The construction of a new premium class project called Little France by AAG Holding Company has been approved by the chief architect of the city. The residential complex will be built on the 20th line of Vasilievsky Island in terms of classic traditions of Saint Petersburg tenement buildings, however with a touch of modernity: its slender elegant facades will be done in sober colours with an emphasis on glazing. The project was designed by Liphart Architects bureau.
On November 24, Finans-Nedvizhimost LLC (member of AAG Holding Company) won the right for the long-term lease of Saint Petersburg architectural monument Golovin’s Cottage at 63 Vyborgskaya embankment, at a public tender. According to the order of the Ministry of Culture, the transfer of the 800 m2 building and 0.7 hectares plot of land is to be carried out by the state institution called Agency for Management and Use of Cultural Monuments. The cottage is in satisfactory condition and needs reconstruction.
This program is a market innovation that goes against the usual trade-in scheme, when people sell an old flat, buy a new one, and await their keys at a rented accommodation.
Under this program, a shared construction participant can keep on living in their old apartment until they are given the keys to the new one. At the same time, the secondary real estate is to be sold at a market price without undervaluation.
This scheme allows a shared construction participant to save on moving expenses, the costs of renting an apartment after the sale of the old one, and real estate agent’s fees. The developer and the prospective shared construction participant enter into the equity participation agreement and the contract of purchase and sale of the secondary real estate.
According to the latter agreement, the developer pays the down payment equivalent to 20% of the new apartment cost, and, in turn, counts it against the new apartment price under the contract.
The secondary real estate is reregistered in the name of developer, however remains with the customer as a collateral until the end of all settlements. The 80% difference to the cost of the new apartment is covered by a mortgage loan, available funds or their combination.
The customer continues to live in their old apartment for the entire period of construction until they receive the keys to the new one. Once the construction is completed and the keys have been received, the shared construction participant transfers the old apartment to the developer by signing the acceptance and transfer certificate. The developer pays off the remaining price of the apartment, with which the shared construction participant can pay off the mortgage or part of it.
‘We analyzed the customers’ requests and revealed that many people experience difficulties while selling their old apartment. Moreover, most of them do not wish to live in a rented apartment after selling the old one. Our goal was to create an offset scheme that would minimize the customers’ risks and costs, and which would be comfortable for both parties’ – says Anastasiya Osipova, the head of the real estate sales department of AAG.
A-Development LLC, being a member of AAG Investment and Construction Holding Company, has received a permission to commission a 1,300 m2 industrial warehouse. The warehouse is located in YIT Greenstate industrial park on a 4,000 m2 plot of land. It was constructed for Novum Consulting CJSC, the largest supplier of pool equipment and components for heating and water supply systems in the North-Western region.
SMP Bank offers special mortgage loans for buyers of second phase apartments in Renaissance residential complex being currently under construction in the Nevsky district of Saint Petersburg near Ulitsa Dybenko metro station. Mortgage loans are available for a period of 3 to 25 years with an interest rate of 12.25% per annum.
AAG Investment and Construction Holding Company announces the beginning of the second phase of the construction of Renaissance residential complex currently being built in the Nevsky district of Saint Petersburg near Ulitsa Dybenko metro station. The commissioning of the building is scheduled for the third quarter of 2019.
