CDS group and sberbank sign the second agreement for project financing worth rub 10 billion
Sberbank will provide project financing worth RUB 10 billion for the construction of the second stage of the «Gorod Pervykh» residential quarter within the framework of the «Novosaratovka» project developed by CDS.
This agreement is the second withSberbank and includes three credit lines to finance seven units underconstruction with a total area for sale covering 112 thousand squaremeters. The first contract was signed to finance RUB 4.8 billion in January2021.
Azhar Lotik
Financial Director of CDS
«Gorod Pervykh» is a landmark project for the Leningrad Region. This is modern housing with the most thought‐out concept and all of the necessary infrastructure for a comfortable life. The support of the largest bank in the country will help us to successfully develop the project in the future and fulfill all obligations on time.
Senior Vice President of SberbankVladimir Sitnov said:
«Sberbank is actively involved in large constructionprojects in many regions of Russia. We actively finance the construction ofhigh‐quality and modern housing to make the dream of their own comfortableapartment come true for every Russian family. The sale of real estate iscarried out under the Federal Law №214 using escrow accounts. It is importantthat we cooperate with developers implementing projects in a comprehensivemanner including for the construction of infrastructure suchas roads, social and other facilities».
CDS Group started the large‐scale project in Novosaratovkain December 2020. «Gorod Pervykh» will be located 2.5 kilometres fromthe St. Petersburg ring road. CDS project «Novosaratovka» provides for about4.5 million square meters of residential real estate, road, social andcommercial infrastructure and will occupy a territory of about700 hectares. This is one of the largest urban development projectsin Russia.
As part of the secondstage of the «Gorod Pervykh» project, a block of seven buildingswith a height of 9—22 storeys will be built. The houses areconstructed in a single architectural style using monolithic technology.Now, all seven buildings, accommodating up to more than 2500 apartments,are open for sales. The houses will be commissioned in Q3 2023.
