PSJ has signed on to build four apartment blocks on an artificial island in Azerbaijan. The contract, worth €395m (CZK 11bn), is part of a larger project called Khazar Islands, essentially a floating city that will stretch across 41 artificial islands in the Caspian sea. The scheme, estimated to cost $100bn, is expected to accommodate 1 million inhabitants. The new city is going up 25 km from Azerbaijan’s capital city Baku. Jaroslav Jirkovský, the head of exports at PSJ, told Hospodářské noviny that the company is to build one of the islands with four apartment buildings on it. The Czech construction company is currently in discussions with potential lenders for the first building that is expected to cost €100m. Construction of the first house should start in spring. Work on other sections of Khazar Islands is already underway, with completion foreseen in 2020–2025.
