Finnish-based contractor Lemminkäinen and Baltic Pearl, a Chinese developer, have signed a contract for the construction of a “comfort and business class” residential complex called Pearl Beach in the city of St Petersburg, Russia.
Baltic Pearl is a subsidiary of Shanghai Overseas United Investment Holding Co. The project will start in September 2016 and is scheduled for completion in June 2019.
The parties have agreed not to disclose the value of the contract, but it includes the construction of a residential complex comprising six buildings. This will include 936 apartments and underground parking for 720 vehicles.
Commercial premises will be located on the first floor, and the gross volume of the project will be 112,400m2.
Pearl Beach will be located in a residential area called Baltic Pearl in the southwestern part of St Petersburg. It is being predicted that in the future, over 30,000 inhabitants will reside in this 205ha area.