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0% Mortgage Offer on IDECO’s 100% Luxury Opera Residence

Published: May 9, 2011 | 11:23 am
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Director General: “Business People Don’t Waste Time Thinking Twice to Live in a Comfortable Apartment.”


IDECO and TBC bank recently launched a joint project offering mortgage loans from 0%.  Those who are willing to buy an apartment at luxury Opera Residence will enjoy mortgage loans from 0% with maximum 120 months loan expiration term, the only requirement is to present relevant income documentation.

“After the crisis on the local construction market mortgage loans have become rather limited. Banks’ role in mortgage lending is very significant as it provides serious incentives for real estate market development. IDECO is the first developer to shake the market and manage launching a joint offer with leading Georgian banks offering mortgage lending from zero percent and loan expiration up to 10 years,” Lika Kardava, IDECO’s  Head of marketing and sales support department  told The COMMERCIAL TIMES.

According to Kardava, besides TBC Bank the company is in negotiations with other Georgian commercial banks as well.

“This is a spring action, which started couple of weeks ago and I would say this new offer has already attracted a big interest. We’ve already made some concrete transactions and some are in the process, meaning this 0% action has already drawn concrete feedback. I think we’ll be doing this project with TBC by the end of spring and then  other commercial banks like KSB, Bank Republic (SG) will also get involved,” said Kardava.

“Opera Residence is an interesting project for TBC Bank as this is a luxury building and what’s most important IDECO is known as a reliable developer. Notwithstanding the crisis in the local construction market the company had no problems in carrying out its project and today they’ve already finished almost 80% of the major works,” said Nino Kacheishvili, Head of TBC Bank’s Sales Department.

As Nino stated, IDECO is not TBC Bank’s corporate client, but the project implemented by the developer is a potentially interesting opportunity for the bank.

“People who can afford buying an apartment in a luxury Opera Residence logically have good income and this is a good client base for TBC Bank. Besides, the location of the building is also very attractive as in this area there are not many newly-constructed buildings and Opera Residence will be the luxury center of the district,” Kacheishvili noted.

The COMMERCIAL TIMES interviewed Shota Keldishvili, Director General of IDECO regarding the company’s ambitious plans considering today’s construction market situation.

- The main construction work of Opera Residence began in 2007 by request of international development company IDECO. By then in Georgia we had a flourishing construction market while since 2008 (especially after the Russo-Georgian war) this sector almost collapsed. How would you assess the project development through these years? What were the main challenges you had to overcome and how positive is the situation today?

- I would not say the situation on the local construction market is positive, especially compared to the 2007 outlook. Both the war and crisis has affected much Georgian developers. Regardless these two factors developing business was doomed to collapse anyway as the supply on the local market exceeded existing demand. Thus, less attention was paid to the quality issue and the main focus was on construction as many buildings as possible. Another bad side of this entire worsened situation was the unprecedented growth of real estate price, which could be regulated but no one cared that much. Any force-major development in the international market directly or indirectly is reflected in the local business environment. All that ended in the total loss of reliability toward developers as some of the significant players of the market failed fulfilling their obligations, leaving clients disappointed.

Today we can say the local developing market is getting stable. Taking into account the recent data, we see rise in February, March and April certainly. However, mostly this positive trend concerns secondary market, because the reliability factor in our population is still low in terms of new constructions and it’s true not only about Georgia but the rest of the world as well.

One of the most vivid proves that IDECO is regarded a reliable company is that our clients are both local and foreign individuals. I dare say Opera Residence is the unique uncompetitive project in the local market.

80% of the construction activities of the Opera Residence are already completed and the rest 20%, which is mostly renovation work, will be shortly accomplished. The project will totally be finished by the end of  December 2011and in May 2012  it will be ready for exploitation.

- The construction work is implemented by Paul Shuler and Irao Group. How did you choose contractor companies?

- Paul Shuler is not our general contractor. This company is in charge of particular construction part of the project. Our contactor companies are also: ICT, Tempo Import, Caparoll, Fenix and others.

Paul Shuler made a very significant job as the construction side is the main part of the work. The building is absolutely seismic-proof, which was a challenge as it partially stands on a rock.

All the contractor companies were chosen cautiously, we’ve had private meetings with their representatives and I believe the winners of the tenders were the decent companies as they all proved to be meeting the announced requirements.

- Opera Residence is known as eco-friendly house. What special materials does the company use in construction process? Are they all foreign suppliers or do use local material as well? How expensive are they compared to ordinary construction materials?

- It should be stressed that the technologies we’ve used in the construction of Opera Residence has no analogue in the local market thus far. All the materials we use are certified and carry no risk of radiation. Though these eco-friendly buildings require 30-35% more resources, quality is really worth it. Our clients are also well aware that quality has its cost. We have no defined price for per sq.m as the final value depends on the individual requirement of the client’s choice of the concrete floor, view and other factors. The minimum 1 sq.m price in Opera Residence housing space starts from USD  1650, which includes fully completed apartment. I would not say this is a big price to pay as this type of high-quality real estate would cost far more in any CIS country.

