Green Valley International Real Estate Group, one of the largest real estate companies in the United Arab Emirates (UAE), has suspended multimillion-dollar projects in Tabakhmela and Gonio. In particular, the Green City in Tabakhmela and Tower – in Gonio.
Vakhtang Gurgenidze says in a conversation with Commersant that they don’t face financial problems as they have close relations with the investors but refrain from specifying the reason for which they’ve decided to postpone the construction.
Gurgenidze can’t define whether the project will be carried out or not at this stage.
As reported, the launch of the construction in Tabakhmela was announced in the spring of 2018, though later the construction dates have been adjusted several times.
Green Valley City project was planned to be located on the area of 88sq.m 35% of which was to be covered with green plants. In addition, modern architecture should have been integrated, which is consistent with the highest standards of environmental protection.
The project envisages the arrangement of a swimming pool, football, basketball and tennis courts, zones for children, Turk baths, supermarkets, luxury restaurants, cafes and retail facilities.
The investment cost of the project is $ 30-35 million.
Note: The Arab company started the Tower construction in Gonio in May 17. In Gurgendze’s words, the investor has suspended the project. TWIN TOWERS consist of three towers- 28-srorey and 20-storey buildings. The construction was planned to be competed in 2021. The towers will include the hotels operated by Green Valley company.