Limitless, the global master development arm of Dubai World, and RDI Group, a leading investment company involved in managing land assets, development projects and properties in the Moscow region, have signed a joint venture agreement to create a new town near the Russian capital for around 12,000 people.
The project – the first for Limitless in Russia – will be a distinctive, balanced residential community near Ivakino and Starbeevo in the Khimki Region, 3km from Sheremetyevo International Airport and 24km north-west of central Moscow. With an innovative, 113 hectare master plan design and distinctive architecture, the project features around 4,500 homes including low-rise apartments buildings, townhouse and villas, as well as schools, retail and commercial elements.
The site is in natural countryside surroundings, alongside the Moscow Canal and in extensive pine forest, which will be retained and incorporated into the master plan: almost 30 per cent of the development will be ‘green’.
The project is the latest addition to Limitless’ growing list of global developments: the company also has developments underway in Saudi Arabia, India, Vietnam, Malaysia and the UAE.
RDI Group focuses on creating large scale integrated development solutions, and this is the first mixed-use development in the Moscow region to be announced by the group, which is also developing similar projects in other parts of the Moscow region.
Saeed Ahmed Saeed, CEO, Limitless, said: “Russia is a strategic market for Limitless, and our move into Moscow is yet another chapter in our success story. We are delighted to add Russia to our ever-expanding global portfolio, and to be working with RDI, who share our vision for quality, sustainable projects.
“This style of development – never before seen in Russia – will radically change the way people live. It will bear all the hallmarks of a classic Limitless product: a distinctive balance of residential and business elements, with extensive outdoor spaces.”
Alexander Reznikov, General Director, RDI Group, said: “We are glad that Limitless shares our strategic view on the development of large mixed-use projects. We have reached understanding on all major issues regarding the vision and masterplan for the project that RDI initially designed at pre-development stage. With the experience and skills that Limitless will contribute to the project our confidence in imminent success gets even stronger.”
Construction of the project is due to begin in early 2009, and is expected to take seven years.