Etalon Group Ltd., A Russian property developer listed in London, acquired 38 hectares (93 acres) of land in St. Petersburg for residential construction, its third acquisition this year.
The company, which declined to disclose the price, bought the rights to develop the 680,000-square-meter (7.32-million square-foot) Galactica project, consisting of 22 residential buildings for about 22,000 people near the Moskovsky Prospect and Obvodny Channel in the southern part of Russia’s second- largest city, Etalon said in a statement.
Etalon plans this year to start sales and construction of eight new projects with total area of 1.5 million square meters, Etalon President Viacheslav Zarenkov said in the statement.
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