The owner of the luxury shopping center “Hymen” sell his development projects

Alexander Udodov, who owns the luxury shopping center “Hymen” in the center of Moscow, decided to sell two plots for housing to the South and West of the capital. Recently the businessman has issued them permits and now sells several times more expensive than bought

Paper developer

About intention of the businessman Alexander Udodov to sell two of its real estate project in Moscow, told RBC two realtor specializing in land transactions, and confirmed the General Director “geo development” Maxim Leshchev. We are talking about projects, a total of 135 thousand square meters of housing, divided roughly equally between the two plots in 1-m Setunsky proezd, VL. 6-10 (2.2 ha), and at the intersection of the Simonovskaya embankment and Avtozavodskaya street (2.1 ha). The seller wants to RUB 2.3 bln in the first section to the West of Moscow and 1.5 billion rubles for the second, in the South of the capital, said the source RBC.

According to Leshcheva, in this case then acts as a “paper developer”, which earns that buys land without documents, prepares permits and resold several times more expensive. On the first draft at the end of December 2016 has already received planning permission (a copy is available to RBC). Second, there is a positive decision of the working group SLC (copy have RBC). The sale price Leshchev considers adequate to modern market realities, pointing out that the seller is considering various options to exit from the project — as a one-time sale for cash or in installments.

According to the extract from the USRR, land owned by “Crossbill” and OOO “Neva inform,” respectively. The right of ownership of both parcels was registered in mid-April of 2016, the document says. In the SPARK database indicated that the Director General of both companies is Alexander Udodov, who also controls 50% of the share capital in each of these companies. The second 50% is owned by a certain Michael Davidescu. Interviewed by RBC, the real estate market participants say that in the negotiations for the sale of plots never mentioned the name Davidyants and they didn’t hear about it earlier.

To comments Alexander Udodova on Friday evening failed.

Beyond the river and the TTC

The materials which are at the disposal of RBC, stated that in 1-m Setunsky travel envisages the construction of a total of 67,2 sq. m of housing. On the Simonovskaya embankment may be built slightly more 68 thousand sq. m sellable area of flats will be 43.4 thousand square meters, said in the presentation of the project (there RBC). When construction costs of 5.5 billion rubles. revenue from the sale of apartments on the waterfront will be 9 billion rubles, follows from the document.

Head of research Department “IRN-Consulting” Tatiana Bogacheva doubt these calculations. Project on Simonovsky quay will face serious competition with the “Silerton”, which is now building a number of companies LSR, says the expert. “Given the fact that it [the land belonging to Udodova] cut off from the outside world by a river, the third ring road and located near the shopping center “Riviera”, the developer will be quite difficult to sell it, if he doesn’t go on dumping,” — said Bokacheva.

In her opinion, the project in the area of 1-St Setunsky travel looks more attractive. Now here are a few suggestions of new housing and the existing sold on 500 thousand rbl. for 1 sq. m and above, says Bokuchava. However, the site is located in the industrial area close to the TTC, so the apartment will be sold here at an average of 250 thousand rubles. per 1 sq m, he said. Thus, when the estimated amount of housing 43 thousand sq m of revenue from its sales can reach about 10.8 billion rubles. the construction Costs in this case will be approximately 5.6 billion rubles.

Brioni and mushrooms

Alexander Udodov is the sole owner of the shopping center “Hymen”, wrote “Vedomosti” in 2014. In the shopping center with an area of about 15 thousand square meters presents boutiques Armani Collezioni, Brioni and other luxury brands. In March 2015, hoopoes bought from the “Children’s world” is located next to the “children’s gallery Yakimanka” (about 8.8 m), which was later closed for renovation to turn it into a luxury shopping centre. In particular, it was to accommodate shops under the brands of Mercury. Originally it was planned that the shopping center will re-open in late 2015, but the reconstruction was delayed,

Portfolio Alexander Udodova also includes a shopping and entertainment complex “River” (more than 15 thousand sq m) and shopping center “April” in Obninsk (about 13 thousand sq m). In April 2017, as it became known that the entrepreneur engaged in cultivation of mushrooms: his company is “Mushroom rainbow” received the loan from Alfa-Bank in the amount of about RUB 1 billion and by 2019 should produce 12 thousand tons of mushrooms annually.