| Majority of Construction Companies Say Completion of Projects is Main Priority in Coming Years |
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01/06/2009 16:50 (986 Day 08:39 minutes ago) | |||||
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The FINANCIAL -- The majority of construction companies interviewed by The FINANCIAL say that their activities in the coming years will be focused on completing projects that are already under development.
Development companies Axis, Arci and Rakeen Development remain focused on completing already-started objects.
The exception is Center Point which, during the years 2009-2010, plans to invest in land and modern technologies.
At the moment company Arci is implementing 7 projects situated in 6 different districts of Tbilisi and one project’s construction planned in Batumi. Totally in 2008-2009 the company sold 10.195 square metres of space. 90% of the spaces sold were dwelling houses.
In 2008, in comparison with the year 2007 sales increased 40%. This increase of sales was caused by the appearance of new objects and the increased choice of flats.
Axis says it will focus on current projects, though the company is working on new products also. At the moment company Axis has 7 ongoing projects. In 2008-2009 Axis sold 25,270 square metres. In 2008 the company had a 20% rise in sales in comparison with the year 2007. Today the cost of 1 square metre at the company Axis is USD 800. Last year Axis reduced prices of each square meter by 10%.
“During the years 2009-2010 Center Point is going to invest in land and buy modern technologies,” says Tika Rukhadze, head of the Public Relations and Advertising department of construction company Center Point.
Currently Center Point has nearly 20 projects under development. During the years 2008-2009 the company has sold nearly 60,000 square meters. Center Point had 30% decreases in sales in 2008 in comparison with the year 2008.
Olympic Star is going to invest in business development. The company is currently working on 6 projects. The number of sold spaces in 2008-2009 was 3,960 square metres of residential space and 1,200 square metres of commercial space. In 2008 after the August war, the sales of the company decreased by 60%. The average price per square metre of residential space of Olympic Star is USD 1,000.
Written By Madona Gasanova
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