A 7-minute walk distance from the center of Tbilisi, at 920 meters above sea level, a private residential area “Tsavkisi Panorama” is being built. The project, in which more than $30 million was invested, combines ecologically clean environment and infrastructure of modern standards. “Tsavkisi Panorama” completes the construction and sales of the district almost two years earlier than planned, the managing partner of the company Gegi Vasadze talks about the determining factors, as well as important details about the project.
First of all, what was the main inspiration when working on the concept of the project?
We started developing the project concept in 2021. While working on “Tsavkisi Panorama”, the priority for us was its correct urban planning, as well as preservation and improvement of the natural environment in the area. The main inspiration for the concept of “Tsavkisi Panorama” was its distinguished location and panoramic views. Therefore, the development of the settlement was significantly influenced by the recreational format. Accordingly, a large part of the project area was dedicated to green space and eco-friendly infrastructure. I think we were able to successfully integrate the new spaces with the natural environment.
As a result, we have achieved that “Tsavkisi Panorama” thoroughly responds to both modern urban requirements and the needs of users. This project was created for those people for whom ecologically healthy environment, well-equipped, modern infrastructure, safety and comfort are especially important. “Tsavkisi Panorama” offers those who want to get away from the crowded and tiring urban environment of the city to enjoy the ecologically clean environment and panoramic views in the vicinity of Tbilisi, without leaving home.
What does “Tsavkisi Panorama” include?
The district covers 13 hectares, where there are 98 individual plots of land provided with all communications. We tried as much as possible to avoid tight planning and to allocate a large space for each resident. As a result, the area of land plots in “Tsavkisi Panorama” ranges from 700 to 1,300 square meters.
In order to preserve a large amount of the natural environment in “Tsavkisi Panorama”, we have introduced some restrictions. Among them, we limited the number of floors so that panoramic views are available to all residents as much as possible. In addition, we set the same fence standard to maintain the concept of the neighborhood more.
The territory includes a 1.5-hectare recreation area, bicycle paths, a 1,000-meter-long walking alley and an artificial lake. “Tsavkisi Panorama” also has children’s entertainment spaces divided by age, a sand field, slides, basketball courts and football grounds.
Are you completing the project ahead of the planned schedule – can you share the original planned timeline and actual completion date?
We started working on the “Tsavkisi Panorama” project in 2021. Initially, we had determined the end of 2025 as its completion date, but we are able to implement the project much earlier. According to the current situation, “Tsavkisi Panorama” will be completed by the spring of 2024.
What factors contributed to the premature completion of “Tsavkisi panorama”? Were any changes made to the project to speed up the implementation process?
The early completion of “Tsavkisi Panorama” was contributed by the high demand for the project. The land sales process went faster than we initially had expected.
In addition, thanks to our great efforts, we have fulfilled our commitments to clients much earlier and even exceeded our obligations. For example, the project planned to plant 800 saplings, and we increased this number to 2,000. We also made a surprise for the future residents of “Tsavkisi Panorama” – it was not promised, but we recently added an artificial lake to the project.
What is the demand and sales rate in “Tsavkisi Panorama”? What effect did the recent rise in real property prices have on all of this?
We started sales in “Tsavkisi Panorama” as early as in May 2021, shortly after the start of work on the project. According to the preliminary plan, we had 2.5 years to complete the sales, but the interest exceeded our expectations. At the given time, 92 out of 98 plots of land in “Tsavkisi Panorama” have already been sold.
I think that the similar pace of sales and the high interest in the project were caused by the concept of “Tsavkisi Panorama” and other distinct advantages. This is also evidenced by the fact that the recent increase in prices of real property did not cause a decrease in demand for the project.
The rise of interest in this type of residential areas, in my opinion, was greatly influenced by the coronavirus period. People have evidently come to appreciate the luxury of having their own home and yard. I think that our project is one of the best choices for these people. This is due to its relatively close location to the city – “Tsavkisi Panorama” is just a seven-minute walk from Freedom Square.
It should be noted that all the buyers of our project have purchased these lands for permanent residences and not for summer residences.
Who is the primary buyer? How high is the interest of investors in the project? What investment opportunities do they have?
100% of the land owners of “Tsavkisi Panorama” are citizens of Georgia. Among them, there are quite successful doctors, athletes, heads of leading companies in Georgia and distinguished representatives of various fields. And, simply, they are people who prefer living in an eco-friendly environment, quality infrastructure, high level of security and proximity to the city.
The project is quite interesting from the investment point of view. Due to the fact that the demand for similar types of living spaces in the local market has increased, while the supply is still small, we have a buyer who bought a plot in “Tsavkisi Panorama” both for building his own house and for future sale.
After the end of the project, how will you maintain the connection with “Tsavkisi Panorama”?
After the completion of the project, we will have constant communication with the residents of “Tsavkisi Panorama” so that the area can be improved, developed and adapted to their needs as much as possible. Once in every three months, we will compile a list of important issues, which we will implement according to priorities.
In addition, it is our responsibility to maintain the sports fields, recreation area and entertainment spaces arranged in “Tsavkisi Panorama”. Also, provision of 24-hour security in the area. Our goal is to create the safest possible environment for parents to be able to safely let their children out on the territory of the district. I think that the calm and harmonious environment, which the various spaces of “Tsavkisi Panorama” will offer to its residents, will have a positive impact on the level of socialization in the area.
What makes “Tsavkisi Panorama” unique? What distinguishes it from other similar projects implemented in the country?
Our group started working on similar projects in 2008. The first project we implemented was “Tsavkisi Valley”. The uniqueness is expressed in the fact that we have accumulated 15 years of experience in this direction, which we rely on when planning new projects.
The location of “Tsavkisi Panorama” is also unique. From one side of all 98 plots of the district, there is an ideal view of Tbilisi, and on the other side, the territory is bordered by a massif of forest. As I mentioned above, through proper planning and setting certain restrictions, we managed to ensure that the houses in “Tsavkisi Panorama” do not block each other’s view.
The greenery in “Tsavkisi Panorama” has a total area of 15 thousand square meters. Perhaps we will not be able to find an analogue of this in similar projects. Also, it should be noted that in addition to the green spaces arranged by us, Mtatsminda Park and Technopark are located near “Tsavkisi Panorama”, in addition, it is planned to create new spaces for entertainment and recreation. All this increases the potential of Tsavkisi and makes it an even more attractive place for both those who want to live there and for investors as well.
Can you elaborate on your prospective endeavors and aspirations.
At the moment, the priority for us is “Tsavkisi Panorama”, which is already in its final stage. Of course, the company plans to launch new projects, detailed information about which will be made public in 2024.
While working on the “Tsavkisi Panorama” project, it became clear to us that the needs of modern people have changed and today they want to live in an ecologically clean, peaceful and harmonious environment. On the other hand, the high demand for the project convinced us that we were able to correctly define the needs of users and create a high-quality living environment for them.
Therefore, after the successful implementation of “Tsavkisi Panorama”, we would like to offer our customers quiet and safe living spaces equipped with modern standards. We have the ambition to take a leading position in the market in this direction.
