The FINANCIAL — With over USD100 million Lisi Development will complete the second phase of its district by the end of 2016. The Georgian company, which is the proud holder of several international world-renowned marks of excellence, has attracted real estate agencies from Russia and Ukraine. Its ecology, green zone and beautiful views – this is a brief summary of what currently determines the prestige of a district. The concept of Lisi will remain ‘offering a new lifestyle’ during the construction of the second phase.
Founded in 2011, Lisi Development is currently in the completion process of the first phase of its project, called Lisi Veranda. The project will count 160 units in total. These include: four villas, over twenty townhouses and apartment blocks. Realization of the phase has been successfully achieved. Only a limited amount is still available for sale. In the last quarter of 2014 the company started construction of the second phase. Another 260 units will be offered to customers. Construction will be completed in 2016. In the new phase the company will be offering residential blocks, with several floors and also townhouses. Villas will be built near Lisi Lake. The company is successfully cooperating with Dutch financial institution, FMO.
“The main idea of our project was to offer large recreation areas and low-density development. In accordance, out of the total 100%, only approximately 30% is used for buildings. The remaining 70% is used for parks, planting and public places. The second phase is no exception. In order to maintain creativity we have invited 15 landscape designers to present their individual visions of the zone. Accordingly, we will build a more creative district in terms of landscape design. There is no greener district in Tbilisi than Lisi. As sustainable development and green concept are core principles of Lisi Development, Lisi Greens – a subsidiary company of Lisi Development was created. It is a plant nursery, which offers high quality plants from Italy. We have also hired a top-level, famous designer, who is involved in the revetment process of the complex,” Nodar Adeishvili, General Director at Lisi Development, told The FINANCIAL.
“Consumer demands have changed recently. Currently people are looking for lifestyle, additional values that surround and complement apartments. A clean environment, comfortable yard, swimming pool, security, high quality of construction – this is what modern people are looking for.We use European construction materials. High quality is an indivisible part of our work. Cooperation with world leading companies operating in the construction and development sector no longer requires extra explanations of the quality we deliver. Currently we are negotiating with five world-famous companies that will provide elevators for our new settlement. We plan to sign a contract by the end of the current year,” said Adeishvili.
According to Adeishvili, Lisi Lake was well known for its sulphur baths. Accordingly, the company restored them and a new building was built. “This is one of the additional benefits for our inhabitants. In addition to building with a high standard, our residents receive all the surrounding benefits: a lake, recreational area and nature. We regularly conduct research about ecological measures. There is still a significant difference in the measure of pollution in central districts compared to in Lisi. That is why it is highly recommended as a place for families with children.”
Q. There was a long-standing stereotype of the prestige of the Vera-Vake districts. Has this trend changed in recent times?
A. The trend of changing prestigious neighbourhoods has been observed not only in Georgia. This is a changing trend globally. Currently it is trendy to reside in outer parts of the city rather than in central districts. It is significant to note that the suburbs in Tbilisi, due to their scale, need less time to reach the centre than other cities. Presently, location no longer determines the prestige. The type of residence and surrounding benefits of a place are what determine its prestige. Today in the midst of Tbilisi, besides the architectural value of a building, it is impossible to find the same ecology and greenery as there is at Lisi. The level of density no longer gives the opportunity to have 5,000 square metres of park, or a 2 hectare public area, not to mention the parking problem. All these factors help to explainthe positivitythat people feel towards our project.
Q. What share of your consumers are purchasing from you with the help of banking loans?
A. A minimum of 50% of our customers use mortgage loans. We are cooperating with various banks so our customers have a choice which enables them to make the best decision for their individual situations.
Q. Representatives of some development companies have complained that due to the recent instability in Russia and Ukraine the demand for real estate from Georgians residing in these countries has slumped. Have you faced the same problem?
A. We have consumers who are running operations in Russia as well asin other countries. We have not noticed any reduction of interest from them. The demand is stable. 30% of our inhabitants are foreign citizens.
Recently there was a big interest from Russian and Ukrainian real estate agencies. We even arranged a marketing activity on the Russian market. Lisi participated in an international fair in Moscow where it presented its products. It gained big interest from Russians and Georgian emigrants. We are continuing our close work with real estate agencies in order to better promote our products on their markets. It is important that Lisi does not create a mass product. Exclusivity helps us to gain international recognition.
Q. There is no quality control of construction materials in Georgia. Do you think it should become obligatory?
A. Lisi is a company for which quality and safety have been a starting-point from the very first day of its establishment. Accordingly, I think that construction material control needs to be regulated. It will mean that more honest players gather on the market. As a result, potential clients will receive the quality which they expect. It is time to determine criteria, standards and norms which will be maintained by construction companies and developers both.
Q. We hear a lot of criticism regarding damage being done tothe traditional ‘look’ of Tbilisi due to an over-abundance of modern constructions. What is your viewpoint on this?
A. From an architectural point of view we feel obliged to maintain the construction present in the drawings during the building processes. After that we take care of the protection of façades during the advanced stage of the construction. In this regard we have voluntarily implemented quite strict contracts for our potential inhabitants. They cover the protection of buildings’ façades. Everyone is obliged to maintain the visual side of the façade in the same way that they received it. If we did not have this internal regulation there would be a risk that the current appearance would be altered. The visual side is very important for Lisi. We are cooperating with architects.ge, a company that creates successful architectural products not only within our company, but on a wider scale.
City Hall has implemented regulations for maintaining the appearance of the city. The main mismatch is being done during the construction process, when units do not match the original architectural drawings. This is one of the largest problems. Therefore it should be strictly controlled.
Q. Due to the lack of activity of the construction business since the ‘90s popularity of this profession has been decreasing. Are you also facing a shortage of qualified professionals?
A. At present, the educational level of construction, development and engineering fully meets the existing market demands. There are groups involved in this field that are distinguished by their professionalism. You can always find something better somewhere else. Meanwhile we do have sufficient human resources in construction, architecture and engineering that can complete their work well.
Q. What are the competitive advantages of Lisi Development?
A. The unified concept is our main advantage. If you look at the real estate market, you will notbe able to find an analogue of our product. Closed-type, proximity to the city, charming views of the city, different architecture, ecology, green zones – Lisi is the only company that offers them all under one roof. Low-density was the key concept of our project. We are continuing construction with the same parameters. Our residents should not have the feeling that we made maximum use of the land.
This year Lisi Development received its fourth award by the European International Property Awards. The Award is open to residential and commercial property professionals from around the globe. They celebrate the highest levels of achievement by companies operating in all sectors of the property and real estate industry. Competition is measured by many criteria: quality of construction, security, architecture, as well as many other measures according to which the judges determine the winners. An International Property Award is a world-renowned mark of excellence. Winning this prize four times has been a big success of our company. Lisi Development was the first Georgian real estate company to be awarded by Global Brands Magazine. We were competing with leading international companies. It was an additionally important achievement for us. We try to participate in such competitions annually. We consider it to be a sort of measure and control to maintain a standard that will always be in line with our consumers’ demands.
Q. High density is a growing problem for all capitals. Don’t you think that your policy of low-density is slightly less than pragmatic?
A. Low-density was our company’s policy. We wanted to create something different. In total our district counts over 355 hectares of land. The first two phases are located on 12 hectares. We were focused on completing the first projects in line with our initial planning. It will help us to complete the rest of the projects to the same standard. Accordingly we try to maintain the existing unconventional approach.
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