Regional Post spoke with Hovhannes Basentsyan, Deputy CEO of DCD, about the company’s ambitious Dilijan Eye project—an 18-hectare wellness estate within Dilijan National Park, transforming Armenia’s luxury hospitality landscape, as well as exclusive townhouse purchase opportunity details revealed for the first time alongside their other estate investment offerings.
Interview : Margarit Mirzoyan
Photo : DCD
The Dilijan Eye Project made its debut at TUNEXPO 2025, marking a significant moment for Armenia’s wellness sector. Can you tell us about DCD and what drove the company to embark on this ambitious venture in Dilijan’s protected forests?
— We’re developing what is essentially an 18-hectare wellness estate situated directly within Dilijan National Park. When I emphasize “within,” I mean genuinely inside the protected forest boundaries, not merely adjacent to them. Of our total footprint, only 1.5 hectares will accommodate built structures, while more than 16 hectares remain as pristine forests and meadows. We’re talking about a 436-apartment hotel complex, 21 exclusive townhouses, comprehensive sporting and leisure facilities, and what will become Armenia’s first international-caliber detox center. The founders of our company, the Boyajyan family—Ashot and Vera Boyajyan—acquired this land in 2004. Since 2009, Vera Boyajyan has led the Armenian Community of Malta, and the family has maintained strong connections to Armenia throughout these years, visiting regularly.
You mentioned being positioned within the National Park. How did DCD acquire land with actual property rights within a protected reserve?
— Throughout the entire Dilijan National Park, we remain the only entity with actual property rights documentation. All other locations, including areas like Parz Lich, operate under 50 or 100-year rental agreements. The government had never previously transferred parkland to private ownership, given its protected reserve status. During Soviet times, this specific area underwent scientific examination and was determined to have exceptionally pure air quality. Specialized trees were planted to enhance air purification, and it became a dedicated health center for individuals with severe respiratory conditions. Notably, the center proved so successful that the soviet cosmonauts would visit for recreational purposes, and eventually it became an exclusive sanatorium specifically for them. Following the 1988 earthquake, the buildings sustained severe damage, and the facility deteriorated. By 2004, it had become a financial burden for the government—substantial salary debts, no operational capacity, and requiring enormous investment that no entity was willing to undertake. The Boyajians recognized the potential and acquired not just the buildings, but the land itself with complete property rights.
This question might sound trivial, but what drew the Boyajian family and the company in general to Dilijan, and what’s your vision for wellness tourism here?
— The Boyajian family’s connection to Dilijan runs deep. Vera Boyajian grew up in a family of hereditary physicians, so naturally air quality and children’s health were priorities. That’s why Dilijan was chosen as the family’s summer retreat even back in Soviet times. Dilijan is often called “little Switzerland,” and there’s solid justification for that comparison. The air quality, microclimate, and natural beauty are exceptional. Even within Dilijan itself, when you arrive at our specific location, the difference in air quality is immediately noticeable. Given these unique environmental conditions across our 18-hectare property, establishing an international detox center became the logical next step. We’re moving towards wellness tourism that can compete with Switzerland’s offerings, yet at considerably more accessible price points. We’re establishing a medical division with complete diagnostic capabilities for pre-detox assessments. The natural environment itself provides therapeutic benefits—remember that Soviet scientists originally selected this location specifically for respiratory health applications. The philosophy centers on flexibility. We’ll offer both detox-focused and conventional cuisine, lounge and cigar bars, co-working space for IT professionals, a 600-person conference hall, and even a movie theater.
Can you describe what guests will experience when this estate is completed?
— Guests will arrive through our private access road, constructed from the main Dilijan-Ijevan highway, entering an environment where premium hospitality meets pristine nature. We’re offering two distinct accommodation experiences here. The hotel complex will be fully renovated and furnished, offering 436 apartments where guests can either stay traditionally or purchase as investment properties with guaranteed returns. But what we’re particularly excited about are the 21 townhouses, which represent something quite special—ultra-premium residential options where we’re highly selective about our clientele. This is not a mass market product. Each townhouse is delivered as a shell without interior details, allowing owners complete freedom to customize them according to their vision and preferences. Wlhile our buildings occupy only 1-1.5 hectares, guests have access to 16 hectares of pristine natural forest and meadows, we’re developing golf facilities, tennis and padel courts surrounded by forest, squash courts both indoor and outdoor, extensive fitness facilities, spa amenities, and covered venues for football, basketball, and volleyball. There will be hiking trails—including a direct route to Haghartsin Monastery—plus rock climbing opportunities. At the government’s request, we tripled the size of our sports facilities, for which we received official recognition from the state.
What’s the development timeline, and what can potential investors expect?
— The townhouses will be ready for occupancy within a couple of months—we’re currently completing landscaping and site improvements. The complete hotel complex will be finished in 3-3.5 years. For hotel apartment investors, we offer a compelling model: purchase an apartment, and we manage it fully, delivering up to 20% annual returns. Owners enjoy complimentary accommodation for a specified number of days annually, and we rent the units for the remaining period. We’re actively marketing these investment opportunities and conducting site tours for prospective investors.
Developing within a protected forest raises environmental concerns. How is DCD approaching sustainability?
— This is absolutely critical to understand: we are conducting zero construction activity in the forested areas, even within our purchased territory. All construction occurs exclusively where the former sanatorium buildings previously stood. We’re essentially replacing deteriorated Soviet-era infrastructure with modern, environmentally compliant facilities. All construction work follows strict environmental standards. We demolished structures that were in emergency condition and preserved what remained viable—one preserved building will serve as a public space.
Dilijan is experiencing unprecedented development – World Bank tourism investments, international educational institutions. How does your project fit into this broader transformation?
— We’re part of a regional transformation, but we’re introducing something entirely new to Armenia—luxury wellness tourism at international standards. This can become a regional hub, attracting visitors not only from Armenia but across the region and internationally. DCD has emerged as the largest investor in Tavush, and the project has received support from both the Investment Support Center (Enterprise Armenia) and Tavush Regional Administration. The economic impact of this project extends well beyond our immediate area. We’re creating employment, attracting international investment, and positioning Dilijan as a world-class destination. When people will visit for detox treatments, they’re also experiencing Armenian culture, cuisine, and hospitality.
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