Update from the originator:
Currently, the construction is about 30% ready. The foundation, the underground parking, as well as the walls of the first 3 floors, are already constructed. Currently, the fourth-floor basis is already finished and walls are being built.
New pictures of the progress have been added.
|Criteria||From a+ to d||Project rating|
Macro Location Analysis
EvoEstate Risk rating is of an informative nature only & can not be considered investment advice.
Loan To value
An attractive investment opportunity in a new eco-friendly residential area in the city of Chisinau, Moldova, secured by the 1st rank mortgage and conducted by an experienced international developer.
With this development loan, we are expanding our geography and opening a new country for investing - Moldova. The city of Chisinau is located in the Central region of Moldova and stands on seven hills in the form of a circle, which stretches along the river Byk — the right tributary of the Dniester.
The area of the city is about 120 km2, and the total municipality is 571.64 km2. In other words, It's about one-fourth as long as The Grand Canyon.
The city 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 that boasts cellars with the largest collection of wine in the world with more than 1.5 million bottles!
The new METROPOLIS district will be located in the city's Botany sector. The Botany sector has a very developed infrastructure and is known as the greenest area of the city. 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, a shopping center and even a zoo - all are within arm's reach. Also, a business center with various conference rooms is on the building's pipeline, thus allowing business people to hold important meetings literally without leaving their homes. And that makes this part of the city so much attractive for young families and active lifestyle admirers. In addition, the existing interest from potential buyers and sales forecasts confirm the high demand for new projects in the area.
On a land plot with an area of 1,404 m2 (total area of 91,000 m2) at Dacia street 59, Chisinau, a real estate development project is prepared with a cadastral number 0100119 section 459.01.
When this district was designed, the needs of a modern, progressive citizen were taken into account. The stylish design and eco-friendly lifestyle of the district will completely transfer its inhabitants to the urban environment of a European suburb. Besides, beautiful high-rise buildings made of high-quality materials, produced in Germany, will provide a full, comfortable stay for their residents.
Due to its geographical location and proximity to the main transport arteries of the city, the district has great potential for further development.
Monthly interest payments – repayment of principal amount by end of the investment period. The contract is in EUR currency, therefore currency risk is eliminated.
At the moment, everything is prepared for starting construction works, as all the permits have been obtained and the Construction Board of the city of Chisinau has approved the project. The land plot is equipped with an entrance for large-sized transport and the foundation of the first floor has been laid. The total investment amount into the project to date is 630 000 EUR. The first stage of the district including the first four houses will be ready for commissioning by October 2021.
The loan will be repaid from the amount of the sale of the apartment or by refinancing it in a financial institution. The developer reserves the opportunity to raise additional capital, as the cost of collateral increases.
The total amount of funding for the project is 1.1m EUR, so several stages of funding are planned for the platform.
Real Estate Market in Moldova
The real estate market in Chisinau accounts for about 70% of the entire Moldovan market. The beginning of the year 2020 was significant for the real estate market in the capital city. More apartments were sold in the first quarter than during 2019. This is due to an increase in the number of people who decide to move to the capital city or its suburbs.
According to the forecasts of the real estate agency, the demand for new housing will continue to increase this year, and the secondary market is expected to decline by 8-10%. The primary market will be characterized by a steady increase in prices. This is due to a reduction in the number of authorizations for the construction of new homes, as well as improved mortgage lending conditions.
For example, if five years ago banks provided loans at an interest rate of 12-14% per annum, at the end of 2019, the loan rate fell to 6-9%. On average, prices for apartments in new buildings are expected to grow by 8-10%, while in complexes commissioned, the price growth will be more pronounced – by 10-15%.
Housing prices in Chisinau and its neighboring cities range from 400 to 1300 euros / sq. m. The offer varies, and customers can choose from ready-to-use residential complexes or from a variety of projects that are still under construction.
Taking into account all the above, the real estate market in Moldova, especially in the city of Chisinau and its surroundings, is on a stable, balanced and favorable development path, which has a positive impact on the developer and investors.
The developer is SRL Valen Construct, which is 87% owned by Kirsan Swiss GmbH. 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, Moldova and Romania.
Between 2010 and 2016, KIRSAN built and commissioned 15 residential complexes with 2012 ready-to-use apartments. The total built-up area was 208,000 m2. At the moment, 10 more residential complexes and 2583 apartments with a total construction area of 225,460 m2 are under construction. 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 us 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 are confirmed by extensive practical experience.
The official property website - www.metropolis.md
|20.12.2020||Paid||No||04 December 2020, 18:04|
|28.02.2021||Paid||No||03 February 2021, 00:56|
|30.03.2021||Paid||No||02 March 2021, 22:43|
|10.04.2021||Paid||No||12 April 2021, 17:55|
|10.05.2021||Paid||No||05 May 2021, 18:17|
|10.06.2021||Paid||No||03 June 2021, 21:20|
|10.07.2021||Paid||No||02 July 2021, 11:17|
|10.08.2021||Paid||No||04 August 2021, 19:50|
|10.09.2021||Paid||No||05 September 2021, 14:44|
|10.10.2021||Paid||No||01 October 2021, 21:38|
|10.11.2021||Paid||No||02 November 2021, 18:11|