6 Oct '09
National rail operator Russian Railways intends to auction off one of its non-core assets – land site with cottages outside Sochi, new agency RIA Novosti reports.
Last year the company tried to auction the lot at starting price of $5.6m, but there were no bids. This time the price might go down to $2.7m, the agency said.
The under-built cottage complex is located near Sochi National Park, 500 meters away from the Black Sea.
The auction is reportedly to be announced by the New Year, with the auction to be held in Spring 2010.