Residential complex for YSU teaching staff to be constructed by 2010

YEREVAN, February 1. /ARKA/. A residential building is to be constructed for the teaching staff of Yerevan State University (YSU) by 2010.

Speaking at the presentation of the program “Assistance to construction of housing for YSU young staff members”, Chairman of the Association of YSU Graduates Arsen Karamyan said that the construction project is to be launched this March to last 18-20 months.

He reported that the two-stage program envisages the construction of a residential complex – two nine-floor buildings with a total area of 10,350sq. meters.

Karamyan said that 150 applications have been received, and the second stage envisages the construction of housing for 136 families.

He pointed out that the cost of the flats will be 50% as low as the market price – 170,000 AMD (about $554) for 1sq. meter.
Speaking at the presentation, the RA Prime Minister, presidential candidate Serge Sargsyan pointed out that the elaboration of the program got under way long ago, and it was possible to launch recently.

“I would not like this initiative to be associated with the election processes, as it is aimed at proving young lecturers with normal housing conditions, which will allow them to educate the young generation,” Sargsyan said.

He stressed that he does not see any need for making the project more attractive, as mortgage credits will be by the Conversebank under the project at the lowest interest rates on the market.
The project was submitted to the YSU Board of Trustees on June 15, 2007. The construction is being carried out by the Glendale Hills Company under the Conversebank’s sponsorship.

The RA Real Estate Register reports that the average market price for flats was 280,000 AMD (about $910) in November 2007.

Specifically, the average price for flats in the Avan community in Yerevan is 250,000 AMD (about $815) for 1sq. meter. P.T. –0--