By Andy Sambidge
Nearly 400 units at Zagorodny Kvartal project are expected to be handed over to customers this year
Dubai-based developer Limitless has announced that the first residential building has been delivered at Zagorodny Kvartal, its joint venture project near Moscow.
The company said in a statement that handovers have been completed or are in process on 46 apartments and six townhouses.
Some 384 units - 338 apartments and all 46 townhouses - are expected to be handed over during 2014 at phase one of Zagorodny Kvartal, a joint venture between Dubai's Limitless and Moscow's RDI Group.
Four apartment buildings and 27 townhouses are due for delivery by the end of this month.
The developer said the Zagorodny Kvartal's handovers were a "major milestone in the project's progress", adding that Limitless was "moving ahead and delivering".
Spanning 14 hectares, phase one of Zagorodny Kvartal has 14 residential buildings containing a total of 728 apartments, plus 46 townhouses, retail facilities and an 8,000 square metre park.
Thirteen apartment buildings and 40 townhouses are currently under construction at phase one, where building work is around 60 per cent complete.
Buyers in Russia have so far purchased more than 400 homes - 370 apartments and 32 townhouses - at Zagorodny Kvartal, which is also open to investors living in the UAE.
Located 24km north-west of Moscow, Zagorodny Kvartal - meaning Country Quarter - is being built alongside the Moscow Canal.
The project is part of one of the most rapidly-developing districts in the Moscow region. Highway upgrades, currently underway, will provide quick, congestion-free routes to and from the Russian capital, and a new high-speed toll road will provide easy connections to St Petersburg.