London, March 1,  2012- PIK Group, a leading Russian real estate developer focusing on large scale residential projects within the Moscow Metropolitan Area and selected Russian regions, today announces it has initiated construction of its residential project Mironovsky, located in the east of Moscow close to Izmailovsky park and the metro stations Semenovskaya and Partizanskaya.

Initially, the development rights for Mironovsky project were acquired back in 2007. PIK Group announced last year its plans to begin the construction in 2012.

The residential scheme will be a total of 30,000 square metres on 2.6 hectares of land. It will include two modern prefabricated complex buildings and an underground parking as well as a kindergarten with a swimming pool and a recreation area. PIK Group will construct the necessary transport facilities and engineering infrastructure, including the reconstruction of Mironovskaya Street.

Artem Eyramdzhants, the First Vice-president of PIK Group commented: “We are sure this project will be a success. It is a smart concept, the KOPE-M PARUS complex buildings are well known amongst our clients, the complex has a convenient location with good public transport links and green areas. All of these elements make the project attractive to its potential residents. Moreover, we are planning to offer our mortgage programmes available through different banks which will provide to our customers more opportunities to buy an apartment”.

The buildings of this project is expected to be completed in 2013.