London-listed residential property developer PIK Group said on Thursday it has signed an agreement to purchase a 229 hectare plot of land for development in the city of Izhevsk, Republic of Udmurtia, a sovereign republic within the Russian Federation. The site is situated in the Western part of the Middle Urals about 1,325 km west of Moscow. The city of Izhevsk has a population of approximately 654,000 people. In a statement, PIK said it plans to develop 1.5 million m[sup]2[/sup] of middle class housing, as well as social infrastructure and commercial facilities on the site. The investment amount was not disclosed.
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