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.
Due for handover in December 2019, 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.
Vele Development has a wide variety of unit sizes for potential buyers to choose from. These start with one-bedroom apartments of 49.83m2, going up to 59.48m2. For those looking for two-bedroom options, sizes here range from 93.45m2 to 96.45m2. 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 highly affordable considering the excellent location of the project, starting at $800 per m2 for the smallest apartments on the fifth floor, going up to $1250-1450 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 $150 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. Even with short-term rental apartments priced at $34-39 per night depending on season, – less than half the price of the hotel rooms – investors can expect a net yield around 12.5% for the smaller apartments here.
For those looking to buy in order to obtain Residence in Georgia, the Cadastrial Codes for all apartments here are already in place, which means that buyers can apply for Residence immediately that they have made full payment for their apartment.
With the exterior of Vele Development having been completed in the summer of 2019, buyers here can start on their finishing in October so that their apartment is complete at the same time as the common areas in December 2019. Because the project has reached this advanced stage, the normal payment plan is for 100% on contract. However, for those looking for a longer period to make their payments, Vele Development is one of very few projects in Tbilisi where it is possible for foreigners to get financing. Those buyers wishing to obtain financing can pay just 30% on contract with the remainder over a period of up to three years. The interest rate will be 7% – lower than other financing options for foreigners.
- 24/7 Security
- Children's Playground
- Close to Metro
- Roof Terrace