Azerbaijan’s state agency to raise about 40M manats of private investments
Baku, Azerbaijan, April 3
Azerbaijan’s State Agency for Housing Construction, in accordance with the plan of measures defined by the “Strategic Road Map on housing development at affordable prices” continues public-private partnership projects, Trend reports with reference to the state agency.
Thus, as a result of a competition for making investments, conducted in order to minimize state funding and attract private construction and investment companies to cooperation, an investor was identified who will invest in construction of a residential building on a 15.4 hectare site in the Yasamal district of Baku.
The winner of the competition, housing construction company “Kristal Absheron”, in exchange for investments, received the opportunity to build, in accordance with the estimate documents which passed state examination and were prepared by the order of Azerbaijan’s State Agency for Housing Construction.
This housing construction company also received the opportunity to use the engineering and communication system on the territory of the complex and the corresponding infrastructure. In accordance with the terms of the competition, 189 apartments located in 12 buildings to be built by the investor will be transferred to Azerbaijan’s State Agency for Housing Construction and offered to persons who have the right to purchase housing on preferential terms.
The remaining apartments will be sold to those interested in purchasing them at their market price. It is planned that the total value of investments for the construction of the above mentioned 12 buildings will be about 40 million manats.
The housing construction company “Kristal Absheron” is already the fourth private investor attracted by Azerbaijan’s State Agency for Housing Construction.
Earlier, the state agency attracted three investors for the construction of a building in the Yasamal residential complex, creation of an appropriate telecommunications infrastructure and construction of a shopping center, and 11 million manats of 18 million manats provided were successfully spent.
(1.7 manats = 1 USD on April 3)