ETALON GROUP PLC announced that it has received a construction permit for the first building of the first phase of its new residential complex, in the Novosibirsk region. The NSA of the varied-height residential building - from 9 to 16 stories - will be 24.5 ths sqm. The new complex will be built in the Novosibirsk metropolitan area, just 25 km from Novosibirsk.

The project will have an estimated NSA of 280 ths sqm. The first phase of construction will include eight buildings varying in height from 7 to 16 storeys. The Koltsovo district, where the residential complex is to be built, has all the necessary infrastructure and is one of the leading research and manufacturing sites in the region.

The town is home to a dozen or more research establishments and innovative companies engaged in the development and production of biotechnology. The project site borders on other residential areas and a forest. Akademgorodok and the Akadempark business incubator are a 25-minute drive away.

Etalon Group acquired the project site in October 2021. Novosibirsk thus became the Company's second new regional market, following Omsk. As of early 2023, the Company's geographic footprint includes eight regions: St Petersburg, Moscow, the Moscow region, Omsk, Novosibirsk, Ekaterinburg, Tyumen and Kazan.