Russia’s biggest housebuilder is to enter its second international market this year.
London and Moscow listed PIK, which has a market capitalization of $14bn (£7bn), announced today it would move its mass-housing development programme into Kazakhstan.
The announcement comes only two months after PIK said it would expand into Ukraine.
PIK Kazakhstan will be based in Astana, in the centre of Kazakhstan. The office will be responsible for identifying land for purchase, zoning, and construction.
PIK said the move into Kazakhstan is in line with its strategy of opening up new geographic markets ‘where the economic fundamentals will support future growth’.
Kazakhstan’s economy has been supported by the oil, gas and agriculture sectors, in recent years.
According to IMF statistics the country is predicted to achieve economic growth of 5% this year and 7% in 2009.