„City Development” company will invest USD 100 million in building residential buildings in Chisinau

The „City Development” Ltd enterprise, created in partnership with the investment-residential company “Houses for all” JSC and the American Investment Fund, has won the privatization contest of terrain from Chisinau municipal, previously owned by the Ministry of Defense of Republic of Moldova. During the auction, organized this week by the Privatization Agency and the Ministry of Defense, the „City Development” company offered the highest price – MDL 65 million – for the terrain situated on the Nicolae Testimiţeanu Street no. 3, with a surface of 4115 ha, and MDL 62 million for a second terrain, with an area of 3924 ha from Ioan Radu Street no. 27A. Therefore the Ministry of Defense of RM will get MDL 127 mln for offering residences to military men, and that is with MDL 25 mln more than the previously established amount. The money will be transferred on the special account of the Ministry of Defense by the end of this year – during 10 days after the privatization contract is signed, which should be signed within a month. As was earlier announced, the „City Development” Ltd intends to build a residential block on the mentioned terrains. According to the project, the buildings will have all required infrastructure, sport terrains, malls, parking lots, kinder gardens and squares. The constructions will begin in 2007 and will be finished by 2010. The overall investment volume made by „City Development” Ltd in the construction of the two terrains will be more than USD 100 million.