Goght Urban Valley modern residential complex worth $100 mln will be built in Armenia.

YEREVAN, September 11. /ARKA/. Goght Urban Valley, a modern residential complex worth $100 million, will be built in Kotayk province of Armenia, 30 km away from the capital city Yerevan.
Movses Dzavaryan, businessman and investor of Goght Urban Valley project, spoke in an exclusive interview with ARKA news agency about this project, its advantages and terms of purchasing a housing on this land, which in the historical past was the place of summer residence of Armenian kings.
Green corner for comfortable life
Seventy-five hectares of land are allocated for the construction of comfortable villas and apartment houses, located at an altitude of 1,600 meters above sea level in the historic village of Goght, located between the villages of Garni and Geghard.
Goght Urban Valley represents a modern concept of a residential complex where one can live in nature - 80% of the territory will be a green zone.
One of the reasons behind this idea, as Dzavaryan said, is the drastic climate change in the world. He cited climatologists, who estimate that the Ararat Valley will soon be unfit for normal human life due to overpopulation and climate change.
"It is good that there are still regions in Armenia, where climate conditions and ecology have preserved their pristine nature, and the future of Armenian citizens is to live in this zone," Dzavaryan said.
According to him, the Goght Urban Valley project is being implemented according to all norms of modern Western concepts, starting with the designs of buildings and structures and ending with the service.
"After the pandemic, we realized that there will be new cataclysms, new pandemics, so a person should have his personal space outside the city, privacy, which he can limit from the influence of various factors," Dzavaryan said.
According to him, even if there is no a serious climate change, it is important to realize that Yerevan cannot develop indefinitely.
"Endless construction of new facilities in the capital is going to become our misfortune: after a certain time we will not know who to populate them with. Moreover, there will be several options: either emigrants from different countries with hot climate will move here to live, or these houses will be demolished sooner or later. And the sooner we realize that we should choose a comfortable place to live, the easier it will be to solve this issue", he said.
Villas and apart-houses
Dzavaryan said that about 120 villas and 5 two-storey apart-houses will be built at the first stage. There will be five apartments on each floor of the apart-houses, whose arrangement, if buyers wish, will enable them to purchase several apartments and combine them.
"We decided to clearly limit the square footage of the houses so that they would not be large. The fashion for big houses in Armenia has not passed yet, but global trends show that people are tired of big houses. The area of houses in Goght Urban Valley will range from 45 square meters to 180 square meters," he said. The entrepreneur added that the concept - "stone, glass, wood, metal, reinforced concrete for the foundation" - is involved in the construction of the houses.
"Energy efficiency is also an important factor: we have practically achieved to get "A" class energy efficiency (40-50% saving of consumed resources.) The village will not have natural gas, but solar panels and modern systems of heating and cooling of houses, which are more efficient and safer than gas-powered ones. The systems will be individual," the investor pointed out.
At the moment about 20 houses and 10 apartments in apart-houses have already been sold. It is planned to complete the sales of the first phase in the middle of next year. Another 230 villas are tentatively planned for the second phase.
Infrastructures and education
Dzavaryan emphasized that the settlement is envisaged to accommodate about 1000 people. There will be stores, a 20-room hotel, a cafe, a restaurant of Armenian cuisine, a co-working center, a cigar bar and a wine store.
There will also be playgrounds for children, a sports zone of about 4 hectares with a soccer field, basketball and volleyball courts, etc. There will also be an amphitheater where chamber events will be constantly held; a conference hall for 150-200 people; an ambulatory, a helipad, scout clubs for children. The village will also have security and entry will be through a security barrier.
"We assume that people will live here permanently, but renting out houses is also possible. According to our calculations, the approximate rental yield will be about 8-10%. In any case, buying housing can be a good investment," Dzavaryan noted.
As for the school, its construction in Goght Urban Valley is not envisaged: children will study in a school in Geghard, which may become a branch of one of the best Yerevan schools. Dzavaryan assured that the children in the settlement will have good opportunities for education.
Investments and terms for buying houses
The total cost of the project, according to the businessman, is estimated at $100 million. The developer has already made an initial investment of $7-10 million.
"We are cooperating with Ameriabank, which has provided us with favorable credit terms. Home buyers are also co-investors in the project. We have secured the initial investment, now we are continuing construction and in parallel we are engaged in sales," Dzavaryan said.
He said that at this stage the cost of 1 square meter of housing is $1,400, but during the construction the price will increase. According to the businessman's forecasts, it may reach $2,200 on the secondary market in 2-3 years.
"We will offer the most favorable mortgage terms for our clients, including various state programs of repayment of interest on mortgage loans at the expense of income tax. I think that in cooperation with banks and at the expense of our own capitals we will be able to build a well-appointed and beautiful urban settlement, convenient for comfortable living of people," Dzavaryan said. -0