2024-02-18 09:17:51
The famous “Haypost” building located on Saryan Street in Yerevan will be expropriated to “Renshin” company in order to develop it and implement the “World Trade Center” investment project. The draft of the relevant decision is included in the agenda of the government session on September 7.
The plan is to create conference halls, a concert hall, exhibition halls, a business center, etc. According to the government, the world-famous JLL company, which is engaged in the real estate management business, will also participate in the program. In addition to all this, a 4-star hotel with 180 rooms will also be built in the “Haypost” building.
“The total estimated cost of the project is about 212 million USD. The estimate is based on the actual costs of the construction industry in the market, with adjustments for the quality and description of the components. Costs are based on current market rates, with annual inflation indexing after launch,” the statement said.
The decision to expropriate the famous post office building of Saryan to “Renshin” is very similar to the “Property for Investment” government policy. In fact, “Renshin” will not provide funds to the state for the acquisition of the building, instead it will invest 212 million drams and create 10,000 jobs. The state will also have a share in the project, in the amount of 50 percent. “The project proposes to expropriate the building located at 22 Saryan Street to the company on the following basis: Haypost CJSC: 30.18%, the Government: 19.82% and the investor: 50%.”
The owners of “Renshin” are businessmen Eduard Marutyan and Araik Karapetyan. They are well-known developers in Yerevan, they also own the “Global Credit” credit organization, the “Inkor” investment company.