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DOM.RF opened a RUB 5.5 billion line of credit for the construction of Parkolovo residential quarter

DOM.RF Bank and CDS Group have signed an agreement on the project financing of a RUB 5.5 billion credit line for the construction of the Parkolovo residential quarter in the north of St. Petersburg.

The project financing will be allocated for the construction of the first stage of the Parkolovo residential quarter, which includes 3 units with the number of storeys varying from 14 to 16 floors and 1,799 apartments. The project is designed as a city‐park in the north of St. Petersburg. It features car‐free courtyards, a fenced area with round‐the‐clock video surveillance and a signature landscape design, modern sports spaces, playgrounds and promenade areas, as well as its own social infrastructure including three kindergartens and a school. A kilometer‐long pedestrian boulevard will become a distinctive feature of Parkolovo. The first two units of Parkolovo residential quarter will be commissioned in Q3 2023, while unit 3 is expected to be commissioned in Q4 2023.

Azhar Lotik, Finance Director of CDS Group, said:

‘CDS Group has been present in the real estate development market for over 20 years. During this time we have built more than 4.5 million square meters of housing. We are sure that the partnership with DOM.RF will allow us to finish the Parkolovo project on time and provide the highest quality of construction. This is a truly unique residential quarter developed as a European city‐park, where the residents can find everything for a comfortable life’.

Anna Avdokushina, Vice‐President of DOM.RF Bank, said:

‘Parkolovo residential quarter is another project of DOM.RF Bank and CDS Group. The transition to project financing has increased the confidence of developers in the future. We see a growing volume of housing construction and commissioning as well as an increasing quality of the properties being built. Development companies are attracting interested and reputable banking partners already at the stage of project development. In addition, apartments in houses which have been built with the use of project financing are sold faster’.

According to nash.dom.rf development news portal, as of March 12, almost 42% of housing (4 million 46 thousand square meters) in St. Petersburg is being built using project financing. Overall, 9 million 652 thousand square meters of housing is being built in the region.

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