Apartment house to be built in Yerevan for young professors of Yerevan
State University

2008-02-01 19:13:00

ArmInfo. A program for housing support of young professors of Yerevan
State University was presented in Yerevan today.

The construction of a nine-storied house with 153 apartments will be
started in the framework of the program in Avan community in Mar 2008.
The total area of a two-room apartment will make up 58 sq m, a
three-room apartment – 82 sq m, a four-room apartment – 144 sq m. The
house will have gas, heating system, a yard and an underground parking
lot. The project will last for 18-20 months. One square meter will cost
170,000 AMD ($550), which is much lower than the average price in
Yerevan – $900-1,300.

The construction will be carried out by Glendale Hills company, while
Converse Bank will issue mortgage credits.

The parties are also considering the possibility of building two more
houses for YSU professors.
"Two years ago we said that it was necessary to help each young
Armenian family to buy house and car. I am sure that the rate of the
mortgage credits offered by Converse Bank will be the lowest on our
market. I hope that the example of Glendale Hills and Converse Bank
will inspire other organizations to carry out similar actions," Prime
Minister of Armenia Serzh Sargsyan said during the presentation.