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Residential Complex For YSU Teaching Staff To Be Constructed By 2010

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  • Residential Complex For YSU Teaching Staff To Be Constructed By 2010

    RESIDENTIAL COMPLEX FOR YSU TEACHING STAFF TO BE CONSTRUCTED BY 2010

    ARKA News Agency
    Feb 1 2008
    Armenia

    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.
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