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Construction of Khazar Islands to cost $ 100 bln â€“ EXCLUSIVE

Construction of Khazar Islands to cost $ 100 bln â€“ <font color=red>EXCLUSIVE</font>

27 January 2012 15:03 (UTC +04:00)

Khazar Islands will cover 3,000 ha area. It will consist of 41 different sized islands and 19 districts. The archipelago will cover 24 sq/km by 8km in length and 3km in width. Total length of the line of boulevard islands will be 50 km.

Construction works have been started 10 months ago. At present time, construction is underway on one of the biggest islands and 6-7 residential buildings on this island. In general, the city to be built until 2022-2023 will have 1 mln residents. Sales and Marketing Director of Khazar Islands Kenan Guluzadeh told APA that the first residents will tae the first step on the island in 2013-2014.

Whilst currently the construction is carried out at the expense of Avesta, soon foreign investors will be attracted to construction as well. In general, the construction of the main part of the project requires $ 60 billion. Of these, $ 30 billion will be attracted from external sources - foreign investment, another 30 billion dollars will come from the sale of apartments. Annual profitability of investments allocated here will make 10-15%.

Khazar Islands will consist mainly 25-60-stored buildings. The buildings will be resistant to 9-magnitude earthquake. Sale of apartments has already begun. According to the project, the price of apartments to be sold with a complete renovation, will be AZN 3500 - 4100 per square. Apartments can be bought on mortgage loans for a period of 15 years. Over the past 45 days since the start of sale AZN 50mln-property has already been sold.

150 schools, 50 kindergartens and hospitals, and numerous cinemas, theaters, restaurants and shopping centers, parks will be constructed on Khazar Islands. 8 mln sq/km of the total construction area will be occupied by homes, 4 mln sq/km â€“ by shopping and business centers, and another 4 mln sq/km - hotels and apartments.

Distinguishing feature of the project also includes construction of 1 km-high â€œAzerbaijan Towerâ€, an airport to be built on separate island, Formula-1 highway and camps for universities. In future, it is expected to create administrative management system of the Island - Mayorâ€™s Office and city status.