5 Aug '08
Voronezh-based developer Stroymontazh-2004 has informed that according to its revised assessment, the cost of construction of Voronezh’s satellite town Gradoslav has increased by $851m to $5.5bn.
Within 15 years the company intends to build more than 5.5 million square meters of housing and social infrastructure for 150,000 people. Construction will begin between 2009 and 2010.
The initial investment plan was $4.6bn. Experts forecast further swelling of costs.
Earlier this year Marchmont reported on Gradoslav town construction (see news of July 16).