The FINANCIAL — With USD 45 million investments Maqro Construction has brought the innovative, European-standard residential concept “Green Budapest” to the centre of Tbilisi. While the majority of Georgian construction companies are focused on their homes’ interiors and fittings, Green Budapest is an example of a complete modern lifestyle being constructed in one place. The project will be completed in May 2016. Maqro Construction has already purchased 7 hectares of land in Tbilisi and plans to build a new residential district there with USD 160 million.
The international holding Maqro Construction is one of the largest investors in Georgia. It is an amalgamation of its subsidiary companies, enterprises and projects functioning in different fields. The first project of Maqro Constriction was the Glorya Furniture brand, which is the only producer of furniture to be located in Batumi, in the Adjara region.
Maqro Construction has constructed a four star hotel in Tbilisi, on Gorgasali Avenue. The partner of the project was French company Accor Group, hotel and restaurant chain operator. As a result of this cooperation, the new European-standard hotel “Mercure Tbilisi” started functioning from March 2015.
The most wide-scale project of Maqro Construction to date is the Green Budapest residential complex. Over USD 45 million has been invested in this project and as a result, one more residential complex of European standards will grace Tbilisi’s centre from May 2016.
“Green Budapest is a centrally-located residential project, situated right in the middle of the city. It is important that the project is built in a green zone. We have a 3,500 square meter recreation zone. All of the trees there are old, so we were always determined to keep them. We have specially allotted places for parking. Green Budapest is a unique project with multiple functions. Future residents will have the opportunity to access all kinds of useful services under one roof. Green Budapest provides above and beyond what we would normally expect from an apartment. A fitness centre, childcare centre, basketball arena, skateboard ramps and running paths will all be constructed in the living area of the complex. Supermarkets, a beauty salon and dentist clinic will also be opened in designated commercial space on the first floors. All of this is being created to bring full comfort to our residents,” Emre Yetiskin, Deputy General Director at Maqro Construction, told The FINANCIAL.
Residential apartments of Green Budapest are built to a fully completed state, with kitchen fittings, installed electronics and full garniture in the bathrooms.
“Green Budapest is not only a residential building. It is a complete concept of modern lifestyle. We are giving an example of how common living areas should look. Most of the time, construction companies do not spend resources on their projects’ surrounding areas. They just focus on the interiors of the constructions. We will have a 24-hour security service, which will monitor the comings and goings of any visitors to the complex. This will provide an extra layer of security and protection for our residents. We are implementing a European style of living in Georgia,” said Yetiskin.
Considering the fluctuations of the national currency Yetiskin considers investing in real estate to be one of the best solutions. “As the USD is increasing in strength, purchasing an apartment is a good source of investment. The rate of rent in Tbilisi is very high, especially in the Saburtalo area. Investing in real estate has always been a good option for investment. You can live in it yourself, you can rent it out or sell it. In addition, prices of real estate in the country are always going up. By renting out a new apartment the cost will be fully covered by itself.”
The company has a special offer for potential customers. In the event of a full, one-time payment they are offered 15% discounts. The project will be completed in May 2016.
“The advantage of Maqro Construction is that we are fully covering our expenditure. Accordingly, we are always meeting deadlines and completing projects in time. We are not dependent on sales in order to meet our responsibilities. For example, it took our company only 15 months to fully complete a hotel in Tbilisi,” said Yetiskin.
Last week the company celebrated the one year anniversary of a Green Budapest project. The Mayor of Tbilisi, Turkish Ambassador to Georgia and other VIP guests attended the event.
“Maqro Construction is implementing huge projects in Tbilisi, including residential projects and hotels. Their work is really important as it brings social and economic benefits as well as modern technologies to the market,” said David Narmania, Mayor of Tbilisi.
“Maqro Construction continues to invest in the Georgian economy. The company has already purchased 7 hectares of land for the construction of a new residential district. An additional USD 160 million will be issued for it. It will be a totally unique and innovative project for the Georgian market. 400 people are already employed by the company. The staff number is set to increase in line with new projects we will be working on,” said Rusa Shamugia, PR Manager at Maqro Construction.
Green Budapest has 351 apartments. Out of them, 220 have already been sold.