Vake Residence - Gumbati Holding's largest investment project - Diplomat

Values and Trust make our Company – Interview with the directors of Gumbati Holding

During its eight years in the Georgian real estate market, Gumbati Holding has successfully completed 4 projects and has 3 projects under construction, one of which will be completed at the end of the year.

Construction of Vake Residence, one of the major projects in Vake located at Kipshidze St. #1 is in progress; Gumbati Holding is taking on a particularly high responsibility to complete this project, which had been suspended in 2008 by one of the companies. As a result, the 200 affected tenants will receive the same premises for free that they had been waiting for many years.

We spoke to Soso Machaidze and Nato Bochorishvili the directors of Gumbati Holding about the project’s investment volume and how it differs from other constructions in the area.

Please tell us about the history of Gumbati Holding, about its values, and what sets it apart.

Soso Machaidze: Gumbati Holding was established in 2014 and has already implemented and completed four projects, one of which is Vake Residence, which is an important project for us.

As well, we have an ongoing project in Bakuriani.

We place a great deal of value on quality and comfort for all of our residents; It is interesting that most of the people buying our different projects are the same people, since they recognized the quality and want to remain with us. When we receive trust from people, we also have more responsibilities, and with these responsibilities we strive to follow through on what we have promised.

We would like to learn more about the diverse range of experience Gumbati Holding has gained and the projects completed or in progress.

Soso Machaidze: Our company has built multi-functional complexes. We are currently preparing to launch the Ipodromi Residence, which is strategically located in an excellent location. We have also built Vere Business Center, which is a stable tenant area; many international companies are interested in renting our offices there.

Among our most remarkable projects in Batumi is Boulevard Gate, which is distinguished by its quality, location, and visual aspect.

Due to its location, our project Villa Kokhta Mitarbi in Bakuriani is also attractive both as a living space and for an investment, and is therefore suitable for both Georgian and international investors. In addition to hotel-style apartments, the complex has recreational space and is easily adaptable to vacationers’ needs.

In recent months, the company has been particularly active, why is this so?

Nato Bochorishvili: The reason we have been active in the last few months is that we have started a major project in Vake, the Vake Residence, which is being developed on a plot of land that exceeds one hectare. In total, 100,000 square meters will be constructed, so it will be a multi-functional complex with commercial spaces, office spaces, and residential apartments.

Soso Machaidze: Vake Residence is a very large-scale project not only because of its location, but because it’s an ongoing development that began in the 2000s, in which about 200 residents have already bought space, but the 2008 events prevented the construction from happening.

It is worth to note that we completely demolished all existing structures, which already covered up to 20,000 square meters. Because our main requirement is quality, our team made a decision to completely clean the area since it had not been built to our standards, so we started everything from scratch. This project is not only important to us, but also to the 200 people who have been waiting for so long for this building to be constructed.

Nato Bochorishvili: Further, it is important to note that a number of new projects are planned, so opening a sales office in Vake might be just a beginning, and in the future, we may open other sales offices as well; we believe our products can be very interesting to our customers.

Besides the recreation space and terraces between floors, the project stands out because of its non-standard design. What is the importance of such innovations for the Georgian market?

Soso Machaidze: It is very important because there are not enough recreational areas, especially in Vake, so it was very difficult to create a suitable recreation area here. As part of our development, we have created a recreational space which will be used by all residents, an area of approximately 7,000 square meters, a closed yard and children’s playgrounds; we have also considered a two-level terrace in the middle of the building, where various activities will be organized, which is our innovation of great significance.

Nato Bochorishvili: A three-level parking lot is also part of the project, which is designed to accommodate approximately 600 cars; I would like to emphasize that our project meets most of the requirements that are currently relevant in society. Our future residents, for example, place a lot of importance on our recreational areas, and parking is a priority for them. Besides these two criteria, the complex has a wide range of interesting elements, including large stained-glass apartments with different views on Vake and Saburtalo sides and apartments with private terraces.

Does the project have a high investment value?

Nato Bochorishvili: The investment value of this project is over 30 million dollars. The 200 families who are awaiting their apartments will receive exactly the same amount of space that they purchased at the time, some of them, on the other hand, even decided to expand during this period, which we are delighted to see.

Our construction is proceeding very rapidly. Despite its scale, we have set a deadline of 3 years for completion; this includes both the ‘black frame’ construction and the arrangement of the yard and infrastructure. Hopefully we will be able to provide Vake with a beautiful and functional complex in the near future.