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First Phase of Khazar Islands Project to be Completed by May 2014

The first phase of construction works at the huge Khazar Islands project will be completed by May 2014.

The opening of a number of facilities, including beaches, restaurants, bridges and roads, are scheduled on May 28, 2014.

Khazar Islands, which is under construction on an artificial archipelago, will consist of 50 islands of different sizes with a total area of 3,000 hectares and 19 residential districts.

4 km-boulevard and 2 parks will be put into operation in the first phase. The tallest building in the world, the 1,050 meter-high Azerbaijan Tower, will be built in the territory of Khazar Islands as part of the second phase of the project.

The completed Khazar city will include more than 150 schools, numerous hospitals, and clusters of parks, shops, and cultural centers. A yet-to-be-constructed airport will provide international access to the area.

The islands will be dominated by high-rise buildings and resort-like accommodations, with miles of unspoiled beaches and warm, shallow waters. Special considerations were taken in the design of the island's structures to withstand up to a 9.0 magnitude quake.

Work on the project to date has been funded by the Avesta Group itself. The Company hopes to reach annual profitability margins of 10-15 percent on investments.

The total investment required for the project is estimated at $100 billion.

Source: AzerTAc

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