By Andy Sambidge
Dubai developer behind mixed use project located north west of Russian capital city
Dubai developer Limitless said on Monday that its joint venture with RDI has awarded a contract worth AED37m ($10m) for more apartment buildings at Zagorodny Kvartal, its mixed-use project north-west of Moscow.
The joint venture partners have appointed Moscow-based FODD as general contractor to construct another two towers, containing 78 residential units and scheduled for completion in the fourth quarter of 2013.
FODD is also building two other apartment blocks under an AED37m contract, awarded earlier this year.
Phase one of Zagorodny Kvartal, due for completion in early 2015, will comprise 700 apartments and 46 townhomes.
Five apartment towers and the first phase of townhouses are currently under construction, with more contracts due to be awarded shortly.
So far, more than 60 units have been sold to investors in Russia, with a Dubai sales launch planned soon, Limitless said in a statement.
Located 24km north-west of Moscow, Zagorodny Kvartal, meaning Country Quarter, is being constructed alongside the Moscow Canal.
The project will span 111 hectares and accommodate 14,000 people when it is fully completed.
Zagorodny Kvartal will be at the heart of the one of the most rapidly-developing districts in the Moscow region.
Limitless' current projects in Dubai are the Downtown Jebel Ali master development and The Galleries mixed-use community within phase one of Downtown Jebel Ali.
Overseas, the company is developing Al Wasl in Saudi Arabia, Zagorodny Kvartal in Russia and Halong Star in Vietnam.
Earlier this month, Limitless said it had reached an agreement to restructure a $1.2bn loan with its creditors.
The firm, which is currently part of conglomerate Dubai World, will shortly transfer its ownership to become a fully Dubai government-owned entity.
A $10m JV is so pathos! How the mighty 'Limitless' have fallen like Nakheel. Might they be renamed 'Looser's?