During construction the most eco-friendly Georgian brick is used, which is known for its heat low conductivity, meaning that your apartment will be identical to keep warmth and cool. This means that Opera Residence inhabitants will enjoy 30-35% energy saving. Besides that, we provide special façade warmth-keeping material- foam plastic by Caparol, allowing tenants to save energy.

Brosse street façade of Opera Residence will be facing with granite. Installed natural wooden doors and windows, painted with natural painting oil lets the tree breathe, which is another important factor when we’re talking about eco-friendly building. Natural wooden floor will be placed in apartments with long-term exploitation.

I’d be happy if all the materials came from the local market, but not everything is produced in Georgia. You cannot find a tile producer here, for example. IDECO mainly use Italian materials, the company has brought Swiss and Belgium technologies to get the maximum quality feedback.

The strategy of our company is to be primarily focused on doing quality business and that is why we’re not engaged in grabbing everything that comes in hand. Currently Opera Residence is our primary care.

- Opera Residence, it’s a house for luxury and colorful lifestyle, respectful residence on a historical street, turnkey residential, amazing panoramic views. How expensive is all that luxury? Who’s your client segment? Are they mostly local celebrities or less-known people who can afford it and have a refined taste?

- Business People Don’t Waste Time Thinking Twice to Live in a Comfortable Apartment. Renovation works as we’re all well aware take time and time is money. We’re doing our best to create best comfort possible for our clients. Those who want to live in the city center, be safe and be provided with best comfortable services Opera Residence is a perfect deal for them. We welcome all Georgian citizens and foreigners to come and move in.

- For the project like Opera Residence location should be the key factor. As the company says choosing Marie Brosse street is based on the high-class value of Opera Residence. What would you say makes the project best associated with the house where the outstanding French scholar himself used to reside here on his visits in Georgia?

- We’re maximalists. Marie Brosse street is one of the best locations IDECO could chose for Opera Residence. It’s a cozy street having direct linkage with all the main streets from all around. It’s a heart of the Old Tbilisi district and the design is maximally in accordance with the old refined taste. We have specially designed balconies that is seen from outside and perfectly meets the concept of the location.

Here we have a school close to the building. Police Office is being built nearby, which means more safety of our inhabitants.

As far as further safety issues are concerned, the house will be served by a professional maintenance company – concierge and technical team will take care of comfort and safe living of tenants, uphold of complex and quality operation of technical aggregates.

- Does the company provide clients with special insurance conditions?

- IDECO has not insured the construction of the Opera Residence. However, when we sign a contract with clients one of the obligations the company takes is to fix all the issues that might be caused in the first 3-4 years.

- Apartments are offered to the clients on a turn-key basis and will be furnished by Italian kitchen furniture and the European household appliances. Are all the apartments same? Or are the clients given an opportunity to offer their own design as well?

- After the crisis there has been a big question mark put on reliability of local developers. The strategy of our company is to start sales only when the building is in the phase when people can see that there’s no risk and no doubt in the successful completion of the real estate they’re offered to buy. Furthermore, they’re given an opportunity to choose the design they think is best for their apartment and move in into the turn-key fully completed apartment and enjoy the comfort of living there. The wide spectrum of apartment design IDECO offers maximally meets the requirement of all types of customer taste.

- In Residence on the ground floor -2,-1 will be placed offices in the following infrastructure insulated Parking place for 140 cars, fitness place for the recreation center inhabitants. 2-6 floors will be dedicated to the living area of residence (apartments space from 82 sq.m to 300 sq.m). How good is the location in respect to commercial space? How good are sales thus far? Do you already have companies buying office estate in Opera Residence? What services does the building offer to businesses and what’s the price?

- Opera Residence is mainly a housing complex of 65 apartments. However we’re also strongly focused on commercial space side of the project and we’re very cautious of choosing companies which will start businesses here as we want to have both dignified inhabitants and respected business sector located in Opera Residence. IDECO has made a decision not to sell office estate and operate it on rental basis. We already have some ongoing negotiations with several companies who’re willing to locate their businesses in Opera Residence.  Rent price is between USD 15-USD 25 per sq.m, depending on concrete client requirements.

- What was the main reason for launching online control of renovation work process in the apartment? What feedback do you get from this service?

- Online control is another innovation we’re offering to our clients. Anyone who’s willing to use this service can contact us and IDECO will install cameras in the apartment and they’ll be free to watch the renovation process online. However, up to now no one has expressed such interest. Mostly people prefer visiting the apartment rather than watching it online.

- Round Table the project of the magazine City was held at IDECO office. Round table was led by journalist Eka Khoperia. What were the main aspects the guests liked most about Opera Residence and did any of them say they’d be buying space here?

- Time saving, which means saving money, is what our guest liked most about the project.Those guests have their own apartments but all of them said they’d be living in Opera Residence with pleasure.

- What are the major projects International Development Company IDECO is known for up to now? Are there any concrete projects set for implementation in close future?

- IDECO has several projects planned for future implementation, but again it depends on real estate market trends. If we see it’s worth spending time, money and energy on concrete project and there’s a real motivation behind it we’ll get down to business right away.

IDECO has some completed projects abroad, mainly in Ukraine where we have constructed a mixed housing complex with business center, fitness and pool facilities.


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