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Tue 5 Feb 2008 01:22 PM

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Limitless in second crack at Russian property market

Dubai World subsidiary in venture to built 4,500-home development.

Dubai developer Limitless has made a second attempt to break into the Russian real estate market after the company axed an $11 billion real estate project earmarked for Moscow last year.

Limitless, a subsidiary of state-owned conglomerate Dubai World, has signed a joint venture agreement with Russia's RDI Group to develop a residential community near the capital.

The development will be located 24 kilometres northwest from Moscow and will include 4,500 homes built on 113 hectares of land. Once complete the development will be home to 12,000 people.

Construction is due to begin next year and the project is expected to take seven years to complete.

Limitless did not give any details on the cost of the project.

A spokesperson for Limitless told ArabianBusiness.com the developer will be announcing further details shortly.

Limitless said in October it had pulled out of a deal with Russia's Coalco to build a mixed-use development on the outskirts of Moscow, stating the project "didn't fit its business model".

RELATED: Limitless axes $11bn Russian development

The project was to be called Great Domodedevo, and at the time was billed as the largest planned by an international developer anywhere in the world.

The development was set to be spread over 180 million square metres and be made up of residential and commercial components as well as educational, recreational and entertainment facilities.

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