Kate Tabatadze

More than 50% of the flats in Skyline Residence have already been sold! The first premium-category project by m² Real Estate is being carried out at an exclusive location in the Sololaki district, near the Mtatsminda Park. The residential complex will include 19 elite flats. Together with the premium segment, m² Real Estate continues to work on developing the ‘optima line’ of products. Property Georgia spoke to the Deputy Director General of m² Real Estate in charge of marketing and sales, Shorena Darchiashvili, about the Skyline Residence, as well as the company’s other projects and new strategies.

- Skyline Residence is an innovative project. For the first time in Georgia, your company used an innovative method of road-laying that will heat up the road to the complex during cold weather. How did your group come to use this innovative idea, and how justifiable is the use of such constructional innovations from a commercial point of view?

- m² tries to make improvements with each new project. We are constantly looking for new technologies, and for ways of using those technologies in practice. For m², customer satisfaction is no less important than commercial success. Improving our tenants’ living environment is our aim, and we are looking for innovative ways to achieve this goal. m² has been implementing new standards of living for a number of years, which is precisely why potential tenants choose our company.

- What is Skyline Residence’s green environment like? 

- Through the efforts from the authors of the project, Sky Residence bedded into its green surroundings. One of the main aims of the architects working on the project was precisely to ensure that the building would not appear out of place within its surroundings. I think that the project authors managed to fulfil this mission very well: Skyline Residence fits ideally both with the green surroundings and the natural colour of the rock. Most importantly, when looking at the building from below (i.e. from the city), it fits perfectly into the picture. This perception will only grow once the building has been finished.

- How much added value does the building gain through the chosen location?

- It is no wonder that one of the most outstanding features of Skyline Residence is its location. The building offers unparalleled panoramic views, by which I mean that I’m not aware of any other residential complex in Tbilisi with such a spectacular panorama. Every one of our tenants will be able to enjoy these views, since each flat will be overlooking the city.

- What is the target segment for Skyline Residence?

- Skyline Residence is a premium-class project, and clearly, it is exclusive to a certain extent. There are only 19 flats in the project. The building will have a swimming pool and a fitness room, and tenants will be able to enjoy concierge services. Naturally, Skyline Residence is designed for people with higher income who can afford to choose exclusive services.

- The project is due to be completed in May 2017. At what stage are the construction and engineering works right now?

 - The structure of the building has been completed. Inner and outer construction works are ongoing right now. As you know, all our projects are energy-efficient, and Skyline Residence is no different. As for the façade, it will be covered with natural stone.

 - What is the pricing policy for the project?

- As I already said, Skyline Residence is a premium-category project, and the average price is USD 2500 per square metre. Included in the price are the heating system, including under-floor heating and radiators, as well as noise isolation and parking. With regards to fit-out materials, we are holding individual discussions with future tenants in advance.

 - What are the sales figure like, as of today?

- More than 50% of the flats have already been sold.

 

 - The other ongoing project in the city centre is m² on Chavchavadze, which will be located on 50 Chavchavadze Avenue. What can prospective tenants expect from the Vake project? 

- It would be logical to start talking about the advantages of this project by mentioning its prestigious location. The façade of  m² on Chavchavadze will feature travertine tiles. The project includes a two-storey parking garage with a car lift, as well as other benefits that are characteristic to our company – modern security systems, energy-efficiency of up to 23%, and services such as 24-hour security, cleaning, etc.

- m² on Chavchavadze is due to be completed in September 2018. When will the sales take off, and what will the pricing policy be like?

- m² enjoys the reputation of a responsible company, and a high level of trust from the public. Therefore, the majority of the flats are sold before the start of the construction process. In this particular case, 42% of the properties have already been sold. The average price for a furnished flat ranges between USD 1380 and USD 1700 per square metre. 

- As the tenants are purchasing fully furnished flats, do they have the opportunity to furnish their properties in accordance with their own wishes? 

- Of course, clients themselves get to choose the fit-out and furnishing materials, which they can view in the m² gallery – a 500 square-metre showroom where prospective clients can view real-time models of existing flats and materials used by our company.

 

- You also carry out projects outside the city centre, such as the already completed Optima Isani.  What are the differences that must be taken into account when building and selling properties in the city centre and in the suburbs? Which is commercially more profitable? 

- Indeed, we built an optima-category complex, thereby giving people the opportunity to purchase larger properties for less money. However, research shows the most in-demand location to be the Saburtalo area, and that is where we are mainly concentrating our efforts.

- How do you see Tbilisi’s real estate market developing over the coming years? In which parts of the capital can we expect to see a housing boom?

- There is a growing trend of young couples seeking to live independently. The majority of them still choose locations Saburtalo, but ecologically cleaner districts are becoming increasingly attractive to young couples.

- What are your plans for the immediate future? Which projects are you going to start working on? 

- m² is planning to expand the optima-category line. We are unable to speak about specific plans at this time, but we will definitely have more news in the near future.