Saburtalo is the most popular area of Tbilisi for foreign buyers and the most famous and popular street in Saburtalo is Pekini Street due to the fact that it is the best shopping street in Saburtalo. The street also benefits from the fact that it is located between two metro stations, giving quick and easy transport to other areas of the city and there are also several of Georgia’s leading universities within walking distance.
With the street having been developed for many years, there are very few building plots available on the street, which is one of the reasons why Pekini Plaza is such a unique project. Pekini Plaza is also a rarity because it is a true mixed use project. The bottom two floors will be retail and, due to the quality of the location, are sure to be filled with some excellent shops. Floors three through ten are luxurious residential apartments, while the top nine floors of the 19-storey building will be a four-star hotel. Having a four-star hotel as part of the premises many advantages to owners of the residential apartments. For residents, it allows them to have access to a bar and restaurant without going outside while, for investors looking to rent to tourists on a daily or weekly basis, it gives them a reference point for rental prices.
In addition to the facilities provided by the hotel, residents of the apartments at Pekini Plaza will be able to enjoy a private garden area with a children’s playground, 24/7 security through full CCTV coverage plus a concierge service.
The residential part of the project is already complete as of March 2020. The majority of apartments on the project have been sold. However, the developer held back to the release of the ninth floor until the project was complete and apartments here are now ready for purchase.
The majority of apartments here are small studio apartments the size of standard hotel rooms. Sizes for the studio apartments start at 20.53m2 and go up to 29.03m2. There is also a single one-bedroom apartment here of 59.93m2 and a two-bedroom apartment of 84.77m2. All apartments come with balconies and – with all of the remaining apartments on the ninth floor, there are good views from every apartment as they are above the surrounding buildings.
Prices for all of the ninth floor apartments are $2,000 per m2. Unusually for Georgia, all apartments at Pekini Plaza are supplied on a fully finished basis. Buyers can choose from a variety of high quality materials in order to personalize their apartments, but the developer takes care of everything on the buyers’ behalf. With most apartments in Tbilisi sold on a ‘white frame’ basis, buyers here should deduct the finishing cost of $150 for the larger apartments or $175 per m2 for the studios in order to compare with other similar developments.
As apartments at Pekini Plaza are now ready for internal finishing, buyers here would need to pay 100% of the price of the apartment on contract.
As well as being suitable for a luxurious home, Pekini Plaza is also ideal for investors looking to maximize rental revenues. This part of Saburtalo is particularly popular with business travellers and other four-star hotels in the area such as the Holiday Inn and Best Western charge well over $100 per night and achieve high occupancy rates. As a result, for the studio apartment, we are forecasting net annual yields of 14% per annum.
- 24/7 Reception
- 24/7 Security
- Children's Playground
- Close to Metro
- Concierge Service
- Mountain Views