CDS Group and Sberbank Sign an Agreement for Project Financing Worth RUB 4.8 Billion
Sberbank has become a strategic financial partner for the construction of the ‘Gorod Pervykh’ residential quarter which is a part of ‘Novosaratovka’, a large‐scale project of CDS Group. The agreement with Sberbank implies four credit lines to finance four units under construction with a total area for sale covering 63.9 thousand square meters.
Venera Khadeeva, Deputy General Director of CDS Group for Production and Operational Management, said:
‘CDS’ ‘Novosaratovka’ is a priority project for our company, a future satellite city of St. Petersburg designed for 300 thousand residents. The backing of such a solid partner as Sberbank enables us to execute the first stage of this large‐scale project on time regardless of any market changes. The ‘Gorod Pervykh’ will become our fourth project carried out under the new process using escrow accounts’.
Senior Vice President of Sberbank Vladimir Sitnov said:
‘Sberbank has started financing one of the largest urban development projects in the country, which is being constructed in the Leningrad Region. At the initial stage, we will provide RUB4.8 billion financing for the construction of the first stages of the ‘Gorod Pervykh’ residential quarter. The financing will be provided under the program of preferential lending of the Ministry of Economic Development for a 5‐year period. Then the bank plans to continue financing this large‐scale project, including the construction of the infrastructure such as roads, social and other facilities. This is the first time we are working with CDS Group under the project financing agreement, however, given the company’s great experience, its reputation and the meticulously prepared concept of the space, we are confident of the successful execution of this ambitious project, which is vitally important for the entire development industry in Russia’.
CDS Group started the large‐scale project in Novosaratovka in December 2020. This rising satellite city will be located 2.5 kilometres from the St. Petersburg ring road. About 4.5 million square meters of residential real estate, road, social and commercial infrastructure will occupy a territory of about 700 hectares.
As part of the first stage of the project, a block of four units with a height of 22—23 storeys will be built. The houses are constructed in a single architectural style using monolithic technology. Now, the first and second units accommodating up to 803 apartments are open for sales. The price starts from RUB3.2 million per apartment. The sale of real estate is carried out under the Federal Law №214 using escrow accounts. The first and second units will be commissioned in Q3 2023.