GIC Real Estate is partnering with Russia’s PIK Group to develop a large urban township in the city of Mytischi in Russia.
The 114-hectare site is located in the Moscow region to the northeast of the capital.
GIC Real Estate will acquire a 25 per cent stake in the project for US$233 million (S$336 million).
A CB Richard Ellis appraisal carried out 12 months ago valued the site at over US$1.3 billion.
The township will contain 50 high-rise apartment buildings and 13 low-rise commercial buildings.
There will also be five schools, seven kindergartens, two polyclinics and over 17,000 parking lots.
When completed in 2013, the development can house about 50,000 residents.
The PIK Group is one of the largest real estate developers in Russia. - CNA/ac
Source : Channel NewsAsia - 21 Jan 2008