Metropolis business apartments Europe
As of today, KIRSAN built and commissioned 25 residential complexes with 4595 ready-to-use apartments.
The Area
The city of Chisinau is located within the elevated woodland area of Codr. Its land is full of black soil, which is ideal for agricultural development. Just outside of Chișinău is Milestii Mici Village, a winemaking plant which boasts cellars with the largest collection of wine in the world with more than 1.5 million bottles!
The hotel is located on the territory of the new European district of Chisinau METROPOLIS - a premium residential sector with the most sophisticated infrastructure and the most modern architecture in the capital. METROPOLIS itself is conveniently located only 5 minutes from the airport and 10 minutes from the center of the city. Green parks, a lake, a Botanical garden, educational institutions, shopping centre and even a zoo - all are within arm's reach for anyone who values time and has no compromises to their convenience.
The property
In the Botanica sector, Dacia street 59, Chisinau, real estate development project is being constructed with a cadastral number 0100119.465 and 0100119.465.01. As of today, the progress of construction is 53% ready. This is a unique full-featured apartment hotel and event business center, aimed at both the local business audience and businessmen coming to Moldova for business meetings and projects. It consists of 11 floors, 158 apartments (5,160 m2) and commercial premises (440 m2). The total area of the building is 9,344 m2. The infrastructure next to the hotel is well-developed. The visitors will be able to find a full range of restaurants, a sports centre, swimming pool and cinema just a few minutes away from the hotel. The cleanest and green area of the city will allow just to walk, enjoy nature and to breathe fresh air. Besides, the largest Metro Cash and Carry, agricultural university in the area and close proximity to the airport will attract young people, as well as tourists to live in this fast-developing modern district.
In the long term perspective, developers are confident that the METROPOLIS Hotel & business center can become one of the indirect engines of the Moldovan economy, due to the number of successful and profitable business contracts concluded with potential foreign partners.
Investment case
Monthly interest payments after the project is funded – repayment of principal amount by end of the investment period. The contract is in EUR currency, therefore currency risk is eliminated.
Despite the fact that Moldova is not a part of European Union yet, we see great potential in this market in terms of real estate development. Especially after former World bank economist Maia Sandu won presidential elections two months ago and made “joining the EU” her main objective during this presidency.
Read more about Moldovan real estate market and its economy in our latest market overview.
As of today, the construction works are 53% ready and on the land plot you already can see the building frame with walls and 11 floors. The total amount of the project is 5m EUR and several stages of funding are planned for the platform. The planned funding amount is about 1.5m EUR. The loan-to-value (LTV) for this project will be lower or equal to 50% at any stage of duration of this project. It means that collateral coverage for the total amount issued to this project will be at least 200% at any time. It is expected that the building will be ready for commissioning by December 2021.
The loan will be repaid from the sale of the apartments and developers predict that small size of apartments as well as affordable price will generate great interest in buying. Taking into account that the building is on the way to the airport one potential customer might be the employees of the airline or the airline company itself, buying small apartments in order to accommodate its employees overnight.
The developer reserves the opportunity to raise additional capital, as the cost of collateral increases.
About developer
The KIRSAN holding has begun its operations in 2010 as a real estate development company. It opened offices and developed numerous successful projects in Spain, Latvia, Switzerland, Germany, Romania and Moldova.
As of today, KIRSAN built and commissioned 25 residential complexes with 4595 ready-to-use apartments. The total built-up area was 225,460 m2. Each project was built with a special treat, passion and scrupulous attention to even the smallest details.
KIRSAN uses the latest construction technologies. This allows to build reliable buildings with high security in difficult soils, as well as provide a high degree of seismic stability. The company has a unique technical Park equipped with the most modern equipment of famous European manufacturers, such as Casagrande and Bauer. KIRSAN is the only company in Moldova that uses the latest generation of drilling equipment for jet cementation of soils.
KIRSAN holding is focused on the most complete and effective satisfaction of customers and investors needs through a comprehensive approach to construction without involving third-party financiers, which allows implementing projects of any complexity in a short time. The total number of employees is more than 1000 people. The quality and reliability of any service provided, starting from construction to commissioning-is confirmed by extensive practical experience.
