A Chinese company joins the Union of Builders of Yakutia

Zhuoda Group, a Chinese corporation that is going to comprehensively develop three residential blocks in Yakutia this spring, has joined the Union of Builders of Yakutia after obtaining a perpetual permit authorizing it to supervise construction operations in Russia.

A Chinese company joins the Union of Builders of Yakutia

Zhuoda Group, a Chinese corporation that is going to comprehensively develop three residential blocks in Yakutia this spring, has joined the Union of Builders of Yakutia after obtaining a perpetual permit authorizing it to supervise construction operations in Russia.

The Chinese company's first investment project in Russia is being implemented in Yakutsk and will enable it to tap the local construction market. Total investments are estimated at a level exceeding RUB 40 billion while the project is expected to be completed in 2021.

Local construction contractors will also be engaged in the construction project in Yakutsk. The construction will use local construction materials and benefit from Chinese technology. However, most materials will be imported from China. A special "green channel" is going to be created for this purpose.

In accordance with the design of the comprehensive development project, apart from residential buildings, the 360,000 square meters area will accommodate kindergartens, schools, garages and an office and business center. At the same time, the Chinese investor is expected to offer lower prices per one square as compared to prices offered in Yakutsk. Today, commercial prices for residential properties range between 65 and 72 thousand rubles per square meter. Construction costs total 45 to 47 thousand rubles per one square meter.