Mortgage loans, one-year interest-free internal credit, and special discounts on second and third-category properties – the King David multifunctional complex is commencing a period of active sales with new, flexible and competitive offers.
Property Georgia spoke to the Head of King David’s marketing department, Nini Mariamidze, and Sales and Marketing Manager, Tini Kapanadze.
King David is starting the autumn season with new consumer-oriented terms. What is on offer for prospective tenants?
Nini Mariamidze: “Promotional offers are part of caring for the customer. Successful individuals with high income constitute our segment. Accordingly, the most in-demand properties at King David Residence are the spacious premier-category properties (200-250 sq. m.). As for the smaller second-category properties (minimum residential space – 54 m2), these are mainly being purchased as an investment. As you know, real estate prices are constantly going up, and owning a property in an elite complex is the best possible investment with a view to renting it out. We also have third-category properties which are mainly designed for families.
Since our main workload concerns premier-category properties, we have decided to offer a promotional discount on the second and third categories, which is attached to the payment system. Based on this offer, the price of 1 square metre starts from $1500. Purchases can be conducted as a single payment, or through a short-term internal credit.
“There has been little demand for mortgage loans thus far, though we are planning to add this option for the aforementioned two categories. Of course, if needed, it will also be extended to the premier category. We are currently negotiating with the leading Georgian banks, who will offer special terms to our customers. Notably, our standard payment scheme includes one-year interest-free internal credit, even though the project will become operational in 4 months’ time. The customer pays 50% of the cost of the property in advance (5% prior to concluding the purchase, and 45% within two months after the purchase), and the other half of the cost 1 year later.”
King David has been invited to participate in the annual European Property Awards this year. The International Property Awards organisation chose your project amongst numerous construction projects. Based on which criteria have you been selected?
Nini Mariamidze: “This was a surprise for us. We were contacted by the International Property Awards organisation, and offered to participate in the European Property Awards. As for the selection criteria, our complex turned out to be the only construction in Georgia that fully satisfied their requirements.
King David combines two independent tower buildings of 31 and 19 floors, respectively. The taller King David Residences tower will consist of residential properties only, while the smaller King David Business Center tower will include a Class A business centre.
This is Georgia’s first condominium-type complex with a full spectrum of services, which offers tenants an opportunity to work, relax, or be entertained without leaving the building. King David will represent Georgia in the Best Multifunctional Complex category at this year’s event. We were also offered to participate in the Architecture category, but chose to concentrate on the multifunctional aspect on this occasion.”
What effect and what benefits would winning the competition have for you?
Nini Mariamidze: “To be among the participants of such a high-level international competition is already a significant achievement. For a Georgian company to compete with European developers is a great challenge. The winners will be announced on 27 October. Should we successfully pass the European stage of the competition, we will be able to participate at a global real estate contest.
“The International Property Awards are one of the best means to enhance international awareness. Winning firms will have the right to use their logo for marketing purposes for one year.”
The King David multifunctional complex is due to become operational by the end of the year. What are the sales like at this stage?
Tini Kapanadze: “At this point, 85% of the construction works and 75% of the engineering works have been completed. The complex will become operational at the end of 2016, while the delivery deadline for the infrastructural part specifically is the autumn of 2017. As of today, 30% of the properties have already been sold. We are planning to begin actively working on sales once the project has been completed. However, we are already posting impressive results in terms of sales even without putting much effort into it.”
– What are the advantages offered by the King David multifunctional complex? Why should we purchase a flat in the King David Residences, or rent office space at the King David Business Center?
Tini Kapanadze: “The King David Residences offers its tenants full comfort in terms of infrastructure and services, including a reception, a porter, a concierge, room service, cleaning, 24-hour security and technical support, a private medical room, laundry/dry cleaning, pet care and a florist, and others. For maximum comfort, the complex offers the following infrastructure: a pool, spa and fitness centres, a garden terrace with children’s playground and healthy café, a beauty salon, restaurants, a winery, meeting rooms, a lobby, a flower boutique, children’s corner, and underground parking.
“As for the King David Business Center, it contains all the aforementioned infrastructural facilities, too. The business centre also falls into the elite segment. Therefore, large local companies and local representatives of international corporations will be located at our complex, and we have already concluded agreements with several of them. We are successfully cooperating with Colliers International Georgia with regards to renting out the properties at the King David Business Center.
King David Residences and King David Business Center are two independent buildings that share comfortable infrastructure and excellent panoramic views of Tbilisi, which is also highly significant.”