ORLANDO, Fla., Oct. 24, 2012 /PRNewswire/ -- UNR Holdings, Inc. (OTCQB: UNRH), ("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 completed the final Phase VIII of its Nemchinovka Development Project (the "Nemchinovka Development"), located in the suburbs of Moscow. The total gross area of the completed development is ~ 2.1 million square feet, with retained residential area of ~ 1.3 million square feet and ~ 900,000 square feet of commercial and parking space.
The Nemchinovka complex encompasses numerous residential amenities such as retail stores, recreation center, a supermarket and a restaurant. Phase VIII includes 311,626 square feet of residential space and 14,704 square feet of non-residential space. The company has completed to date ~ 982,056 out of 2.1 million square feet of the total development. The Nemchinovka Development, also named "Verhniy Park" ("Top Park"), is scheduled for completion in 2014.
"We are very pleased to reach this important milestone with the completion of residential construction for the Nemchinovka project, which showcases our ability to deliver large-scale, complex projects that combine residential, commercial and social amenities to create an attractive and affordable community," said Alexey Kim, Chief Executive Officer of UNR Holdings.
"Demand for high-quality, modern housing remains very robust in the Greater Moscow area due to the shortage of apartments, growing household incomes, and improving mortgage availability. Within easy commuting distance to Moscow, Nemchinovka is squarely targeted to the growing middle class who value quality construction standards, convenience and a healthy living environment."
With an average sales price of $250 to $350 per square foot, the Nemchinovka Project is expected to generate approximately $600 million in total revenues for UNR Holdings when completely sold.
To view the Nemchinovka Project and many other projects currently under construction, please click on this link, http://unrholdings.com/en/vpark.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.
SOURCE UNR Holdings, Inc.