General Post building to be put on privatization list 

ArmInfo.  The Republic Plaza OJSC located at 28 Nalbandyan Street in Yerevan (on the territory of the famous Main Post Office building located on Republic Square) and  the land it occupies will be returned to the list of objects subject  to privatization with the possibility of its subsequent sale.

In August 2023, the Armenian Cabinet of Ministers made a decision  according to which the Republic Plaza Open Joint-Stock Company will  be established in a building with an area of 7809.9 square meters and  on a land plot of 0.262 hectares located at 28 Nalbandyan Street in  Yerevan. It was noted that it is planned to implement a pilot  program, the first stage of which will be the creation of the  Republic Plaza Open Joint- Stock Company. At the next stages, it is  planned to include the newly created company in the privatization  program and implement the privatization process through the stock  exchange. At the same time, in parallel with the work on including  the company in the privatization program, other work should be  carried out to increase the attractiveness of the object. This  includes developing a preliminary investment (business) program,  urban development, communications (water supply and sanitation,  electricity, gas) restrictions, as well as resolving issues related  to the creation or improvement of infrastructure. "This is a new  toolkit, we are creating a company with 100% state participation. The  building is of exceptional value, but the condition inside the  building is, to put it mildly, not very good. A lot of work needs to  be done, which will be done through the private sector. The cost is  approximately 17 billion drams," said the then Minister of  Territorial Administration and Infrastructure of Armenia Gnel  Sanosyan. The market value of the real estate is 16,913,200.0  thousand drams, which is the basis of the authorized capital of the  newly created company. In March of this year, it became known that  the State Property Management Committee had developed a new plan for  managing the building.  If earlier the building was planned to be  sold through stock exchange trading so that everyone could buy the  shares of the management company, now the committee has changed its  approach: instead of an auction, they will hold a competition for an  international consultant who will offer the best options for managing  the facility.

As the Chairman of the State Property Management Committee of the  Ministry of Territorial Administration and Infrastructure of the  Republic of Armenia Arnak Avetisyan stated from the rostrum of  parliament on September 8, presenting the draft law On Amendments and  Additions to the Law

Since the building has great historical, cultural and architectural  value, we are not privatizing it in the usual manner. We are  currently holding a competition to select, preferably, a consulting  organization with a great international reputation and experience,  which will conduct an analysis of the best use of the property,  investment potential and possible programs that can be implemented  with the investment of this property," said Arnak Avetisyan.

The building previously housed the Ministry of Communications and  Transport of the Republic of Armenia, the Ministry of High-Tech  Industry, as well as a number of other departments.