YIT started several apartment building projects in April–June in Finland and sold housing to LähiTapiola
- Investor news
During the second quarter, YIT started construction of five apartment buildings in Russia
YIT Corporation Investor News June 28, 2019 at 08.00 a.m.
YIT has started constructing five new apartment buildings in Russia. The buildings are located in St. Petersburg, Yekaterinburg and the Moscow region. The projects’ value is approximately EUR 48 million and they will consist of over 840 apartments. The start-ups are booked in the order backlog of the second quarter of 2019.
In St. Petersburg, YIT started the Tarmo residential block’s third phase where an 11-storey building will be erected. There will be a total of 90 apartments in the building. Some of the units will be Transformer apartments, which give residents the opportunity to easily adjust the floor plan as their needs change. There will be retail premises on the lower floors. The third phase will also see the building of a 7-storey parking hall for 440 cars. The third phase will be completed in the last quarter of 2020. In total, Tarmo will consist of five residential buildings with over 800 apartments.
In Yekaterinburg, YIT will start the construction of a project called Suomen Ranta. The project will consist of about 300 apartments with 1–3 rooms each. There will be business premises on the ground floor. The building will be completed in the last quarter of 2020. An underground car park with capacity for 300 vehicles will also be built for the unit.
YIT has started construction on three apartment buildings in the Moscow region. The buildings will consist of about 500 apartments. YIT announced on June 20, 2019, that it will discontinue residential construction in the Moscow region. These decisions to initiate construction will help YIT to fulfill its responsibilities and complete the area projects in a well-managed way.
In the city of Lytkarino, the construction of the fifth and final apartment building in the Lytkarino HIT area development project will begin. The 15-storey building will be completed in the first quarter of 2021. A school for 140 children will also be constructed in connection with the building.
In the city of Ramenskoye, YIT’s Desjatka residential quarter is one of the largest area development projects in the city. The 15-storey building will be completed in the third quarter of 2020. A parking hall with capacity for 400 cars is also being constructed in Desjatka.
In the city of Elektrostal, YIT is constructing a unit called Severny kvartal (“Northern quarter”) with the construction of a second apartment building now being started. The 16-storey building will be completed in the second quarter of 2020. The planning and permit process will continue regarding the rest of the buildings in the Severny kvartal area development project.
For further information, please contact:
Tiina Kuusisaari, Investor Relations Manager, YIT Corporation, tel. +358 40 528 8154, email@example.com
Teemu Helppolainen, Executive Vice President, Housing Russia segment, YIT Corporation, tel. +791 5316 8216, firstname.lastname@example.org
Vice President, Investor Relations
Distribution: NASDAQ Helsinki, major media, www.yitgroup.com
YIT is the largest Finnish and significant North European construction company. We develop and build apartments and living services, business premises and entire areas. We are also specialised in demanding infrastructure construction and paving. Together with our customers, our nearly 10,000 professionals are creating more functional, attractive and sustainable cities and environments. We work in 11 countries: Finland, Russia, Scandinavia, the Baltic Countries, the Czech Republic, Slovakia and Poland. The new YIT was born when over 100-year-old YIT Corporation and Lemminkäinen Corporation merged on February 1, 2018. Our pro forma revenue for 2018 was approximately EUR 3.8 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com