Market Overview

"Satellit Development" Announces that Ex-casino Owners are Making a Big Bet on Housing Development Project in Saint Petersburg, Russia.


$2-2.5 Billion will be spent on a unique housing development project, which is expected to create 16 million square feet of housing.

(PRWEB) October 24, 2012

Satellit Development” is concluding negotiations of the construction project between the Saint Petersburg Beltway and the Peterhof highway. The project is expected to create 16 million sq. feet of housing on 940 acres at a cost of $2-2.5 billion. As “DP” has learned most of the management and major part of the construction will be handled by people from the gambling industry.

The district “Novo-Sergievo” will appear between the Saint Petersburg Beltway and the Peterhof highway. The plan is to build, approximately 16 million sq. feet of housing, infrastructure, schools, kindergartens, and shopping centers by the year 2015. The maximum height of the buildings is limited twelve stories, but mostly will be 5-6 stories high.

"Satellit Development" will manage the entire project, and also intends to develop part of the project by themselves. The company is also in negotiations with a number of construction companies. "We plan to commence the first phase of construction in 2014 ", - stated Vladimir Skigin co-owner of the management company "Satellit Development," while being interviewed in New York.

According to the corporate database, 50% of the “Satellit Development" LLC belongs to Viktor Amirov who in the past was the CEO of one of Russia's largest gaming clubs "Volcano." "Volcano" was owned by the Ritzio Entertainment Group, part of the investment fund Finstar, owned by the businessman Oleg Boyko, who has been on the list of the hundred richest businessmen in Russia since 2005. Finstar now owns the state lotteries "Pobeda", perfumes and cosmetics lines "Rive Gauche" and "Douglas Rivoli," and the development company "Finstroy."

"Satellit Development" does not deny connections to the gambling industry but notes that since gaming was restricted in 2009, money from the gambling industry found its use in a number of other businesses. For example, the co-owners of "SET" (casino-clubs "Premier", “Goodwin”, "Slava") are developing a network of Viennese coffee houses “Coffeeshop." Those from "Conti" and other entities belonging to Mikhail Mirilashvili are engaged in telecommunications – the company "PiN Telecom". Businessman Sergei Vasiliev (network of gaming clubs "Anchor" in St. Petersburg), opened a jewelry store and a chain of pawnshops "For You", and is planning to build a tennis club in Razliv.

About Satellit Development
Management Company "Satellit Development" LLC was established in 2008. Its main activities include: integrated land development, sale of land, development and design of residential and commercial projects, consulting and brokerage services.

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