Vancouver over, developers look to Sochi 2014
Tuesday, March 09, 2010
Russia is seeking investors for major real estate development in Sochi, the city hosting the Winter Olympics in 2014.
The Russian media says that almost a third of all commercial buildings planned for Sochi Olympics could be built by private investors from Russia and foreign countries. US and Chinese developers are already reported to be interested, according to the report posted on www.realestatechannel.com.
The total area of planned housing projects is over one million square meters, while last year only twenty thousand square meters were put into operation.
Some well-known Russian tycoons, including Oleg Deripaska (owner of Rusal, world’s largest aluminium producer) are also planning to make huge investments in the Olympics real estate projects.
A source close to the Russian Olympics organizing committee said that Deripaska is ready to invest up to US$2 billion in the construction of a giant recreation complex which will be known as “Imereti Riviera”, where several Olympic events will be held.
Another Russian businessman, head of Interros Holdings, Vladimir Potanin, has promised to invest nearly $1.5 billion in sports and cultural facilities of Sochi.
The total amount of investments in Sochi Olympics facilities and project could reach $12.58 billion, which will be significantly higher compared to last Games in Vancouver.
SOURCE: iCON - the international magazine of the Chartered Institute of Building (CIOB): www.iconreview.org
