Within the framework of the project “100 Investment offers for Business”, the National Agency of State Property Management of the Ministry of Economy and Sustainable Development of Georgia has auctioned the Tskneti Governmental residential buildings.

Tskneti Government Residence (13 Buildings) is located on 89,978 sq.m. The initial value of the land was estimated by Levan Samkharauli National Forensics Bureau for 55,711,500 GEL.

Under the investment terms, the buyer will be obliged to build a hotel and/or residential complex on the whole or part of the land within 36 months after signing the contract. However, the buyer can dismantle or reconstruct existing buildings. The investment that the buyer should make in the project is at least GEL 20 million. Implementation of the project will create new jobs and at the same time promote the economic development of the neighbouring area.

The National Agency of State Property Management launched privatization of state-owned objects. The project envisages holding of 100 parallel auctions and privatization of the property through simplified procedures.