Thursday, November 13 2014

Property Development Company CJSC (PRODECO) has launched the construction of multifunctional business center "Kamar" by laying its foundation stone. The first stone was officially laid on November 6. 

The total value of the project is about $37 million. IFC, a member of the World Bank Group, will provide a $9 million loan on its own account and mobilize another $9 million loan from DEG (Deutsche Investitions und Entwicklungsgesellschaft mbH). The rest of the investment will be provided by Property Development Company CJSC on its own account. 

Property Development Company CJSC, the owner of the building, has approached to the project with ultimate responsibility and care, as it prioritizes highly the history and value of the buildings in this historical area.  Therefore, for several years before the start of construction works the company has organized various public discussions with experts and beneficiaries to identify the most appropriate solutions and to insure high level of transparency throughout the entire process. 

Mr. Artashes Kazakhetyan, CEO of Property Development Company, said: "This initiative started at least 5 years ago. All these years we have been studying in detail the history and importance of these historical buildings, the current state and the best ways of preserving them. Right at the beginning of the project the company organized an open architectural contest for the development of the concept by involving the best and most recognized engineers and architects from various countries. Committed to preserving the values of our history, we have stored every single stone from the old building and developed an architectural and engineering design that highlights the historical importance and overall design of this part of the city. Finally, we also want to make sure that this building complies with the best international standards of energy efficient and green business center construction". 

He said that this office building designed in accordance with the most advanced international technologies will be the first in Armenia to be certified by BREEAM, a global leader in the design and assessment of sustainable buildings. The development of such a unique A Class office building will comply with the modern standards of energy efficiency and environmental standards and thus, will considerably elevate the overall standards of the commercial real estate in the country.
The construction works are expected to be completed before November 2016. The business center is intended to accommodate offices of financial and advisory companies and international institutions. 

Arman Barkhudaryan, IFC Senior Investment Officer said:  "Modern office buildings help spur economic activity and improve the efficiency of local suppliers, many of which are micro, small, and medium enterprises. Strengthening Armenia's business infrastructure and promoting green technologies will also provide an important model for future energy-efficient building projects, while helping contribute to long-term growth." 

"DEG is proud to take part in this innovative project. It sets an example by the careful consideration of Armenia's cultural heritage while at the same time setting standards in the region by achieving international good energy efficiency practice and also contributing to creating new business opportunities and employments," said Dr. Peter Thimme, Director of Europe-Middle East-Central Asia, DEG. 

Property Development Company CJSC implements investments in real estate, provides support for implementing construction works, handling documentation and getting permits. The company is specializing in real estate development and construction technical supervision, always committed to new and progressive methods. The activities of Property Development Company are based on development of progressive design, sustainable development plans and close cooperation of public and private sectors.