Serzh Sargsyan participates in ceremony to lay foundation stone residential complex in Kapan
15.10.2010,
22:45
President Serzh Sargsyan participated today in a foundation stone laying ceremony for launching the construction of a residential complex in Kapan, the capital of southern Syunik province.
YEREVAN, October 15, /ARKA/. President Serzh Sargsyan participated today in a foundation stone laying ceremony for launching the construction of a residential complex in Kapan, the capital of southern Syunik province.
The apartments in the three-building compound are for graduates of Yerevan State University (YSU). This project was initiated by the Union of YSU Alumni in 2007 and was launched in 2008. The total cost of the project is 7.6 billion Drams. The cost of a square meter of housing is 195,000 ($540) while the market cost is about $800.
A deputy sports and youth affairs minister Arsen Karamian said the land area was bought from Kapan municipality by the Union of YSU Alumni for the compound that will have 335 one, two and three-room apartments. Construction of the first building is expected to be over in 2012.
Potential beneficiaries are young families of the province below 35. The total age of spouses must not be over 70. The 5% down payment is to be made by the local Zangezour cooper and molybdenum combine. Arsen Karamian said 260 applications have been submitted, 60% of them would like to receive a mortgage loan to pay for apartments while the rest said they would pay in cash.
Construction of the compound will create 600 new jobs.-0-
The apartments in the three-building compound are for graduates of Yerevan State University (YSU). This project was initiated by the Union of YSU Alumni in 2007 and was launched in 2008. The total cost of the project is 7.6 billion Drams. The cost of a square meter of housing is 195,000 ($540) while the market cost is about $800.
A deputy sports and youth affairs minister Arsen Karamian said the land area was bought from Kapan municipality by the Union of YSU Alumni for the compound that will have 335 one, two and three-room apartments. Construction of the first building is expected to be over in 2012.
Potential beneficiaries are young families of the province below 35. The total age of spouses must not be over 70. The 5% down payment is to be made by the local Zangezour cooper and molybdenum combine. Arsen Karamian said 260 applications have been submitted, 60% of them would like to receive a mortgage loan to pay for apartments while the rest said they would pay in cash.
Construction of the compound will create 600 new jobs.-0-
