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Armenia: the Rich Man's View

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  • Armenia: the Rich Man's View

    Institute of War and Peace Reporting
    June 23 2004

    Armenia: the Rich Man's View

    Business venture luring diaspora Armenians to live the good life and
    play golf against the backdrop of Mount Ararat.

    By Alan Tskhurbayev and Sergiu Perju in Yerevan (CRS No. 239,
    23-Jun-04)

    On the edge of Yerevan with a spectacular view of Mount Ararat, a new
    community is being built as a new paradise for the rich and powerful.


    Slated to become the first `gated community' in the south Caucasus,
    Vahakni is being designed to combine an Armenian location with all
    the comforts available in the West. It will offer high-quality
    western-style housing and conveniences to its residents, around three
    kilometres from the Armenian capital.

    Located in the Ararat valley with the legendary peak in full view,
    the 160-hectare housing development is the brainchild of Vahak S.
    Hovnanian, a United States millionaire of Armenian extraction, who
    owns the construction company Hovnanian Ltd.

    `When Armenia gained independence, my first instinct was to build a
    city here for Americans from the diaspora to return to,' explained
    Hovnanian. `The idea was to lure people back to their historical
    homeland.'

    Asked whether for him Vahakni meant business, money, or a personal
    dream come true, Hovnanian said it was `a bit of each'.

    `First of all, it's business, but to me, this is a prime opportunity
    to create more jobs for Armenia. I have always wanted to help my
    people,' he told IWPR. `If successful international entrepreneurs
    move here from abroad, that means millions in direct investment.'

    The development, under construction since last year, will consist of
    upwards of 500 homes. Of an estimated 25 US million dollars earmarked
    for the project, five million has already been invested in
    infrastructure. So far only 20 homes have been sold and there is no
    final construction date for the community.

    `Of course there will be a certain isolation from the rest of
    society, a big difference in living standards inside and outside the
    community,' conceded Karekin Odabashian, managing director of the
    project.

    `But Vahakni is in itself a lifestyle, which makes it different from
    others. It is not true that housing here will only be available to
    the privileged classes. Everyone is welcome - our prices are quite
    normal for Armenia, on a par with apartment prices in prestigious
    downtown neighbourhoods of Yerevan. But I always say that Hovnanian
    Ltd is building more than just housing, we are building a way of
    life.'

    In fact, the `Hovnanian lifestyle' is well out of reach of most
    people in Armenia, where it would take someone earning an average
    salary many lifetimes to be able to afford Vahakni's real-estate
    prices.

    Those who have heard of Vahakni shrug it off as a place for the
    fabulously rich. Suren Mikoyan, a taxi driver, said, `Every time I
    drive by Vahakni, I look at these huge houses and feel depressed. It
    seems to me that a whole different breed of people live there.'

    Many of those `different' people are expatriate Armenians. So far, 20
    homes at Vahakni have been reserved for Armenians from France,
    Canada, Russia, Switzerland and the UK.

    Prospective buyers are free to choose from a great variety of layout
    options, or even design their future home themselves with the
    assistance of an architect. All homes will be fitted with security
    systems, central heating, and fire alarm systems, as well as garages
    and basements.

    The majority of prospective residents are business people, something
    which places high security requirements on the community. The only
    vehicle entrance to Vahakni is guarded 24 hours a day.

    `Security is one of the main reasons why I decided to move here,' a
    Canadian citizen who lives at Vahakni told IWPR, requesting
    anonymity. `Back in Canada, the streets are not safe for my small
    children. In that sense, Vahakni is ideal, and Armenia, I think, is a
    great place to raise your children. There are security systems here,
    but you can't see them.'

    Some residents are taking extra security precautions of their own.
    Some have requested no photographing or videotaping around their
    homes.

    Other facilities intended for Vahakni include an international
    school, a day clinic, a fitness centre - and Armenia's first ever
    golf club.

    Vahak Hovnanian has high hopes for golf in the Caucasus, which he
    says is both an art and a good way of doing business. `Golf is a
    disease, and an infectious one, too. It's a solitary sport: there's
    only you, your ball and your club. Playing golf is like painting a
    picture.'

    Perhaps not as perfect a picture as the view of Mount Ararat from the
    golf course.

    Alan Tskhurbayev and Sergiu Perju, from Moldova and North Ossetia
    respectively, are graduating journalism students from the Caucasus
    Media Institute in Yerevan.

    From: Emil Lazarian | Ararat NewsPress
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