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Olympic Star is Altering its Project due to Low Demand

Published: September 9, 2013 | 1:09 pm
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The development company Olympic Star is altering its construction project due to a decreased demand for office space. Company spokeswoman Lela Razikashvili has told TV3 that the project has been altered according to the bank’s demand, and much of the previously planned office space in the housing unit has been replaced with flats. According to her, Cartu Bank asked for the changes to be implemented due to low demand for office space on the market, and talks financing the project in its new form are currently ongoing. Ms. Razikashvili states that the credit must be sufficient both to repay the debts which Olympic Star owes to the Bank of Georgia, and to restart the construction project. The company has declined to make any further statements regarding the details of the project.
Goga Kapanadze, the Director of the development company Axis, has confirmed that against the background of the upcoming elections, demand for office space is currently low. According to him, commercial and living spaces are high in demand at this stage. He adds that Axis is currently focussed on completing the projects which were initiated prior to 2008, and will start considering new projects in November.

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