MOSCOW and NEW YORK, May 9, 2012 /PRNewswire/ -- UNR Holdings, Inc. (OTCBB: 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 recently completed the construction of Phases IV, V and VIII of its Marshal Rybalko Project (the "Project").
"The recent progress of these key elements of the Marshal Rybalko Project testifies to our unique design and development expertise as well as the pent-up demand for this prime location," said Mr. Alexey Kim, Chief Executive Officer. "We believe that when completed, the project will offer a first-rate living experience for residents in a highly attractive Moscow district. We will continue to identify and develop prime real estate where we can add substantial value and offer exceptional residential communities that offer unique social and consumer experiences."
Photographs and video of the Marshal Rybalko Development can be seen at: http://unrholdings.com/en/marshal.html
The Company believes that the Project is valued in at more than US$950 million based on a low end estimate of current real estate prices. The three phases encompass 517,000 square feet of residential and business space with a price per square foot valuation ranging between US$425 and US$500. The Company expects market prices to be within this same range for the next nine months, and expects sales of over US$225 million from the three phases on a combined basis.
The Marshal Rybalko Project is a multifunctional residential complex with residential living, underground parking and various social resources and business establishments. It is located in the North-West Administrative District of Moscow in one of the most attractive and pristine areas of the capital. When completed, the total gross area of all of the developmental phases of the Project will be 2,093,000 square feet which will include 863,000 square feet of total living space, 709,000 square feet of non-residential space and 521,000 square feet of underground parking. The Company expects to complete construction of all eight phases of the Marshal Rybalko Project in 2013.
About UNR Holdings, Inc.
UNR Holdings is a U.S. holding company that has a 67% controlling interest its Russian subsidiary, 494 UNR, which is engaged in the development and construction of real estate projects in high-density and urban areas of the Russian Federation, principally in Moscow and its suburban communities. 494 UNR also supplies and oversees the installation of its proprietary road and slopes-stabilization material, Prudon-494, to infrastructure projects in various parts of Russia. The company provides the Russian government with infrastructure services for leading oil and gas corporations such as GAZPROM and TRANSNEFT. 494 UNR is one of the most established and highly regarded development and construction companies located and operating in Moscow and the greater Moscow area of the Russian Federation.
More detailed information on the UNR development 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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UNR Holdings, Inc.
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David Rudnick, Senior Account Manager
1 (646) 626-4172
SOURCE UNR Holdings Inc.