Glorax will build a large residential complex in the Leningrad region
The development company Glorax, which previously declared reduction in expansion to regional markets, continues to replenish the land bank outside Moscow. The developer plans to implement in the Leningrad Region a large project to create an entire residential quarter with a total area of almost 600 thousand square meters. m. The cost of building such a volume assessmently reached 59 billion rubles. However, in the area of the sale of apartments in new buildings, experts warn in St. Petersburg.
Glorax Andrei Birzhina rented 74 hectares in the Telmanovsky city settlement of the Tosnensky district of the Leningrad Region near the closed unwanted investment fund, under the direction of Svinin and Partners UK LLC, told Kommersant a representative of the developer. The company will build a residential quarter with a total area of 584 thousand square meters on the site. m, of which 428 thousand square meters. m – the area sold. The Criminal Code of « Pig and Partners » refused to comment.
Glorax begins a new regional project after statements that he puts off for two years plans for expansion into new constituent entities of the Russian Federation.
Glorax was founded in 2014 by the ex-owner of the Tekta Group developer Andrei Birgin. Builds housing in ten regions of the country, including Moscow, Petersburg, Nizhny Novgorod, Kazan, Vladimir. The volume of the current construction of the developer is 301 thousand square meters. m, follows from the data of the NAY.DOM.rf information system. The company’s revenue in 2024 increased for the year by the year, to 30 billion rubles, the EBITDA amounted to 9 billion rubles.
IBC Global managing partner Stanislav Akhmedzyanov believes that Glorax will spend about 46–59 billion rubles on the project. And from the sale of apartments will be able to help out 60–68.5 billion rubles. The director of the residential real estate and development department of the land Nikoliers Timur Vervkin believes that the developer agreed with the owner of the site on co -investment.
Developers often create partnerships. So, on March 25, the structure of the FSK Civil Code Vladimir Voronin LLC “FSK Development” received 51% in the Karavella Specialized Developer LLC, registered in St. Petersburg. The remaining 49% were preserved for Vasily Selivanov, the owner of the developer Legenda. FSK and Legenda confirmed the creation of partnership without specifying what particular project we are talking about.
The shortage of large plots in St. Petersburg caused a shift in the focus of developers to projects in the Leningrad Region, Kommersant President Dmitry Kashinsky told Kommersant. According to the consulting company NF Group, in 2024 the developers acquired 854 hectares in St. Petersburg and the Leningrad Region under housing and apart-hotels.
In the region there is an increase in demand for new buildings, while the market of St. Petersburg, on the contrary, sags.
According to Dataflat.ru, in February 2025, the sales of apartments and apartments in the Leningrad Region complexes under construction increased by 36% year, to 58.3 thousand square meters. m, while in St. Petersburg the indicator decreased by 4%, to 101.3 thousand square meters. m.
The interest of buyers in projects in the region was always high, while the number of projects did not keep up with demand, explains the partner of the IPG.estate consulting company Valery Trushin. This is influenced by the difference in price: on average, projects in the Leningrad region are 50-60% cheaper than in St. Petersburg, adds Dmitry Sadovnikov, head of the IBC Real Estate Strategic Consulting Department in St. Petersburg.
Nevertheless, apartments in new buildings of the region are sold more slowly, according to the director of the analytical platform BNMAP.PRO Sergey Lobzhanidze. According to him, 47% of the total volume of all residential buildings put up for sale remain unrealized in the Leningrad region in St. Petersburg – 35%. In St. Petersburg, the estimated period of sale of current apartment residues is 14 months, in the region-26 months, the expert adds.
