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250 thousand sq. m of business class residential property is under construction in the central districts of St. Petersburg

 

One of the factors to be analysed while choosing the flat of business class is location of a residential complex. Demand for business class properties will be high, if chosen location is appropriate to the status of a project.  

 Lately business class projects appear in the territories adjacent to the centre, along the embankments in Primorskiy and Krasnogvardeyskiy districts, in Moskovskiy district near the “Frunzenskaya” underground station. But traditional for business class residential properties are four central districts: Tsentralniy, Petrogradskiy, Admiralteyskiy and Vasileostrovskiy. 

‘For business class several parts of Vasilievskiy, Petrogradskiy, Admiralteyskiy islands with views on rivers and channels, close to parks are appropriate,’ Head of the Sales and Acquisition Department of Surveyor International Group Maxim Ignatovich mentions. The total area of business class houses being constructed in the historical centre amounted to 250 thousand sq. m approximately.”

But the location is not enough. According to Head of the Residential Department of Colliers International Elizaveta Conway, business class projects should include special features, for example, panoramic view, layouts of high quality, transport accessibility, good environment. ‘Location is not enough for these four districts, place should have appropriate characteristics,’ Regional Manager of the Property Sales Department of LSR Group Yulia Ruzhitskaya says, citing as an example “Evropa city” residential complex, which is being developed by the company in Petrogradskiy district. Its advantages are developed transport infrastructure and proximity to the underground station “Petrogradskaya” (10 minutes by feet). Lopukhinskiy and Botanicheskiy gardens are near, and at Bolshoy and Kamennoostovskiy prospects there are theaters, museums, shops and restaurants.

 ‘The ideal combination for business class is central location, nice view and peaceful place. But particularly this combination is a rarity,’ Maxim Ignatovich notes.

Falling without panic

The previous and the current year are both complicated for all segments of residential property. And business class is not an exception. At the same time the most pessimistic forecasts, which were given in the end of 2014, have not been confirmed: the decline of demand exists but it is not as crucial as was expected. ‘Decline in sales amounted to 40-50% at average in 2015, but the most liquid projects have not experienced it,’ Elizaveta Conway notes. Yulia Ruzhitskaya confirms the high demand for business-class flats in the centre of the city. According to “LSR. Nedvizhimost – Severo-Zapad”, price for flats is between 105 and 209 thousand Roubles per sq. m as in ready projects and projects under construction. Colliers International notes that not average price but quality of supply is being changed. In 2015 not only projects of business class were offered at this price, but even some special offers of comfort-class.

Future belongs to redevelopment

There are almost no free land plots for development in the premium locations. Besides, almost each of them has several limitations in their intended purpose, view characteristics, volume of space that it is possible to construct. That’s why experts suppose it is more favorable for developers to position the project in business class thereby providing better handling of the sales volume. ‘New projects will be connected with the redevelopment of territories more often,’ Yulia Ruzhitskaya notes, ‘this will influence the construction costs and therefore price of residential properties’.

Maxim Ignatovich also sees new locations as the main prospect. According to him, people want to receive comfort surroundings, infrastructure, homogenous environment, that is possible only within integrated development projects. Several potentially perspective locations are being formed at the present moment. For example, district of Novaya Gollandiya. Reconstruction of the island should give an impetus for development of its surroundings.

 

Maria Mokeicheva - maria.mokeycheva@dp.ru

"Delovoi Peterburg",  02/05/2016

Short address for the article: http://www.dp.ru/104dln/