London-listed Etalon Group has entered into an agreement to start a new mass market residential neighbourhood development project in the Dmitrovskiy metropolitan region of Moscow.

This is the first new project the company has added to its development pipeline since its IPO on the London Stock Exchange in April and its third project in the Moscow Metropolitan Area.

Etalon Group has entered into the investment contract, through its wholly owned subsidiary OJSC Etalon-Invest. The 10.3 hectare-site will be developed as a multi-storey residential complex, which will deliver approximately 220,000 m2 of Net Sellable Area (NSA). The contracting party will provide the required utility infrastructure, including water and electrical supplies, for the construction period, which is expected to start in 2012.