Vele Development is an exciting new project located in one of the most popular parts of Saburtalo, just 100m from the famous King David Residence super-luxury project. The project is also less than 200m from the Technical University Metro Station, allowing for quick and easy travel to all parts of the city, as well as the Sports Palace and Holiday Inn.
Completed in April 2020, this is a boutique project containing only 11-floors. The top floor contains a penthouse plus six other apartments and, above this, a roof terrace which is free for the use of all owners and residents. The lower four floors of the project will contain a hotel, with the remaining seven floors all containing residential units.
Two floors of underground parking are available for purchase. The lowest level is accessible by car elevator and places here are priced at $5000 each. The level above can be accessed by driving in directly and places on this floor cost $10,000 per place.
With Vele Development having been complete now for over two years, there are just a handful of apartments still remaining here – the majority of which are on higher floors. These start with one-bedroom apartments in the range of 50-60m2. For those looking for two-bedroom options, sizes here are around 95m2. The spacious sizes of these apartments means that most of the two-bedroom units can be configured with either one or two-bathrooms. For those looking for more space still, there are also three-bedroom/three-bathroom options of 117.23m2.
Prices at Vele Development are quite reasonable considering the excellent location of the project and the fact that it is ready for finishing works. Prices start at $1050 per m2 for the smallest apartments on the fifth floor, going up to $1430 for apartments on the penthouse level with the best views. The project is supplied on a ‘white frame’ basis, which means that buyers will need to budget an additional $170 per m2 for the finishing of the apartment.
For investors looking to rent out their apartment on a daily/weekly basis, the fact that the lower four floors of the building will be a hotel is a major selling point. Other hotels in close proximity are renting for $100 per night and so it is expected that the hotel rooms here will be priced similarly.
Because the project is completely finished, there is no payment plan available. Buyers will need to pay 100% on contract. However, for those looking for a longer period to make their payments, it would be possible to get a mortgage for 70% of the price of the apartment, with the balance paid off over a period of up to ten years.
Floor Plans & Pricing
- 24/7 Security
- Children's Playground
- Close to Metro
- Roof Terrace