RUSSIAN HOMEBUILDER PIK Group is expanding in key markets in Asia, including the Philippines.

In a statement, the Moscow-based PIK said it is launching its first real estate project in the Philippines through local subsidiary HDRP Group Corporation.

PIK said the Philippines was “its main choice for expansion in Asia due to its favorable market conditions and its rising demand for quality homes.”

The Russian company also cited Manila’s similarities with Moscow in terms of consumer demand and behavior, as well as urban environment.

PIK’s local unit HDRP Group is developing its maiden project, One Sierra in Mandaluyong City.

“A combined effort of an international team of experts and designers, One Sierra is aimed towards the mid-high-end market with a keen eye for quality,” the company said.

Located along EDSA, One Sierra is a low-density residential building with only ten units per floor. The 250 units are spread across 30 storeys starting from the fifth floor.

Units range from studio, one-bedroom, two-bedroom, or small-office/ home-office units, with sizes from 32 to 84 square meters.

Its common amenities include a swimming pool and deck area, gym and wellness area, and function room.

“With One Sierra, PIK provides highly discerning Filipinos a taste of European quality and modern living further enhanced with groundbreaking and innovative technologies and green design,” the company said.

PIK has over 25 years in the property industry, having built homes in major cities in Russia. Listed on the Moscow Stock Exchange, PIK has a market capitalization of $6.7 billion.