Company Linked to Sukiasyan and Hakobyan Purchases Land in Tsaghkadzor for $1 Million, Plans to Build 12 Buildings

Tsaghkadzor is currently bustling with construction activity. New buildings are rising in various parts of the tourist city. Developers, eager to promote apartments in buildings yet to be commissioned, are advertising their offerings without delay. Tsaghkadzor has always been an attractive location for government representatives, and this trend continues today.

According to reports from Hetq, a company associated with members of the National Assembly’s Civil Contract faction, Khachatur Sukiasyan and Vagharchak Hakobyan, is set to construct a complex consisting of 12 buildings in Tsaghkadzor in the near future. The firm acquired a nearly 4-hectare plot of land for development at a price below the market value, based on its cadastral value.

The plot, owned by the Tsaghkadzor community, was purchased by Saturnavan LLC for 413 million drams, equivalent to approximately $1 million 66 thousand. However, its market value is higher. The communal land measuring 3.7 hectares, located at 73 Pahlavunyats, was bought at auction in June 2023 by Saturnavan LLC at its cadastral value of 395 million drams. In November of the same year, the company acquired an additional 1,700 square meters of land directly from the community for approximately 18 million drams (17.8 million) without auction.

Subsequently, the plots were combined, resulting in a total area of 3.9 hectares. To acquire the plot, the company paid a total of 413 million drams to the community budget. After gaining ownership, Saturnavan LLC pledged the land at Hayekonombank, which is owned by Khachatur Sukiasyan's family.

Saturnavan LLC was founded by MP Khachatur Sukiasyan's nephew, Arik Sukiasyan, and the father of MP Vagharchak Hakobyan, Sos Hakobyan, each holding 50% ownership.

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