Hill Home Residence is the most exciting project for investors that we have seen so far in 2020 and is highly likely to become our best-selling project for the year.
There are many reasons why Hill Home Residence is an ideal project for investors. Firstly we have the location in the popular area of Avlabari, just on the opposite side of the river from the Old Town. The project has been designed so that the vast majority of apartments here have beautiful views over the Old Town with Mtatsaminda Hill beyond. The location is less than 150m from 300 Aragveli metro station, which is just two stops away from Liberty Square – a journey time of less than ten minutes.
More important than these factors, however, is that the Residence is part of a larger project which includes a 170 room ‘Hampton by Hilton’ hotel, which is immediately adjacent to the residential building. It’s always great for investors to buy in a location right next to a branded hotel. By renting out apartments here at just a little over half the price that the hotel is sure to be charging, high yields can be expected.
Hill Home Residence began construction in mid-2019 and is scheduled for completion in December 2021. Standing 22 floors high, each of the lower floors contain just six apartments. From these, all but one apartment per floor have beautiful views towards the Old Town.
The project will be finished to a high standard, as can be expected as it shares a plot with the ‘Hampton by Hilton’ hotel, There will be an impressive lobby with a concierge service with the potential of ordering room service from the hotel, plus 24-hour security. There will also be a small garden area. The maintenance fees for the project will be just 1 Lari ($0.35) per m2 per month, to a maximum of $27 for the larger apartments. Parking here is an additional $10,000 per space.
There are a variety of different unit sizes available at Hill Home Residence, starting with 54.8m2 one-bedroom apartments. These are the only sizes of units without views towards the Old Town and they also don’t have balconies. More popular are sure to be the 54.8m2, 55m2 and 59.8m2 sizes which all have balconies and good views apart from the options on the lowest floors. Those looking for two-bedroom apartments can choose from either compact and highly affordable 69.9m2 apartments or 83.7m2 and 88.5m2 apartments which are only available on higher floors. The 83.7m2 apartments come with two-bathrooms – still quite rare in Tbilisi. For those looking for three-bedroom apartments, there are 157.5m2 apartments available on higher floors.
All apartments at Hill Home Residence are supplied on a ‘green frame’ basis, which means that they come with bare concrete walls, floors, ceilings, no bathroom, etc. It will cost an additional $150 per m2 to make the interior finishing (not counting the balcony which does not need finishing). To make a one-bedroom apartment ready for renting or living it, buyers should also budget $1,000 for a fitted kitchen and $5,000 for all other furniture.
With completion of the project due in December 2021, Hill Home Residence is an ideal investment for buyers who don’t have all of their financing available. The payment plan here is 40% upon contract, then 40% in equal monthly installments until June 2022, with the remaining 20% due only upon completion of the project. Alternatively, buyers paying 100% on contract would receive a 5% discount.
With there being little difference in prices between low and high floor units, investors looking to purchase apartments with the best views should act quickly to secure the higher floor units.