KDD Group suspends construction at PecherSKY project

KDD Group (KDDG LN) Vice President Petr Radchuk said yesterday that the company has suspended, but not frozen, construction on its PercherSKY project in Kyiv. Radchuk said the stoppage was related to negotiations with banks on loan conditions. PecherSKY is a 14-23 story premium residential project that is planned to have a gross area of about 50.5 ths m2 and was due to be completed in 2Q11. Radchuk said the latest valuation of the company’s project portfolio valued it at USD 261.5 mln.