Russia launches €11.6 billion residential project

Russia has launched a £10 billion (€11.6 billion) residential development project in St Petersburg covering over 900ha and scheduled to take 15 years to complete.

Programme management and construction consult Turner & Townsend has been chosen by developer SPb Renovation to help deliver the project, which involves constructing 1,200 new buildings across 22 sites around the city.

SPb Renovation is replacing the city’s Soviet-era buildings to create a more modern and sustainable living environment, while also upgrading the standard of new build accommodation within the city.

New apartments for 450,000 residents will be built under the scheme. Turner & Townsend will provide consultancy services for the commercial infrastructure needed to support these new neighbourhoods, including modelling and procurement support.

Turner & Townsend Russia/CIS managing director Paul Grace said, “We are delighted to be involved in this significant project, which will begin with the transformation of a 65ha site on the banks of the River Neva, dubbed the Gutenborg project.”