State Housing Development Agency to attract some 40 million Manats of private investment in the framework of the next state-private sector partnership project02/04/2019

In accord with the actions plan defined by “The Strategic Roadmap on the advancement of provision with affordable housing in the Republic of Azerbaijan”, approved by Decree №1138, dated 06.12.2016, of the President of the Republic of Azerbaijan, the State Housing Development Agency of the Republic of Azerbaijan has been continuing state-private sector partnership projects.

As a result of the investment competition held with a view to minimizing the state funding and inviting private construction companies to cooperation, the investor which would invest in the construction of 12 apartment buildings on a 15.4 hectare-area along the External Circular Motorway in Yasamal district, Baku city, has been determined.

The winner of the competition, “Kristal Absheron MTK” (www.kristalabsheron.az), has been given a chance, against the investment it is going to make, to carry out construction works in accordance with the construction documents developed according to “MIDA” LTD’s order that have passed the state examination in an appropriate manner, and, while performing the construction works, benefit from engineering and communication system and relevant infrastructure existing on the territory of the complex. In accordance with the terms and conditions of the competition, 189 (16 one-room, 60 two-room, 86 three-room and 27 4-room) out of the apartments in 12 buildings (7 twelve-storied, 5 nine-storied) to be constructed by the investor will be placed at the disposal of the State Housing Development Agency, to be then offered to those eligible for an affordable housing through the “Affordable Housing” electronic system. The remaining apartments would be sold by the investor to interested persons at market prices. The total amount of the investment to be made for the construction of the said 12 buildings is about 40 million Manats.

“Kristal Absheron MTK” is the fourth investor invited by MIDA. Three investors had been invited earlier by MIDA for the construction of apartment buildings on the territory of the Yasamal Residential Complex, the first project of the Agency, and creation of the relevant telecommunication infrastructure and construction of a trade centre. 11 million Manat share of the planned 18 million Manat investment has been realized successfully.

State-private sector partnership projects being implemented by MIDA in accordance with the Strategic Roadmap create advantageous conditions for the activities of the affordable housing market in the country, contributing, at the same time, to strengthening of the investment environment and implementation of the state policy aimed at advancing the entrepreneurship.

State Housing Development Agency of the Republic of Azerbaijan

© 2019