The islands located in the Tkibuli Reservoir were sold for GEL 3 million. The buyer of the territory must invest GEL 8 million in the place and create a new tourist infrastructure.
The largest island located in the reservoir was purchased by LLC M&S, which is related to businessman Mirian Katamadze. According to the business register, Katamadze is the founder of the company "REDCO", which has implemented several large projects. His company bought an island with an area of 315 thousand square meters for GEL 1.7 million. Company M&S should invest GEL 6 million on the said island. It is not yet known which companies bought the other two islands.
Three auctions for the sale of the islands were announced by Tkibuli Municipality in December 2023, which ended on December 28. There was quite a high competition and five different participants registered 483 bids in one auction and 556 bids in the other. However, a third island worth GEL 1.7 million was sold for one bid.
Island 1, area 31,828 square meters;
Starting price - GEL 180,000, selling price - GEL 663,000.
Investment obligation - GEL 1 million;
Sold after 483 Bids;
Island 2, area 21,421 square meters;
Starting price - GEL 120,000, sale price - GEL 676,000.
Investment obligation - GEL 1 million;
Sold after 556 Bids;
Island 3, area 315,018 square meters;
Starting price - GEL 1,700,000, sale price - GEL 1,701,000;
Investment obligation - GEL 6 million;
Sold after one bid.
The buyer of the islands must make investments on the site within 5 years.
