Chovelidze 10 is a luxurious new boutique project which has been designed very much with the short-term rental market in mind. For tourists, the location is absolutely ideal, being located on the borders of Vera and Mtatsaminda. The five-star Rooms and Stamba Hotels – probably the best-known luxury hotels in the city – are both located less than 100m from the project, with Rustaveli Metro less than five minutes’ walk from here. Other attractions within the vicinity include the Philharmonia Concert Hall, Vera Park and some of the best bars and restaurants in Akhvlediani Street.
The project started construction in late 2019 and is scheduled for completion in July 2020. Chovelidze 10 consists of just four floors, containing just 11 luxurious apartments. The first floor of the project consists of commercial areas, with a beautiful Asian-influenced garden area at the rear. The project will be totally secure with CCTV coverage throughout and a security guard on duty during the night. During working hours, a concierge will be available to answer any questions that residents or guests may have,
The majority of apartments here are studio apartments of just under 40m2 – roughly the same size as a luxurious hotel room. Those looking for larger spaces which would be ideal for year-round living are also available, with an 83m2 one-bedroom apartment available, plus an 80.1m2 two-bedroom apartment. For anyone looking for the ultimate in luxury accommodation, there is also a large, 211.5m2 three-bedroom apartment with large terraces that comprises the entire fourth floor of the building.
Introductory prices here for the majority of apartments here are $2,595 per m2 in green frame condition, with the penthouse being priced at $3,850 per m2. For an additional $590 per m2, it is possible to buy here with complete finishing and luxury furniture so that apartments here would look identical to the pictures above.
With starting prices of just over $100,000, a purchase here would immediately qualify anyone interested in obtaining Residence in Georgia to enter the government program. Cadastrial Codes for each apartment will be ready once the project is completed in July 2020.
The payment plan at Chovelidze 10 is the most common one in Tbilisi, namely 30% upon contract, with the remaining 70% spread across the course of the build in equal monthly installments.
Prices at Rooms and Stamba Hotels are always in the region of $220 to $350 per night, so it is forecast that the standard studio apartments at Chovelidze 10 should easily rent for $99 per night – just 30-50% of the prices at the neighbouring hotels. At just 40% occupancy in the first year of operation, this should see net yields of 8.1%. With minimum occupancy of 60% expected for subsequent years, this should increase the net yields to 12.47%
With this boutique project consisting of so few apartments – only eight studios – interested buyers should act quickly in order to secure the best units here.
- 24/7 Security
- Close to Metro
- Concierge Service