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TendersInfo - Project Notices
July 29, 2011 Friday
Armenia: Artyk Project in Armenia
Country: Armenia
Project number: 38278
Business sector: Property
Public/Private: Private
Environmental category: B
Board date: 9 Sept 2008
Status: Signed
PSD disclosed: 5 Aug 2008
EBRD Finance: USD 20 million senior loan.
Project Cost: USD 56 million.
The EBRD is considering making a loan of USD 20 million to private
Armenian company D&H GROUP LLC to support the financing of a multi
purpose complex construction of 79,330 square meters in the city of
Yerevan, Armenia. The complex will include 315 residential units
targeting the middle class market and 19,000 square metres of
international standard office space, available for rent or sale.
This is the first real estate development project in Armenia being
considered by the EBRD. The transition Impact potential of the Project
is demonstrated in the following points:
1. Demonstration effect of new product and energy efficiency standards
a) The Project will be the first class A/B+ development in the country
which offers higher quality residential and commercial facilities, and
is thus expected to expand the quality segment of the local
residential property market.
b) The Project entails the use of energy efficiency technologies and
practices which exceed national requirements in terms of energy
performance. The energy performance indicator in kWh/m2 per year is
expected to reach the level of class A-/B+ (A is the best, G is the
worst) according to the EU energy rating under comparative climatic
conditions and operational mode of building.
The use of best available technologies, especially high-grade thermal
insulation with low-conductivity, low-emission glazing with selective
coating, air-conditioning system with heat recovery and flow
controllers, water saving mixing taps with flow reducers, energy
saving fluorescent luminaries with electronic ballasts as well as
implementation of advanced automation and control systems with
integrated building management, are expected to have a strong
demonstration effect in the sector.
2. Backwards linkages and dispersion of skills
The local subcontractors will need to upgrade and enhance their
services in order to meet the new quality standards required, such as
submitting international certificates for all construction materials
and goods to be verified and checked by the Bank s Supervisor. The
process of skills and knowledge transfer started during the extensive
due diligence process when the Bank involved independent market,
technical and environmental consultants to advise on the Project and
make recommendations regarding its improvement (layout of flats,
adding second bathroom etc) which the Client has taken on board. The
skills transfer to the Client and local subcontractors will continue
during the construction process, which will be monitored by the Lender
Supervisor to be hired by the Bank and after construction completion
through operating of the office space and tenants management.
July 29, 2011 Friday
Armenia: Artyk Project in Armenia
Country: Armenia
Project number: 38278
Business sector: Property
Public/Private: Private
Environmental category: B
Board date: 9 Sept 2008
Status: Signed
PSD disclosed: 5 Aug 2008
EBRD Finance: USD 20 million senior loan.
Project Cost: USD 56 million.
The EBRD is considering making a loan of USD 20 million to private
Armenian company D&H GROUP LLC to support the financing of a multi
purpose complex construction of 79,330 square meters in the city of
Yerevan, Armenia. The complex will include 315 residential units
targeting the middle class market and 19,000 square metres of
international standard office space, available for rent or sale.
This is the first real estate development project in Armenia being
considered by the EBRD. The transition Impact potential of the Project
is demonstrated in the following points:
1. Demonstration effect of new product and energy efficiency standards
a) The Project will be the first class A/B+ development in the country
which offers higher quality residential and commercial facilities, and
is thus expected to expand the quality segment of the local
residential property market.
b) The Project entails the use of energy efficiency technologies and
practices which exceed national requirements in terms of energy
performance. The energy performance indicator in kWh/m2 per year is
expected to reach the level of class A-/B+ (A is the best, G is the
worst) according to the EU energy rating under comparative climatic
conditions and operational mode of building.
The use of best available technologies, especially high-grade thermal
insulation with low-conductivity, low-emission glazing with selective
coating, air-conditioning system with heat recovery and flow
controllers, water saving mixing taps with flow reducers, energy
saving fluorescent luminaries with electronic ballasts as well as
implementation of advanced automation and control systems with
integrated building management, are expected to have a strong
demonstration effect in the sector.
2. Backwards linkages and dispersion of skills
The local subcontractors will need to upgrade and enhance their
services in order to meet the new quality standards required, such as
submitting international certificates for all construction materials
and goods to be verified and checked by the Bank s Supervisor. The
process of skills and knowledge transfer started during the extensive
due diligence process when the Bank involved independent market,
technical and environmental consultants to advise on the Project and
make recommendations regarding its improvement (layout of flats,
adding second bathroom etc) which the Client has taken on board. The
skills transfer to the Client and local subcontractors will continue
during the construction process, which will be monitored by the Lender
Supervisor to be hired by the Bank and after construction completion
through operating of the office space and tenants management.