At 920 meters above sea level and 7 minutes’ drive from the center of Tbilisi, a new district with modern standards “Tsavkisi Panorama” is being built. Inspired by the panoramic views, the 13-hectare private neighbourhood includes 98 individual plots of land, 1.5-hectare recreation area, 2 sports fields, a skate park, bike paths and a 1000-meter-long walking alley. The project, the investment value of which exceeds 30 million GEL, is led by the company “Tsavkisi Panorama”. We have talked to the managing partner of the company, Gegi Vasadze, about the details of the project, the trends of life outside the city and the development of future districts.
First of all, tell us the details of the project, what “Tsavkisi Panorama” includes and what type of infrastructure you offer to users.
We started working on the project in 2021, which first of all included the creation of a master plan and its proper planning from an urban point of view. While working on the development plan, our main goal was to maintain the recreational nature, harmoniously develop the space and integrate it with the existing environment. Tsavkisi Panorama is an area located on 13 hectares, which includes 98 individual plots of land provided with all types of communications. When planning the area, we tried our best, so that the project would not be densely populated. We refused to divide it into small land plots and offered plots between 700 – 1.100 sq.m to the customers.
The main inspiration of the project concept is its unique location, panoramic views, proximity to the city and at the same time synthesis with nature.
Accordingly, the project is adjusted to the needs of people with modern lifestyle, for whom ecological condition, well-equipped infrastructure, safety and living environment are important, which, at the same time, is an important investment.
We provide all the necessary communications for 98 land plots, their connection to water supply, sewerage system, electricity, natural gas, drainage system and the Internet, as well as an asphalt road, which is entirely implemented with company’s investment.
I should also mention that the appearance of the area is the most important for us. We have certain restrictions, such as the limitation on the number of floors and the same fence standard. On the one hand, this is a limitation, but all this together allows us to get a unified eco-friendly environment.
Does the project include the creation of a recreational area?
When thinking about the development of Tsavkisi Panorama, one of our main goals was to create a neighbourhood in an ecologically clean environment, which was also greatly influenced by the recreational format, where a large part of the project was given to green spaces and eco-friendly infrastructure.
The project includes a 1.5 hectare green park, which is bordered by a forest massif, all this creates a healthy ecosystem. You cannot find this kind of recreation in any other similar neighbourhoods, which is a great advantage for us.
In addition to recreational areas, in our project you can find a 1-km walking alley, bicycle paths, children’s entertainment spaces divided by age, a sand field, slides, and for adults a skate park, tennis, basketball and football fields.
It is our commitment to ensure the maintenance of the existing spaces, 24-hour security in the area and to create the safest possible environment for parents to be able to let their children play and socialise outside with the peace of mind, which is especially important in modern environment.
What is the total investment of the project?
At this stage, the investment in the project exceeds 20 million GEL, and the total investment is 30 million GEL.
Who is building “Tsavkisi Panorama” and what kind of experience do they have working on this type of projects?
The project is implemented by “Tsavkisi Panorama”, which is an investment group from Israel. The investors from this group have been working in Georgia since 2006 and have implemented many other projects, including the “Tsavkisi Valley” project, which was one of the first western type neighbourhoods in Georgia.
What is the sales trend, how much demand is there for this type of projects?
We started sales of the project in the beginning of 2022. We predicted 2.5 years for the entire sales process, however, the interest exceeded our expectations and at this stage 70% of the land plots are already sold. Therefore, we think that we will finish sales within next 6 months, much earlier than planned. I believe this was stipulated by several clearly defined advantages and the concept of the project.
Who are the basic buyers?
The residents of our project are mainly people with a modern lifestyle, for whom ecological environment, infrastructure, security and proximity to the city are important aspects. For some buyers, our project is also interesting in terms of investment, as the value of the land in our project in the last year only has increased for almost 40%.
How much does a square meter cost and how are land prices rising?
The rising trend in real estate value today is much more noticeable than in previous periods. At the moment, in our project, the cost per square meter is $150, while we started selling at $85. However, this is an intermediate stage and we plan to increase the price to up to $200 based on the project development.
Why did you come up with the idea of creating such an area, do you think that out-of-town living is the trend of the future?
We were one of the pioneers who implemented a similar project in 2007 in “Tsavkisi Valley”. At that time, many people were telling us that no one would go live outside the city, when the mobility of people was happening massively in the cities. Despite this, sales developed at the same pace as we had planned 15 years ago, although it should be noted that today the trend to live outside the city, in a healthy environment, is even more growing and in demand compared to previous periods. All this took time, during the implementation of the previous project, we felt that we were ahead of the times and one day country life would become part of luxury. This is a Western practice that has been developing for decades, which also contributes to the urban development of cities, the expansion of road infrastructure and communication networks.
How does Tsavkisi Panorama differ from other district neighbourhoods, what do you think is your main advantage?
I think it is difficult to single out one particular advantage, because the Tsavkisi Panorama is really a place where everything is perfect for an ideal life. Just in a few minutes from Freedom Square, away from the noise and chaos of the city, here you will find an ecologically clean, protected, green environment, a panoramic view of the city and a residential complex created for a healthy, harmonious life. The surrounding area, near which the project is being built, is also very important. In addition to the green spaces we have created, there are Mtatsminda Park, Techno-Park, new spaces are being created and developed, which makes the potential of Tsavkisi even more attractive.
When does the company complete infrastructure development?
Residents of Tsavkisi Panorama will be able to live an ideal life from Autumn 2023. At this stage, the works on laying communications have been fully completed. In the spring we will begin working on the arrangement of green alleys, squares and other infrastructure, and the last stage is asphalting, which we will implement in August. At this stage, the construction of several houses is already actively in progress, which makes us very happy. From our side, we are ahead of the deadline commitments made to the buyers, which means that the residents will soon enjoy all the advantages of living in the countryside.
Does the completion of work mean a complete exit from the project?
This is a living organism, after the completion of the project, we will continue to actively discuss with the residents about what additional benefits we can add to the project, because it will become even more noticeable when the residents are already settled. Once every three months, a list of important issues is compiled, which we will implement according to priorities. In this sense, the project will not be closed in 2023.
What payment terms do you offer to buyers?
We try our best to adapt to the buyers and offer them acceptable conditions. We have internal interest-free instalments and, of course, we cooperate with banks.
Are the company’s future plans related to the development of similar district neighbourhoods?
Definitely. The company’s goal is to create an ideal living environment for people, which we have been thinking about since 2007, and this is confirmed by the successfully implemented project – Tsavkisi Valley. I think the main inspiration of the current trend is our project, which makes us very happy and is also a big responsibility, so we have an ambition to offer the best projects in terms of private residential areas to future residents and also to take advanced positions among competitors. When planning each project, we feel responsible for how a healthy, ecologically clean environment is important for future generations.
In the second half of next year, we will surely come back to you with pleasant news and we think we will exceed expectations.
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