Government of Georgia sold “Babylon Tower”, multistorey building located in the center of Batumi. The land and the building was bought by “MC Construction” through electronic auction.
The auction started at 24.5 million GEL, which is 33% cheaper than the privious auction which did not yeild any result.
“Babylon Tower” should have been finished in 2015, but the developer of the project “TAM GEO LLC” did not fullfil its obligations.
New investor who bought the building is obliged to purchase the land with the same conditions of the previous agreement.
According to the investment agreement, hotel rooms should not be less than 168. In regards to the height of the building the agreement says that there should be at least 33 floors.
See all the news
Agreement signed between Silknet and Euronews to launch “Euronews Georgia”
Parliament Lifts Immunity from UNM member Nika Melia
Land Sale brought GEL 20.9 million to state budget
Putin Instructed Lavrov to issue a warning for Russian travelers who plan a visit to Georgia
“APM Terminal Poti” Director – We Are Waiting for the Restoration of Our Rights
ICC: New Regulations will Cause a Cash-Flow Problems for Many Companies
Government Sells “Babylon Tower” for 24.9 million GEL
“Georgian Manganese” Enters into the Legal Dispute with its Employees
Kutaisi bypass road to be modernized as 4-line highway
Ryanair Might Start Operating in Georgia in 2020
TBC announces that it has appointed Jyrki Koskelo as a Chairman of the TBC Bank Supervisory Board
“Private sector has shared interesting ideas that I believe can become part of legal framework,"- Bakhtadze
TBC Bank acquires leading Uzbek payment platform Payme
The current account deficit amounted to 458.1million USD in the fourth quarter of 2018
Moscow Plans to Expand Canal System Between Caspian and Azov Seas - Jamestown