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A cruise along the embankment from elite to comfort class


Proximity to water is a necessary feature of prestige homes in St Petersburg. Therefore living space near to the banks of the Greater and Lesser Neva can, by rights, be considered to be highly respectable and of high status. Furthermore it is a good opportunity for investment, as waterside living space can only increase in value.

The embankments of the Greater and Lesser Neva like most of the territory in the centre of the city do not have significant land resources for the construction of residential buildings. Consequently construction here is either high rise, or takes the form of redevelopment.
The embankments are located partly on the Petrograd side, partly in the Primorsky Area. “In total on the embankments, apartments in nine residential complexes are on sale”, says manager of the project CC ‘Peterburgskaya Nedvizhimost’ Evgeniya Litvinova.
Construction here is being carried out by Setl City, NCC, GC ‘Pioneer’, ‘LCP-Real Estate’, Fort Group, ‘Evrostroi’ and others

Water divisions between the classes

"On the Lesser Nevka, as in more prestigious locations, in the main, elite and business class residential complexes are being built’, observes the general director of the investment company Surveyor International Group, Arsen Kelemenyan.

The largest–scale projects are being built in the western part of Petrogradsky Island: namely the residential complexes ‘LeontevskiiMys’ and ‘Premier Palace’, located on a site formerly occupied by factories and stadiums. AlsoonthePetrogradSide, the second stage of the ‘House of the Grotto’ on Pesochny Embankment, the Avenue apartment complex on Aptekarskaya Embankment and the ‘Trinity’ residential complex under the aegisof the ‘Trinity Place’ project are being built.On Krestovsky Island housing of the premium and elite segment are located. The construction of the ‘Brilliant House’ residential complex by Fort Group was recently completed and the GC ‘Evrostroi’ is building the residential complex ‘Privilege’ there.
Manager of the elite property department of ASTERA in partnership with B.N.P. Paribas Real Estate, Anna Kalinina says that shortly work will begin on the construction of a residential complex on the site of the ‘Dynamo’ stadium on Krestovsky Island.

From industrial zones to fan zones

The embankments of the Greater Neva, as congested major thoroughfares, are polluted by the exhaust fumes of this dense flow of vehicles. The class of the residential complexes here is somewhat reduced –here you mainly find ‘comfort’ level projects.

"Due to the redevelopment potential of the industrial enterprises located there, they have more significant territorial resources for enabling construction", says Arsen Kelemenyan.

Сhe biggest project today is the ‘Riverside’ residential complex on UshakovskayaEmbankment, it is being built by Setl City on the 6.8 hectares of reclaimed land of the NorthernFactory. The complex has business class and premium apartments.
Recently Setl City also announced the beginning of the construction of the ‘Stockholm’ residential centreonPrimorskyProspect opposite Elagin Island. The company will invest 2.5 billion rubles in the project.
The company acquired the plot in 2006, in 2011 the old buildings were demolished, but the construction was delayed.
The Governor of St. Petersburg,GeorgyPoltavchenko expressed the wish that rather than a residential project being realised, he would prefer the entire quarter, be made into a green zone. It was to be a logical continuation of the Park of the 300th anniversary of St. Petersburg, with a crosswalk to the new stadium on Krestovsky and a fan zone for fans of the World Cup in 2018.Then the authorities seem to have promised to allow construction in exchange for the builders buying up 4 hectares of aRosatomsite near the fan zone for 400 million roubles. In early April, information appeared about the sale to GC "Pioneer" of 1 hectare of land, belonging to ‘YIT St. Petersburg’. Until now, neither side has commented on this information.
On its plot of 2.3hectares GC ‘Pioneer’is continuing to build the ‘LIFE-Primorskii’ residential complex.
“The initial phase of work is completed and now the solid structural work on the first floor is being carried out”, says the chief deputy of the general director of GC ‘Pioneer’ Konstantin Kovalev.

The taller it is, the more expensive it is

Prices in houses on the embankments range from 130 thousand rubles per square meter in comfort class to 290 thousand rubles per sq. meter for deluxe apartments.
"Average prices for apartments in the houses on the Neva embankments are higher than the average prices in the residential complexes, located deep in the districts, at least 10-15%",observesEvgeniyaLitvinova."The cost of apartments with views are 20-30%, above the prices of apartments where windows look onto a yard” - says specialist in marketing and sales of the EKE Group, Sergei Tsinbarev. “At the same time up to 80% of buyers of premium-class property want to have a view of water from the windows of their apartment".

This high demand has led to the fact that the Lesser Neva embankments have almost exhausted their potential. ""The only major area remains the ‘Bavaria’ brewery, partly overlooking the river Zhdanovka” says Arsen Kelemenyan. .“Also the Leningrad Palace of Youth might be renovated, where according to land use and development regulations, housing can be built.".

The Greater Neva embankments provide more space for redevelopment. The general plan only preserves the territory of the Sugar Factory as an industrial zone. The remaining quayside area is earmarkedfor cultural and business development with the inclusion of residential buildings.


Maria Mokeicheva - maria.mokeycheva@dp.ru/p>

Feature pages of ‘DelovoiPeterburg’, supplement‘Where to live’, No 135, 25/08/2014, p.12(02)

Short address for the article: http://www.dp.ru/103e15/