US President Donald Trump's son, Eric Trump, executive vice president of The Trump Organization, will visit Georgia next week.
Modern.az reports with reference to Georgian media that Eric Trump will participate in the official presentation of the “Trump Tower Tbilisi” project in Tbilisi.
According to the information, “Trump Tower” will be the central tower of The Downtown Tbilisi complex, which will be built on the territory of the former hippodrome in Tbilisi. The complex will consist of six skyscrapers in total.
The height of “Trump Tower” is expected to be approximately 259 meters, and the number of floors will be up to 70. The total investment in the complex is expected to be approximately 2 billion dollars, and the direct costs for the construction of “Trump Tower” alone will exceed 200 million dollars.
The selling prices of apartments are expected to be between 7-10 thousand dollars per square meter in the initial stage. On the upper floors, the price is reported to increase up to 15 thousand dollars. However, it is emphasized that The Trump Organization will not directly invest financially in the construction of the project. The company will receive payment in exchange for granting the Georgian developer the right to use the “Trump” brand. In addition, the company will receive a percentage from the sale of apartments and future revenues, in addition to the initial payment.
Potential buyers of the project are reported to include wealthy foreigners, expats, and diplomats. It is noted that the first applications have already been received from Dubai.
