Saturday 30 September saw the unveiling of what is believed to be the largest trading centres in the South Caucasus, in the form of Tbilisi Sea Plaza. The project was officially opened by Georgian Prime Minister, Giorgi Kvirikashvili.
Developed by the Chinese developer, Hualing, at a cost of around $150 million, Tbilisi Sea Plaza contains up to 400 shops, making it by far the largest retail development that Georgia has ever seen. In addition to the retail outlets, Tbilisi Sea Plaza will become the largest commercial core in the region and the extensive amount of warehousing will ensure that it becomes one of the major logistics centres in the Eurasian region.
Georgia is receiving increasingly large amounts of Foreign Direct Investment, much of which has been coming from the Gulf States. However, Chinese developers are also becoming increasingly large investors in the country as part of the country’s ‘One Belt, One Road’ initiative to improve the infrastructure of developing countries in key areas of the world.
The Prime Minister congratulated Hualing on their major achievement, noting the fact that Georgia is the first country in the region to have signed such an agreement with China.
Hualing’s first venture was the construction of the five-star Hotel & Preference Hualing Tbilisi Sea hotel, which opened in 2015 and was the location for the recent World Chess Championships. Immediately adjacent to the hotel is the company’s ambitious Tbilisi Sea New City gated residential community. The first phase of the project was completed in 2015 and will be on-going for many more years, such is the increasing demand for apartments here. Future phases will include houses as well as more apartments.
Finished apartments in the Tbilisi Sea New City project start from as little as $30,000 for a studio apartment. The opening of the new trading centre is sure to enhance the attractiveness of the development to future buyers and tenants, making the project an excellent investment opportunity.