New Construction Complex M2 at Hippodrome: 7 out of 9 Buildings are Already Built
The COMMERCIAL TIMES
(CNA)-M2 Real Estate developer held a media tour today and informed journalists about the progress achieved regarding the M2 Hippodrome complex, the construction of which started in April, 2012. The projects is financed by Dutch Development Bank (FMO) by USD 20 million. The construction process is developing dynamically. Currently, 7 out of 9 buildings are already completed, the rest 2 buildings will be finished by the end of May. The full completion of the complex is planned by September, 2014.
Due to the bank’s demand, the monitoring of the construction process is operated by an American construction-engineering company Aecom (), which conditions strong control of the project development. Only high quality materials are used during the construction and renovation works.
For now, half of the apartments of M2 Hippodrome complex are already sold. Apartment buyers are offered internal mortgage with minimum collateral of 35% of the apartment value by September, 2014 (by the construction completion date). This means that the buyers cover full payment only when the construction is over and collateral is only the real estate to be purchased.
The housing complex is built at 13, Tamarashvili Str., close to the former hippodrome territory, in the center of the city, close to nature. Apartments are sold with full renovation so that owners can move in instantly. Apartment owners’ requirements will be considered during the renovation works.
