Dubai- Limitless grants USD10m contract to Russia’s FODD

30 Oct 2012

(MENAFN) Dubai’s Limitless announced that its joint venture with RDI has awarded a USD10 million contract to Russia’s FODD to establish another 2 towers at Zagorodny Kvartal, reported Arabian Business.

The developer said that the two apartment buildings that the Russian general contractor would set up would include 78 residential units, which are expected to complete in next year’s last quarter.

Earlier this year, FODD has won another USD10 million contract to establish two other apartment buildings, currently under construction.

The Dubai-based developer said that phase one of Zagorodny Kvartal, its mixed-use project located 24km north-west of Moscow, is expected to be finished in early 2015, and will consist of 700 apartments and 46 town homes.

At this time, 5 apartment towers and the first phase of townhouses are under construction, with additional contracts due to be awarded soon.

The company has sold over 60 units to investors in Russia, with a Dubai sales launch planned shortly.

The project, which will span 111 hectares and house 14,000 people when fully completed, will be at the heart of one of the most rapidly developing districts in the Moscow region.

It is worth noting that Limitless, which had reached an agreement to restructure a USD1.2 billion loan with its creditors, has several projects in Dubai at the current time, including the Downtown Jebel Ali master development and The Galleries mixed-use community within phase one of Downtown Jebel Ali.