Jan. 26 (Bloomberg) -- An Azerbaijan-based housing developer plans to build the world’s tallest building on a manmade island in the Caspian Sea as part of a $100-billion project.
Avesta Concern has spent $1 billion on the Khazar Islands after starting construction last year, company President Haci Ibrahim Nehramli said in an interview in the capital, Baku, today.
“This is the world’s most expensive project,” he said.
The town will be built 25 kilometers (16 miles) south of Baku on 50 artificial islands resembling a carpet, Nehramli said. Six of the islands will be connected with 19 bridges and will be ready by 2016, he said. Azerbaijan’s government approved the project in March, he said.
One of the buildings will reach 1,051 meters and would eclipse the 828-meter Burj Khalifa in Dubai. Construction of the tower would start in 2015 and cost $2 billion, Nehramli said.
Avesta Concern is in talks with “Arab real estate developers” that have shown interest in backing the project, he said.
The plan was reported by the Associated Press yesterday.
--Editors: Jeff St.Onge, Ross Larsen.
To contact the reporter on this story: Zulfugar Agayev in Baku at firstname.lastname@example.org
To contact the editor responsible for this story: Hellmuth Tromm at email@example.com; Andrew Blackman at firstname.lastname@example.org.