ORLANDO, Fla., March 5, 2013 /PRNewswire/ -- UNR Holdings, Inc. (OTCQB: UNRH), (UNR), ("UNR" or the "Company"), a leading commercial and residential real estate development and construction company operating principally in the city of Moscow and its suburban communities, today announced that it has begun work on Phase II of its Pushkin Development Project (the "Pushkin Development"), located in the city of Bronnitsy. Total gross area of the completed development is planned to be 277,700 square feet with a total living area of 263,715 square feet. The estimated completion date for this project is 2014.
"We believe that the Pushkin project represents an excellent value for residential apartment purchasers who seek a comfortable and high quality living environment in relatively close proximity to Moscow," said Alexey A. Kim, Chief Executive Officer of UNR Holdings. "The project represents an important component of our development portfolio with an expected solid return on capital investment. We continue to execute the development of our existing properties as well as identify prime real estate locations for future development of exceptional residential and commercial projects."
The Company believes that the Pushkin Development is valued at more than $63 million based on a low end estimate of current real estate prices. Price per square foot in the residential sector of Pushkin Development ranges from $200 to $250 per square foot.
To view the Pushkin Project and many other projects currently under construction please click on this link, http://unrholdings.com/en/pushkinsky.html.
About UNR Holdings, Inc.
UNR Holdings is a holding company that has a 68% ownership in its subsidiary, 494 UNR. 494 UNR is a diverse construction company with more than 40 years of success serving the Russian construction market. The Company specializes in general and infrastructure construction services, such as designing and building multi-story apartment buildings for middle and upper middle class families, office buildings, highways, bridges, and production of a road base infrastructure construction product. While UNRH is involved in complex construction projects, the Company also assists the Russian government with infrastructure projects for oil and gas corporations, such as GAZPROM and TRANSNEFT. 494 UNR is one of the oldest and most established construction companies located and operating in Moscow and the Moscow area of the Russian Federation.
More detailed information on the housing projects is available at the UNR Holdings corporate website: http://www.unrholdings.com.
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
UNR Holdings, Inc.
SOURCE UNR Holdings, Inc.