The FINANCIAL — Underground works on the project are already finished. It is built five floors underground and two operating above the ground. The total cost of the project is USD 55 billion. The project has been temporally delayed.
“Currently we are negotiating with foreign companies in order to receive additional funds. We have already spent about USD 9 million. Before the beginning of the project we conducted market research in order to find out what was most demanded on the local, Georgian market. From the very beginning we planned to start building the complex with our own budget and later work on attracting investors. We did not sell any space from our future project. Company Axis doesn’t expect any finances from the Government.”
“The Axis Towers business centre will be located near the monument of the Georgian poet Galaktion Tabidze on Chavchavadze Avenue in Tbilisi. The Axis development company seeks to contribute to the buildings of the Georgian state by creating an A-class business centre that corresponds to international standards and which ensures the provision of top-quality services to its tenants.”
Uptown Tbilisi, by Rakeen Development
Construction of Uptown Tbilisi is currently in its active phase. In November 2008 Rakeen Development signed a contract about cooperating with International Finance Organization (IFC). According to the new agreement IFC became the co-partner of the project Uptown Tbilisi. IFC made investments to the amount of USD 49.7 billion. The total cost of the project is about USD 630 billion. The construction processes of the project are divided in several parts. In the first part of the year 2010 the building processes of the trading centre in Uptown Tbilisi will be completed. As for the total completion of the project, it is planned to be finished by the end of 2012.
Uptown Tbilisi is located in the Digomi district. The complex is directly connected with the main route of Tbilisi. It’s 15 kilometres distance from the centre of Tbilisi. Uptown Tbilisi will include residential and office spaces, a trading centre, Leisure Park, cafés, restaurants, cinemas and so on. The various directions of Uptown Tbilisi will give the opportunity to the residents and workers of the complex to receive useful service without leaving the territory.
Tbilisi Heights, by Rakeen Development
Tbilisi Heights is a residential and commercial space on 180 hectares of land in Tabakhmela. The main advantage of the project is its close location to Tbilisi. It is an ecologically clean environment with beautiful sights, where the ‘City in a City” will be located. It will include a 5 star hotel, boutique hotel and residential fashionable villas, trading centres, medical centres, school, sports complex and the first golf club in Georgia, equipped with international standards.
In Vardzia, Batumi and Gonio, Rakeen Developments plans to develop tourism and resort infrastructure.
Written By Madona Gasanova
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