25 Billion Drams Worth of Yerevan's 'Capital Corps' Barracks Area Sold

The Minister of Territorial Administration and Infrastructure of Armenia announced that on December 19, the results of the auction for the sale of the property located at Arshakunyats 4/1 in Yerevan were summarized. Only one bid was submitted for the announced competition.

According to the decision of the committee, the sole applicant, ‘ER EN ES ARSH’ LLC, was recognized as the winner of the auction based on the evaluation of the submitted proposal. As per the investment project presented, the company committed to paying 25 billion AMD for the sale of the property over a period of five years (in equal installments) and to making an investment of 26 billion AMD for the renovation of buildings listed in the state register of historical and cultural immovable monuments, as well as for the construction of new residential, hotel complexes, commercial areas, parks, and recreational spaces on the site.

It is noteworthy that this concerns the area of Yerevan's 'Capital Corps' barracks, which had not been in operation for a long time.