Real Estate in Brief

Sochi Radioactivity Worries

A builders union in the Southern Federal District said Monday that they were concerned about radioactivity at building sites for the Sochi Olympics, RIA-Novosti reported.

"The union has real and confirmed concerns that a considerable portion of the metals being used at these sites are radioactively dangerous," the union said, RIA-Novosti reported. (MT)

Kerimov Sells Development

State Duma Deputy Suleiman Kerimov's Nafta-Moskva holding has sold the Rublyovo-Arkhangelskoye project it was developing for $5 billion, Vedomosti reported last week, citing a businessman who knows Kerimov.

The source said former Binbank owner Mikhail Shishkhanov bought the development, which includes 430 hectares and the construction of 2.7 million square meters of housing. (MT)

Planetarium's Restoration

Reconstruction work on the Moscow Planetarium may be finished by the end of the year, said Igor Ignatov, deputy head of the city property department, Interfax reported Friday.

Earlier in the week, City Hall quashed rumors, which it called an April Fools' joke in the media, that the planetarium would be turned into a casino, Interfax reported. (MT)

Open's Net Profit Rises 50%

Property developer Open Investments reported last week a rise of around 50 percent in net profits to $86 million in 2007 and said the value of its assets doubled to $3.5 billion.

Open Investments, which focuses on residential real estate and office space in Moscow, said 2007 revenues, to international financial reporting standards, almost doubled to $165 million. (Reuters)

Sibirsky's New Kazakh Plant

Sibirsky Cement will help to more than triple the capacity of its new Kazakh cement plant to 1.75 million tons per year, nearly one-third of Kazakhstan's 2007 output.

Sibirsky in February acquired a 50 percent stake in the plant, located on the outskirts of Astana, from BI Group, which started construction of the BI Cement plant last May. (Bloomberg)

Kazakh Real Estate Tax Idea

ALMATY, Kazakhstan -- Kazakh President Nursultan Nazarbayev on Friday called for a luxury tax on expensive cars and high-end real estate to be included in the country's new Tax Code.

"And of course we can't reduce taxes on the state's nonrenewable resources," Nazarbayev said in the lower house of parliament in comments posted on the presidential administration's web site. (Bloomberg)