Company Owned by Former Armenian Official to Build Huge Residential Complex in Yerevan
A company owned by the former Secretary General of Armenia’s Special Investigative Service will build a new residential complex in Yerevan’s Malatia-Sebastia District.
The new complex, aptly named “New Yerevan", will consist of fifty 9-20 story buildings offering a total of 4,000 apartments and underground parking.
ML Mining LLC Director Eduard Margaryan claims the apartments will be sold at $590 per square meter, which he describes as a low market price.
Margaryan told Hetq that the company chose the Malatia-Sebastia District to avoid further build-up in Yerevan’s downtown areas.
He said that railway tracks in the district could be converted to an aboveground commuter line.
Margaryan says the project will be completed by 2026.