PPF group of the Czech billionaire Petr Kellner plans to build its first residential complex in Russia. The flats will be part of Comcity, PPF’s largest real estate development in Russia, though it’s considering another residential project in Omsk. The company plans to invest CZK 5bn into Comcity, which originally featured only office and retail, but Vitaly Krasnyuk of PPF Real Estate Russia now says the project will create hundreds new jobs. PPF is currently rethinking part of the projects, as flats will replace part of the originally planned 430,000 sqm of office. Comcity is being developed on 780,000 sqm of land. The first phase with 107,000 sqm of office and 7,500 sqm of retail has been already completed. PPF plans to complete the investment in four phases, with residential to be part of the last two phases.
