VTB is financing the construction of a residential complex in Yuzhno-Sakhalinsk for 4.2 billion rubles

AK&M 04 December 2023 15:36

VTB provided financing to Sakhalin Mortgage Agency JSC for 4.2 billion rubles. for the construction of the second stage of the Horizon residential complex in Yuzhno-Sakhalinsk. The total construction budget is 6.1 billion rubles. VTB also maintains escrow accounts for the project. This is stated in the bank's message.

Since the beginning of 2023, the bank has increased the volume of loan agreements with developers in the Far Eastern Federal District by 75% to RUB 25 billion. 

The first stage of the Horizon residential complex was commissioned in November this year, the second is planned to be commissioned in 2025. As part of it, 15 residential buildings with a total area of 58.4 thousand square meters will be built. The district has already built its own engineering infrastructure, including a boiler room and a water intake. The project provides courtyards without cars: instead of parking areas and the roadway, playgrounds and public spaces are equipped. Free parking is organized in specially designated areas within the boundaries of the complex. The construction of the residential complex will provide more than a thousand Sakhalin families with affordable and high-quality housing.

Sakhalin Mortgage Agency JSC is a commercial organization whose main goal is to form an affordable housing market in the Sakhalin Region, including rental housing, as well as the formation and development of a housing mortgage lending system. The founder is the Sakhalin Region represented by the Ministry of Property and Land Relations of the Sakhalin Region. The funds received from the sale of housing in houses under construction are directed to increase working capital for further investment in housing construction in the Sakhalin Region.

VTB Group is a Russian financial group comprising more than 20 credit and financial companies operating in all major segments of the financial market. In the CIS countries, the group is represented in Armenia, Ukraine, Belarus, Kazakhstan, and Azerbaijan. VTB banks in Austria, Germany and France operate within the framework of a European sub-holding headed by VTB Bank (Austria). In addition, the group has subsidiaries and associated banks in the UK, Cyprus, Serbia, Georgia and Angola, as well as one branch of VTB Bank in China and India, two branches of VTB Capital Plc. in Singapore and Dubai.