BAKU, Azerbaijan, April 29
By Matanat Nasibova - Trend:
Azerbaijani leading PMD Group construction company completed over 50 percent of the work associated with the construction of a big residential complex on an 86,000-square-meter area within the project being implemented in the country’s Sumgayit city, a source in the company told Trend.
“This expensive project envisages construction of nine buildings of the Premium class residential complex, with the average cost of 1,100 manat [$647] per square meter,” the source said.
The total cost of the project is 50 million manat ($29.4 million), the source added.
“The project envisages the construction of 446 apartments and 511 underground parking spaces for cars. The project is being implemented and financed by PMD Group,” said the company.
“The completion date of the construction of the residential complex was previously scheduled for July 2020,” the source said. “However, it is possible that the project will be commissioned this fall, probably in November, due to the transition of the company to the quarantine regime. The complex will fully meet the European quality standards.”
A Scandinavian company that installs the ventilation and air conditioning system, as well as a Turkish company that installs doors and windows, have been involved in the project.
In addition to implementation of large construction projects in Azerbaijan, the PMD Group specializes in asset management, investments in real estate and property management.
The company has been operating in Azerbaijan since 2013.
PMD Group is involved in the construction and reconstruction of several facilities located in Baku. Its strategic goal is to make a significant contribution to the development of this sector in Azerbaijan.
Kapital Bank, Absheron Hotel and ADA university are the company's major partners.
The company has implemented such projects as the Vurgun Residence residential complex, located near the Park of Officers in Baku, which consists of 18 floors and has been constructed in accordance with the modern architectural standards.
Other projects of the company include the restoration of Molokan Palace and the construction of the BEGOC Business Center, which is a multi-purpose building that meets the modern quality standards, and others.
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