The Orbi Twin Tower, a new 4,500 room hotel complex, is being built on the Black Sea Coast in Batumi. It is the world’s sixth largest hotel in terms of number of rooms and has been awarded the FIABCI Prix d’Excellence 2016, the prestigious “Real Estate Oscar,” in the category of World’s Best Investment Project.
Here the Director General of Orbi Group, Irakli Kverghelidze, tells us about the project itself and the awards it has won.
Orbi Twin Tower is a globally important project. What significance does building the world’s 6th largest hotel complex have?
The list of world’s ten largest hotels is as follows:
- The Palazzo Resort Hotel & Casino, Las Vegas (8,108 rooms)
- The Izmailovo Gamma Hotel, Moscow (7,500)
- The Signature Hotel at MGM Grand, Las Vegas (6,772)
- The First World Hotel, Genting Highlands, Malaysia (6,118)
- The Encore Las Vegas, Las Vegas (4,570)
The ORBI Twin Tower, Batumi (4,500)
- The Luxor Hotel & Casino, Las Vegas (4,400)
- The Mandalay Bay Hotel, Las Vegas (4,337)
- The Ambassador City Jomtien Hotel, Pattaya, Thailand (4,210)
- The Venetian Hotel, Las Vegas (4,027)
Building the sicth largest hotel complex in the world in terms of number of rooms is a matter of pride for The Orbi Group. This project goes beyond merely regional importance and gives global dimensions to the company and the tourist city of Batumi. Further details about the Orbi Twin Tower can be found at the following webpage: www.orbigroup.net.
You have just returned from Panama, where the Orbi Twin Tower project gained worldwide recognition. How significant is the FIABCI Prix d’Excellence for the country?
Good question. Our complex being recognized as the best investment project worldwide is obviously a great victory not only for our company but the entire country.
The FIABCI Prix d’Excellence is a very prestigious prize. There is none more important – it is the same as an Oscar. FIABCI is the international real estate federation, which was founded in Paris in 1948 by leading European and American developers and real estate professionals. In 1954 FIABCI was granted the status of official consultant to the United Nations Economic and Social Council. This is the only real estate organisation which can speak from the UN tribune.
Global projects such as the Trump Tower in New York, the Guggenheim Museum in Bilbao, the Petronas Towers in Kuala Lumpur, Disneyland in Paris, Millennium Park in Chicago, Republic Plaza in Singapore, The Palace in Taiwan, Sinar Mas Land Plaza in Indonesia, Norwest Business Park in Sidney and many other famous architectural projects have won the Prix d’Excellence at various times. It is so important that it is has ensured the advancement of the companies which have won it.
Orbi Group is the first company in the post-Soviet space to win this award. We were competing against huge companies from the United States of America, China, Singapore, Dubai, Malaysia, Japan and Europe, whose budgets are 15 or 20 times larger than Georgia’s, let alone our company’s.
The 70-member jury of internationally-recognised experts from over 40 countries assessed our project alongside those presented by these huge companies over a period of six months. It unanimously declared Orbi Twin Tower to be the world’s best investment project for 2016. Never before in FIABCI’s history has the jury taken a unanimous decision, and this was emphasized by the FIABCI president at the award ceremony.
Orbi Group is selling apartments in Orbi Twin Tower. What makes an apartment different from a flat?
Just like a flat, an apartment is the private property of the customer. The right to the property is registered in the public registry, and there is no substantial legal difference between a flat and an apartment in terms of property rights. The difference is that these apartments are part of a multifunctional hotel complex with a 5 star hotel infrastructure and high class services such as a reception, concierge service, room service, security guards, technical services, a casino, spa centre, outdoor and indoor pools, cafes, restaurants, shopping zones, children’s playgrounds, a medical centre and so on.
The owner of the apartment is not limited to living in it themselves: it is up to them to decide whether to use the apartment for residential purposes, for relaxing or even for renting.
If the owner wishes, the Orbi Group can offer the apartment for rent and the owner will gain a regular income from this rental. It is worth noting that the multifunctional hotel complex, with 5 star infrastructure and services, has created increasing demand for these apartments, giving them a high rental value.
How can an interested person purchase an apartment in Orbi Twin Tower? What are the terms, and what kind of benefits would they receive?
Orbi Twin Tower has a unique architecture and location, being only 50 metres from the sea in the vicinity of the dancing fountains. Each apartment also has a magnificent sea view.
We are conducting a promotional campaign for Orbi Twin Tower, as our company traditionally does for each new project. During this, apartments are available at the best prices. They can be purchased for only 17,500 US Dollars up to September 1st, 2016, with an initial payment of 1,700 US Dollars and monthly payments of 250 US Dollars. The apartments have Italian furniture and European standard fictures and fittings.
The complex includes both standard and higher class apartments. Certain types of apartment will be sold for five hundred thousand, one million or even one and a half million US Dollars.
As for the benefits, I would like to underline that there are two key factors when purchasing or investing in real estate:
- What kind of income could the property bring if it was rented out?
- How much can its value increase over time?
The annual income from a standard rented apartment will be 5-6,000 US Dollars. The value of the property will at least double when the project is fully constructed. The full construction will take another 24 months.
These are rather attractive terms, and I think there will be great interest. How many Georgian citizens are buying apartments from you and what kind of sales dynamic do you have outside the country?
Orbi Group has created a product which should be attractive for both citizens of Georgia and people living abroad. Orbi Group has around 30 offices in 7 countries, and 50 more branches will be opened by the end of 2016.
Our apartments are not just a real estate but a business and a source of regular income. We offer very simple and flexible payment terms for Orbi Group apartments, therefore people living in Georgia who can afford an initial 1,700 US Dollar and 250 US Dollars a month thereafter can easily buy an apartment from Orbi Group. Given the abovementioned, our citizens are very interested in this project and we have many clients from both the cities and different regions of Georgia.
There are also many cases of Georgian citizens living abroad buying apartments for their parents, or other family members living in Georgia, in order to give them a stable source of income. They also take a rest in these apartments on their vacations.
Apartments are available for professionals (for instance: lawyers, accountants, auditors, doctors etc.), who do not have the opportunity to go into business independently; they buy them under a flexible payment system, which yields them an additional income without disrupting their professional activities. As I have already mentioned, the apartments are rented out and managed by Orbi Group and the customer receives the rental money monthly in their bank account.
There is high interest in the apartments from foreign countries such as Germany, Poland, Russia, Ukraine, Latvia, Lithuania, Kazakhstan, Belarus, Israel, America, Dubai, Qatar and so forth. At present we have customers from 35 countries. Now Orbi Twin Tower has been named the world’s best investment project for 2016, overseas interest will only grow.
Can you outline Orbi Group’s future plans?
Orbi Group will launch a large-scale project in Tbilisi in the near future. It is also due to be the first Georgian development company to undertake projects outside the country, and several of these will be implemented. The company plans to develop many other new projects and lines.
Once again I would like to congratulate you on the global recognition of Orbi Twin Tower, thank you for this interview and wish you success. How can a stakeholder contact the company and buy an apartment?