ML Mining LLC, owned by the former Secretary General of the Special Investigative Service Davit Sukiasyan, will build a new neighborhood in the Malatia-Sebastia administrative district. The company has acquired an area of 8 hectares at 42/5 Babajanyan Street and is going to build fifty 9-20 storey residential buildings. The neighborhood will be called “Nor Yerevan” and will have 4000 apartments.
Eduard Margaryan, director of ML Mining LLC, considers the construction of this district unprecedented, as it will offer one of the lowest prices on the market to the beneficiaries; one square meter will be sold for the equivalent to 590 dollars. Moreover, this value is fixed. There will be no further increase in the price of the apartment for location, floor, view and other favorable conditions or advantages.
Margaryan notes that they plan to complete large-scale construction of the project in stages, part by 2024 and the whole complex by 2026.