New housing to be built in St. Petersburg on site of former dormitories
2010-07-06
The St. Petersburg property fund has sold two former dormitory buildings at auction, along with the site on which the buildings stand, for RUB 270m (€7m). The starting price was RUB 130m (€3.4m). The winner of the auctions, in which five companies participated, was the construction company Temp. The total area of the dormitories, which are in Yaroslavsky Avenue, is about 2,500 m2. The buildings stand on a 6,000 m2site. The auction documentation stipulates that the dormitory buildings can be demolished and that a new, 20,000 m2, residential complex can be built in their place.
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