22.May .2019 23:49

Government Sells "Babylon Tower" for 24.9 million GEL

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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.