Another investment business opportunity supported by the Georgian government is Kiketi Retirement Housing, which is considered in the Hospitality & Real Estate sector. As we said in the previous articles, the Georgian government has a strong investment offer for investors, it has a liberal and free-market-oriented economic policy, access to a 2.3 billion consumer market through its solid FTA network including both EU and China, educated, skilled, and competitively priced workforce, 6 types of low and flat taxes, significantly decreased the number of licenses and permissions, well developed, integrated and multimodal transport infrastructure.
More details about Kiketi Retirement Housing
The subject property is a former youth camp, that was constructed during the Soviet period, in the second half of 20th century. Although, the main building with a total area of 9,363 is still standing, it is in a critical shape and would hardly be suitable to utilize for the future development. The property is located in the village Kiketi, that belongs to the municipality of Tbilisi, which is 30 km away from the city itself. The land is surrounded by the forest and recreation. Proposed development is a retirement housing that will target higher-income households. Retirement housing will offer a hotel-type accommodation for elderly, especially for those with special needs The proposed development quantum includes: residential care with 250 rooms, a nursing care clinic, restaurant-style dining, social & leisure area and a kid’s area. Total gross floor area of the whole development amounts to 11,762 sqm.
Location: Kiketi, Tbilisi municipality, Georgia
Total land area: 26,388 sqm
Cadastral Code: 81.01.14.030
Estimated Property Price: USD 0,5 mln
Total Development Cost: USD 8,5 mln
EBIDTA from all sources in 10 years period of time amounts to around USD 7,2 mln