UNR Holdings Completes Phase III and IV of $600 Million Nemchinovka Development Project Completion Date Expected By 2013
ORLANDO, Fla., July 27, 2011 /PRNewswire/ -- UNR Holdings, Inc. (OTCBB: UNRH) ("UNR" or the "Company"), a commercial and residential development company, today announced that it has recently completed construction on Phase III and IV of its Nemchinovka development which is valued at $600 Million (US) on the low end based on current real estate values.
The Nemchinovka development is a luxury residential and commercial complex located in the suburbs of Moscow, less than one mile from the Moscow Beltway. The total gross area of the completed development will be 2.1 million square feet, with a total living area of 1.3 million square feet. The average sales price per square foot in the development ranges from $250 to $350. The Company expects to complete construction on all 8 phases of the Nemchinovka development by 2013. To view the Nemchinovka project and many other projects currently under construction please click on this link http://www.unrholdings.com/en/projects.html.
Mr. Alexey Kim, Chief Executive Officer of UNR, stated, "The completion of Phase III and IV of the Nemchinovka project is a tremendous milestone for the company and positions us to maintain our anticipated completion schedule for 2013. (Urban Living), the combination of residential and commercial establishments within the same development, has become the preferred real estate setting for the modern Moscow scene and the concept of having a city within a city has become widely popular among Moscow's business elite."
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 housing and commercial construction developments. UNR also supplies and oversees the installation of its proprietary road and slopes stabilization material Prudon to infrastructure projects in various parts of Russia. 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.
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