtown Jebel Ali will have nearly 330 buildings, including 237 residential towers.
About RDI Group
RDI Group is one of the largest investment and development companies in the Moscow region. Its activities include investment, development and management in all sectors of real estate market. The company currently has 12 projects in its development portfolio.
Total area of development projects: more than 9 million square metres
Total area of residential project: about 8 million sqare metres
Gross Leasable Area (Commercial properties): more than 650,000 square metres
Gross Leasable Area (Industrial properties): about 300,000 square metres
Terms of development: 3-18 years
Media enquiries:
Rebecca Rees,
Limitless Media Relations
+971 4 375 9733
Rebecca.rees@limitless.ae
Andrey Patrushev,
RDI Group PR
+7 495 545-32-73
apatrushev@rdigroup.ru
© Press Release 2008
