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10.06.11 - 16.06.11

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IDECO pioneers to offer healthy and power efficient homes

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IDECO, a joint Georgian-foreign development company, says that 80% of construction work on the Opera Residence, a residential house in downtown Tbilisi has already been completed. Decoration work will be completed by the end of 2011 and the residence will be ready for the real estate market in May 2012.

Located in Mtsatsminda district, at Mari Brose Street behind the Tbilisi State Opera and Ballet Theatre, the Opera Residence is a seven story building, mainly- a housing complex with 65 apartments spread over 9,000 square meters.

The company has already placed some units on the market and office space for rent. The space for apartments starts from 82/sqm up to 357/sqm. Prices for the apartments range from $1,650 per square meter to $3,500 per square meter.

“All of our apartments are in a ready- to- use condition and the buyer can enjoy the comfort of living there. The kitchen will be fully equipped with Italian-based appliances. The apartments are distinguished for their special and functional lay-out,” said Shota Keldishvili, the General Manager of IDECO in an interview with Georgia Today. He added that special attention was given to the construction of the balconies and verandas and hopes they will provide an “excellent place for relaxation and to enjoy the beautiful landscape of Tbilisi.”

The two bottom levels of the complex include office space spread over 2,700 sqm and the rent price per sqm ranges from $15 to $25. According to Keldishvili, the technical specification of the offices will be in compliance with international class A standards. The building contains a well-equipped underground two level parking deck for 140 cars and is available for office personnel too.

“The residence dwellers will be able to enjoy a comfortable backyard, a flourishing garden and a playground for children,” Keldishvili noted.

The construction of the building was implemented by various local and international contractor companies and each of them was in charge of special parts of the project. The interior design of the house was created by Art Studio, a Tbilisi-based architectural company.

Something which Keldishvili is proud of is that the Opera Residence is one of the first eco-friendly houses in Georgia: the whole front walls of the residence will be covered by natural thermo stone-wool warming material. The complex’s frame is complemented with ecologically clean and power efficient Georgian brick, which has low heat resistance, meaning that an apartment will keep its warmth in winter and coolness in summer.

“During construction, our company was a pioneer in introducing European standards and offered the market an ecologically healthy housing structure, where for every tenant there will be provided healthy and power- efficient living conditions,” Keldishvili noted.

By the preliminary estimations of IDECO, the buyers of the house will save up to 30-35% of their energy consumption. For this significant contribution to environment protection, IDECO was given an award by the Ministry of Environment Protection and Natural Resources of Georgia last week.

IDECO was established in 2007. The Opera Residence is the company’s first project. According to Keldishvili, the company looks positively to the future development of the real estate market of Georgia and plans to implement some other projects in the future.

During the post- global financial crisis, sales were extremely down on the real estate market in Georgia due to the fact that nearly all developers stopped construction work. As a number of projects by various construction companies remain unfinished, people remain afraid to take the risk of investing in real estate under construction. In the pre-crisis period, the business was entirely built upon preliminary sales and nowadays, there is a sharp deficit of completed projects.  

Keldishvili is confident that risks are brought down to a minimum for the buyers of the Opera Residence because IDECO sells only the fully completed apartments. “IDECO has designed the mechanism that would enable clients to purchase the apartment area without taking high risks - we offer only fully completed apartments and also give bank guarantees to our consumers,” he said and added that “consumer confidence must be restored.”

By Tamar Khurtsia

9.06.2011

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