By PG Editorial Director Kate Tabatadze
Seven months remain before the King David residential complex becomes operational, and more than 30% of the properties have already been sold. The growth in sales has been further stimulated by the development company’s New Year’s offer, whereby customers will be able to purchase a flat in King David at special rates of $1350 to $3000/m2 (a discount of between $150 and $400 per square metre). The head of the marketing department at King David, Nini Mariamidze, spoke to Property Georgia about the latest company news.
- “Implementing new living standards in Georgia” is our company’s motto. Our New Year’s offer will make many people happy, and will make ‘new living standards’ more affordable for them. We are also operating a customer-oriented payment system, whereby buyers can take advantage of a six-month interest-free loan or mortgage.
- 30% of the properties at King David have already been sold. Which property types sell particularly well?
- King David is one of the most extraordinary projects on the market from the sales point of view. As a rule, lower-budget properties are first to be sold in an ongoing construction project, while the sale of larger properties represents a greater challenge for the development company. The majority of the flats sold at King David so far are the larger ones (200 to 250 m2) with the best panoramic views. The New Year’s offer will see an increase in the sales of studio-type apartments that are often being purchased with a view to renting them out in the future.
- The King David project combines two separate towers. What will the shared infrastructure be like for the 31-storey residential building and the 19-storey business centre?
- Infrastructure takes up almost 40% of the project’s total area. The larger tower – King David Residences – will only contain residential properties, while the smaller tower will house the A-class King David Business Centre, with the top two floors being taken up by hotel rooms. The two towers are connected to each other on 6 floors, and that is where most of the infrastructure will be located. This includes a swimming pool, a fitness and spa centre, a beauty salon, an open-air garden with a children’s playground and a café serving healthy food, a restaurant, children’s area, an event hall, a lobby for residents with its own bar, and parking area. This is a hotel-type complex with best panoramic views of Tbilisi and a full range of services, offering residents an opportunity to work, relax and be entertained without leaving the building. King David is like a small city, and has its own separate power and water supply source. This means that our residents will never experience power or water shortages.
- There are numerous new construction projects in Tbilisi. Quality is the most significant factor in making a purchase, and in the case of a construction project, this concerns the building’s robustness foremost of all. Geological and geophysical research has confirmed that King David has the most solid foundation in Georgia. How robust is the building as a whole, and what security measures are there within the building?
- The bedrock underwent geological and geophysical tests prior to the start of construction, and it was established that it corresponds to a category-7 rock type, while the foundation is formed by a single reinforced concrete tile that is almost 2 m in height. This means that King David has one of the most solid foundations of all the buildings in Georgia. The geological and geophysical analysis can be viewed by all interested individuals. The construction of the building’s façade has been overseen by the German company Schuco, which also conducted tests in Germany, confirming that the façade will be able to withstand any kind of natural disasters, including a magnitude 9 earthquake. I must also point out that each stage of the construction process has been monitored by both local and international organisations, and the results of these inspections are also accessible to everyone.
- What about the panoramic views? How does King David stand out in this regard, and are customers paying much attention to this factor?
- Of course, panoramic views constitute one of the main criteria in selecting the apartment. Views over the whole city are one of King David’s main advantages. Each one of the project’s apartments has a glass façade, meaning that all residents can enjoy the panoramic views to the full. I believe that this is the only project in Georgia that offers ideal panoramic views from the first floor upwards. Therefore, it is the view that plays the key role in apartment pricing, rather than the floor, as is the case in all other projects.
- King David received the title of the best multifunctional complex in Georgia at the 2016-2017 edition of the prestigious International Property Awards contest. What does this mean for the development company, and for the country as a whole?
- This is the first international success for King David. We were quite surprised to receive an invitation to participate in the European section of the International Property Awards, which is one of the most prestigious annual contests in the real estate sector. Needless to say, we immediately agreed, and sent in a project presentation with full information, as required.
The projects presented at the contest are assessed by well-known experts from the real estate field. Our complex was awarded 5 stars – the highest mark – and received the European Property Awards prize in the Best Mixed-use Development Georgia category, thereby being named as the best multifunctional complex in Georgia. The awards ceremony, which took place on 27 October in London, was attended by leading European developers, architects and real estate agents.
This is a great achievement for our development company. As I mentioned, in order to participate in the contest, we sent in full information about the project, which was then assessed by the panel of judges. Apart from the prize, King David received a 5-star rating, meaning that the project complies with all international norms and requirements, which is highly important for our customers and ourselves.
- Construction deadlines constitute one of the most significant promises that a development company must fulfil. When will the residents be able to move into the King David complex?
- The residential project will become operational on 1 July 2017, while the business centre will open in March. I must point out that the construction process has been conducted in full accordance with the deadlines stated in the building permit.
