The Samolet Group will buy 6 hectares on Vasilyevsky Island in St. Petersburg from Gazprombank-Invest
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The Samolet Group, which recently completed its first business class project in Moscow, is expanding its presence in this segment. The developer is buying from Gazprombank-Invest for an estimated 5 billion rubles. 6 hectares on Vasilyevsky Island in St. Petersburg, where it is possible to build 70 thousand sq. m. m of housing. But high competition in this area could negatively affect the pace of apartment sales, experts warn.
“Samolet” has agreed to purchase from Gazprombank-Invest (a structure of Gazprombank) a development project for 6 hectares on the Shkipersky Channel in the Vasileostrovsky district of St. Petersburg, sources in the real estate market told Kommersant. The parties did not answer Kommersant’s questions.
Samolet is the second largest residential developer in Russia with a volume of 4.1 million sq. m. m, follows from the data of the “Our.Home.RF” system. The group’s land bank exceeds 45.9 million square meters. m. The developer’s revenue, excluding the results of the recently acquired MIC Group of Companies, for the first nine months of 2023 amounted to 183.2 billion rubles, net profit – 22.8 billion rubles. The company’s shareholders include ex-co-owner of Russian Aquaculture Mikhail Kenin, Dmitry Golubkov, co-owner of the Kyiv Ploshchad Group of Companies God Nisanov.
Gazprombank-Invest already has experience in housing construction in Moscow, St. Petersburg and other regions. However, the company initially did not intend to develop the land on Vasilyevsky Island and expected to sell it at a higher price after preparing the documents, Kommersant’s sources claim. Part of this site – about 3 hectares – previously belonged to the bankrupt Russian-Industrial Bank, and Gazprombank-Invest bought it in 2019 for 456 million rubles.
Development expert Andrey Veresov estimates the amount of the deal with Samolet to be 5 billion rubles. 70 thousand square meters can be built on the site. m of business class housing, investments in such a project will amount to 10 billion rubles, says managing partner of Rusland SP Andrey Boykov.
This will be the first business class “Airplane” project in St. Petersburg, notes Mr. Veresov. According to him, recently the developer has been building up large plots of land in the Leningrad region mainly with mass housing. Samolet put its first business-class project, a residential complex on Novodanilovskaya Embankment in Moscow, into operation this summer.
In the third quarter of 2023, weighted average prices for business-class housing in St. Petersburg increased by 11% year-on-year, to RUB 390 thousand. for 1 sq. m, calculated by NF Group. At the same time, in the elite and mass segments the growth rates were lower – 4% and 9%, respectively. But the site that Samolet plans to acquire is located in an area where PIK, Stroitelny Trest, LSR and Glorax are actively building, notes Mr. Veresov. A large volume of supply in this location could negatively affect sales of Samolet, says Anton Ivanov, development director of the construction company Basis-SPb.
According to Kommersant’s sources, KVS, Etalon, PSK and Setl Group were also interested in purchasing the Gazprombank-Invest site. KVS claims that they are still negotiating the purchase of the site. Etalon, PSK and Setl Group declined to comment. There was serious competition for this site, and, most likely, Samolet made a more attractive price offer, Mr. Ivanov emphasizes.
Plots with prepared documents are in the highest demand on the St. Petersburg market – this simplifies the attraction of bank financing and speeds up the start of construction, comments Mr. Boykov. In particular, such sites are often considered by regional developers who are interested in entering St. Petersburg, he adds. But, Anton Ivanov clarifies, due to the city’s slow approval of new construction projects, the supply of finished projects has decreased.
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