PPG is now building Rezydencja Naruszewicza in Warsaw's Mokotów district Courtesy of Ciszewski MSL Financial Communications

Warsaw-based developer Platinum Properties Group (PPG) is finishing talks with local authorities concerning its planned Svetly Dali large-scale residential complex near Moscow. It expects construction on the investment to launch in the middle of this year.

The Svetly Dali scheme will involve the development of 60,000-90,000 sqm of usable space over the next five to eight years. By the end of this quarter the company wants to decide on a financing option for the scheme. One of the alternatives it is considering is to team up with a Russian partner.

“The value of the first phase is estimated at approximately $140 million, with the profit on the whole investment forecast to amount to $170 million,” Gustaw Groth, vice president of the management board of PPG, said in a statement.

PPG is now building the Rezydencja Naruszewicza residential project in Warsaw and is planning to start construction on a 10,000-sqm office scheme in Poznań at the beginning of 2013. The company also wants to acquire at least one new project this year.

The developer, which is currently listed on the NewConnect alternative market, plans to shift to the main market of the Warsaw Stock Exchange later this year. The company is now waiting for its prospectus to be accepted by the Financial Supervision Authority.