30th Nov 2018 08:26
LONDON (Alliance News) - Georgia Capital PLC said on Friday it has made progress on housing and real estate projects approvals in Georgia, through subsidiary m2 Real Estate.
In the housing development business, the Tbilisi City Hall Municipality Council gave its approval for a 3,000 apartment housing project. m2 will progress the project in three stages, starting with pre-sales in December where the total sellable area is 22,000 square metres.
The construction and development of 168,000 square metres in residential and 84,000 square metres commercial spaces is expected to continue for four years.
In addition, the housing development business's construction arm has opened a college for vocational education in Western Georgia, at a project cost of GEL3 million to offer courses to construction specialists.
For the hospitality and commercial real estate, a construction permit was granted by Kutaisi City Hall for the development of a 125-room hotel which will be operated under the Ramada brand is expected to take in its first guests in the fourth quarter of 2020.
Georgia Capital shares were down 1.2% at 1,135.20 pence early Friday.
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