MIDA to raise about AZN 40 million of private investments within next project

11:46 - 2.04.2019


April 2, Fineko/abc.az. MIDA LLC under the State Housing Construction Agency attracted Kristal Absheron as investor in the construction of 12 residential apartment buildings in the social housing complex.

MIDA reports that Kristal Absheron MTK will invest AZN 40 million in the construction of 12 residential houses in Yasamal-2 residential complex.

"Kristal Absheron MTK became the winner following the results of the relevant tender procedure. The Company will make investments in the construction of the residential complex in accord with the design & estimate documentation prepared to order of MIDA and which passed the state expertise. Kristal will also use engineering & communication systems and relevant infrastructure on the territory of the complex during construction works," MIDA LLC said in a statement.

According to the tender terms, the investor will transfer 189 apartments in 12 residential buildings (7 aparts in 12-story and 5 aparts in 9-story houses) at the disposal of MIDA, including 16 one-room, 60 two-room, 86 three-room and 27 four-room apartments. MIDA will organize sale of apartments through e-system Subsidized Housing. The rest of the apartments will be sold by the investor at market prices to interested parties.

"Kristal Absheron MTK is the fourth private investor drawn by MIDA within the construction of social housing. Before that three investors had been involved in the construction of the Yasamal residential complex. AZN 11 million out of AZN 18 million of the total project cost has been already made by those investors," MIDA informed.

 

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