Real estate pre-sales have already begun for the $250 million Coral Seaside Resort development project, situated right on the seafront near Batumi.
The project is being developed through a partnership between three Georgian business groups - Ibercompany Holding, Grande Group and Mziuri Development. The multifunctional complex will include a five-star hotel, private yacht club, beach club, swimming pools, spa and wellness facilities, sports and children’s zones, as well as business and commercial spaces.
In an interview with Giorgi Isakadze, host and author of the TV program Business Weekly, Levan Diasamidze, General Director of Coral Development, discussed the project’s concept, location, the partnership behind the Coral brand, market demand, and the investment expected to flow into the development.
Levan, what is the origin of the Coral Seaside Resort idea, and how did it take shape?
When considering a real estate development, location is paramount, so naturally, that was our primary focus. We selected a magnificent site with stunning sea views. Ours is the only development located directly on the water’s edge - not simply on the “first line,” but right on the seashore. In effect, the complex will have its own private beach.
Early on, after acquiring the land, we were walking around the site and found a seashell on the shore. When we commissioned architect Davit Gogichaishvili, who has created remarkable projects in both Adjara and Tbilisi, he surprised us by delivering the concept in just two weeks. The color palette and balcony orientation were inspired by that very seashell. I still have the shell in my room in Tbilisi, and once the project is completed, it will have a special place within the complex.
Several companies are collaborating on this project. What kind of business alliance has been formed under the Coral brand?
There is a very interesting synergy between three groups, which is also represented by the three seagulls in our logo. Grande Group is a long-standing player in real estate development, with completed projects in Krtsanisi, Gldani, Digomi and other parts of Tbilisi. Mziuri Group is also developing impressive projects in Adjara, while Ibercompany Group operates across around seven business sectors, including real estate development.
This synergy between three different developers has come together in this project, and I believe each brings something very interesting to the table. Credibility is also crucial, both for me and for the customer. When buying into a project, it is important to know who stands behind it - whether they have actually built projects before or are simply selling “air.” In our case, we have a proven track record. We know how to execute projects, and these are the groups developing Coral.
Coral has already started communicating with potential buyers, and the first sales have taken place. What makes this project attractive as a residential destination, and what is your message to investors and potential buyers?
We have just signed contracts with brokers and launched pre-sales. We will hold the official launch in the near future and provide detailed information to our audience.
The aparthotel project will feature a five-star hotel chain. Negotiations are currently underway, although I will refrain from disclosing the brand name for now. It will be a comprehensive, multifunctional complex with facilities including spa centers. The location and environment we are creating will be exceptional, and our primary focus is maintaining high quality.
Quality expectations have risen significantly, and I am confident this project will be successful. The views and air quality are excellent. Although we are technically in Batumi, we are slightly removed from the city center, in an area with less pollution. This gives us a great opportunity to create a truly strong project. The sea in our specific area is also exceptionally clean and clear.
The project will also include a yacht club, which is one of its distinctive features, as well as a beach club - something currently lacking in Batumi’s resort areas. In this respect, we will certainly stand out in Batumi’s real estate development market.
You mentioned growing demand for high-quality, luxury-segment properties. What trends are you seeing, and what makes you confident this project will attract interest from residents and investors?
We thought carefully about the timing of the project’s launch and were looking for the right moment to enter the market. We know that sales in Adjara depend significantly on the geopolitical situation, while Tbilisi is somewhat different. Around 90% of our customers are foreigners, particularly from the UAE, so timing is important, especially given the geopolitical landscape.
I believe we have reached a point where demand has increased, and studies also confirm growing demand for high-end real estate. At the same time, we are seeing increased investment from the UAE and Israel, where a sense of stability has been affected to some extent. Developments in Iran are also having an impact.
Therefore, I believe the timing is right, and this momentum should be used not only by the real estate development sector, but by the business community and the broader economy. It is an opportunity that should not be missed.
Based on the business alliance between Mziuri Gardens, Grande and Ibercompany Group, I get the impression that this will be the first, but certainly not the last, project under the Coral brand. What are your plans?
We do have plans in the works. First, I should mention the scale of the investment. The construction cost alone is approximately $250 million. I believe we will contribute, even if by 0.001%, to the country’s economic growth.
The Coral brand will certainly expand. We already have several concepts in development, which we will definitely share with you.
In your view, and considering your business group’s decision, why is there such a strong focus on the resort sector? What will ultimately make Coral Seaside Resort stand out?
The first aspect is quality - specifically, the quality of the complex itself, which will undoubtedly be premium. The second is management. When purchasing a resort-style unit, the potential income from the property is crucial. We provide the management services needed to handle rentals and generate income.
In other words, you are not simply buying an asset; you are acquiring an income-generating asset, which is an excellent combination.
As for the complex itself, exceptional service quality is guaranteed by the standards of the associated hotel, which operates under very high requirements. And then there is the location, which makes the entire complex truly distinctive.
What is the projected volume of investment inflows for the project?
We anticipate total investment inflows of around $400–500 million, with 90–95% of these funds expected to come from abroad. This will have a significant positive impact on the country’s economy.
In terms of employment, approximately 300–400 people will be employed during the construction phase, although the number could reach as many as 1,000 at certain stages. Once completed, the facilities will permanently employ up to 300 people.
The impact of this project will be significant for both the country and Batumi over the next four to five years.
