Georgia Capital PLC (the Group or Georgia Capital) announces the following developments within its Housing Development and Hospitality & Commercial Real Estate businesses, owned through m2 (“m2” or the “Company”):
Housing Development business
Tbilisi City Hall Municipality Council has approved the Company’s largest ever in-house affordable housing project’s masterplan brief. The project, which will add around 3,000 apartments to Housing Development’s portfolio, will be developed in three stages. As a result, m2 will start apartment pre-sales from December 2018 for stage one, where the total sellable area is approximately 22,000 sq.m.. The construction and development of 168,000 sq.m. residential and 84,000 sq.m. commercial spaces will continue for approximately four years.
The Housing Development business’ construction arm has now officially opened a college for vocational education in the Zestaponi Municipality (Western Georgia). The college, with a total project cost of GEL 3 million, offers 11 short-term vocational courses to more than 600 construction specialists/workers annually. The Company expects to employ most of the college graduates within its construction arm.
Hospitality & Commercial real estate business
The Hospitality & Commercial real estate business has received a construction permit from Kutaisi City Hall to develop a hotel project (the “Hotel”) in Kutaisi. The Company intends to develop the 125 room hotel, expected to operate under the Ramada brand, over the next two years and welcome its first guests in the 4th quarter of 2020.