The State Agency for Housing Construction under the President of the Republic of Azerbaijan started the next public-private partnership project in accordance with the Action Plan defined by the Strategic Roadmap for the Development of Housing Support in the Republic of Azerbaijan, approved by Presidential Decree No. 1138 dated December 6, 2016.
In accordance with the Roadmap, the Agency closely cooperates with the construction sector's entrepreneurial entities in order to attract private investments and to benefit from the experience of specialized construction and investment companies, guiding their targeted use of public funds during the implementation of their projects.
In order to implement the measures determined in this direction, an investor, who will invest for the construction of a shopping center in the Yasamal Residential Complex, was determined as a result of an investment competition conducted by a limited liability company MIDA under the authority of the Agency. The winner of the competition, PMD Group, Limited Liability Company (www.pmdgroup.az) will invest about 7 million manat for the design, construction and management of the shopping center.
PMD Group LLC is one of the leading companies in the field of real estate investment and property management, and contributes to the development processes in Azerbaijan.
According to the initial conceptual proposal presented by the investor, the total area of the shopping center, which will be built in accordance with modern standards, will be about 7,000 square meters to provide comfort to the Yasamal residential complex and daily shopping requirements. Expected to function in the shopping center is Bravo supermarket (www.bravosupermarket.az), auto shops, various consumer goods stores as well as cafes and restaurants, entertainment zones for children and other public catering facilities. Based on the proposed investment offer, the shopping center is planned to be commissioned in the fourth quarter of 2019.
“PMD Group” LLC is the third private investor participating in the first Yasamal Residential Complex project of the Agency facilitated by MIDA. It should be noted that the first two investors, previously attracted by MIDA for the construction of a building and the creation of an appropriate telecommunications infrastructure, are expected to invest 11 million manat into the residential complex.