Residential complex “Katerina-Alpik” is put into operation

21 december 2007

IntermarkSavills, the exclusive seller of apartments in the residential complex “Katerina-Alpik” in Sochi, Krasnaya Polyana, is glad to inform that the complex was put into operation. The property rights for the apartments are being registered and sales continue as 63 % of the apartments have already found their owners. However, the choice of apartments still exists and buyers have a unique opportunity not only to purchase real estate in one of the best climatic resorts of Russia, but also to receive the services of a professional operating company which will help make the property profitable.

"Katerina-Alpik" is located in Krasnaya Polyana, in a valley near the River Mzymty at a height of 600 meters above sea level. It lies only 40 km from the coast and 65 km from the centre of Sochi.

Construction of this project began in 2002. The complex consists of 10 buildings, including a club house that accomodates a public SPA-complex, indoor swimming pools for children and adults, billiards, a restaurant, a winter garden, a chimney hall, and sky shops.

Management of the complex is provided by an operating company which is a part of the Umaco group of companies.

All apartment owners and Katerina-Alpik club a members have various possibilities concerning the use of their property:

Personal use - the owner and family members can use the property according to the maximum capacity the apartment.

Rent/transfer in management - the owner can rent out the apartment or transfer it to the managing operating company for a long term: 1, 2, 3 years.

Mixed use - the owner has possibility to both use the apartment and to transfer it to the managing operating company for a short period of time while he is absent: from 3 weeks till 1 year.

Expected rental return is from 9 % annually.

«The apart-hotel format was defined due to the site characteristics, - Alexander Udalov, the president of the Umaco group of companies, says - Krasnaya Polyana is a resort where people are ready to come regularly. We sell apartments to proprietors, but we remain as the operating company. The task of the operating company is to provide safety and service of the property. The operating company in apart-hotel solves household problems, maintains the infrastructure, and technical conditions. Moreover, the proprietor signs the rental contract with the operating company which actively looks for tenants and rents the apartments as favourably as possible. The owner receives 70 % of the rent income, while the operating company receives 30 %. It is also possible to lease the apartments independently without using the operating company.

Prices in Sochi will stabilize by the autumn of 2008 when the exact general plan of the Olympic objects will be finalized, at which time prices will increase approximately by 15-20% a year.».

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