According to Oleg Ossinovski, Managing Partner of Tbilisi Hills and Estonian businessman, the expansion of the Tbilisi Hills project will receive €20 million in investment this year alone. Ossinovski made the statement during BMG’s program “Business Weekly.” He emphasized that Tbilisi Hills remains the group’s flagship project and continues to develop steadily.
“We have already completed a new spa project. It will be the largest spa in the South Caucasus, covering 4,000 square meters. The project was designed by Spanish architects in Barcelona. Once the final decision is made regarding whether Gardabani will have a mayor, we will move on to the next stage. We are currently just one step away from starting construction of a school—a new golf club. Overall, our operations are progressing quite successfully.
Interestingly, when smog levels increased in Tbilisi, we saw a sharp rise in visitors interested in purchasing apartments, land, and other properties here. People understand that living just 15 minutes from Freedom Square, in clean air, with stunning views, full infrastructure, and within a green development, is a significant advantage compared to living in Tbilisi. Tbilisi simply cannot cope with these environmental challenges—this is inevitable for a city located in a valley, where ecology will always be problematic,” Ossinovski stated.
He added that Tbilisi Hills, of which he is now the sole owner, holds special personal significance for him.
“We have bought out all shares. Skinest Group is now the 100% owner of Tbilisi Hills, because we believe in Georgia.
I once again declare my love for Georgia. I believe in this country and that everything here will eventually turn out well. That is why we take such risks and why, this year alone, we have added €20 million in direct investments from Estonia into Tbilisi Hills,” he said.
According to Ossinovski, if the entire 330-hectare area of Tbilisi Hills is fully developed, the total investment will approach $1 billion.
For reference, Tbilisi Hills combines the capital’s largest golf club with high-end residential villas. The project, officially known as Primera Golf & Residences LLC, is fully owned by Skinest Rail, an Estonian railway services company founded by Ossinovski.
In 2014, the Georgian government transferred 331 hectares of land south of Tbilisi to Primera Golf & Residences through direct sale for 9 million GEL. The state imposed investment obligations on the company, requiring the development of a sports and wellness center with a minimum investment of 6.4 million GEL. As a result, the combined cost of the land and investment obligations amounted to 15.4 million GEL, equivalent to only 4.65 GEL per square meter.
