Update from the originator: The originator would like to inform you that the interest payments for this project will be made on the 25th of this month. This project has been making the interest payments at the beginning of the month and they will continue to do so, just this month will be an exception. Some stages of these projects are extended or slightly delayed, the originator is constantly in communication with Kirsan to find the best solution for investors. New information will follow in the upcoming weeks.
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Macro Location Analysis
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Loan To value
Stunning investment opportunity in the heart of Chisinau, secured by 1st rank mortgage.
Pretty much all roads in Moldova lead to its wine-and-food loving capital. 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 capital of Moldova is considered to be one of the greenest cities in Europe, as there are many parks in the city and the trees grow on almost every street. In addition, it is considered to be one of the less-urbanized European Capital cities.
The new modern shopping centre "Albisoara" is located at Albisoara street 15, Chisinau. Thanks to its location on the main street of the city, it will provide a constant and stable flow of customers who are looking to satisfy their day-to-day needs. Besides, the minute's walk from the train station will ensure even greater attendance, not only from locals but also from the guests of the capital city.
Albisoara is a three-storey complex that includes a wide range of different commercial enterprises that provide everything from food to various types of services. It will be a business home for several well-known chain boutiques, supermarket, where you can get just about everything, from home-made meat and cheese to electronics, clothes, and furniture. Also, food courts and restaurants, a bank, a cinema and many other entertainment venues. In other words, everything you need to spend the best time with your loved ones or just to enjoy the day on your own while shopping in the jungle of goods. On the top floor, there is a spacious terrace with a number of cafes and restaurants where you can enjoy beautiful views of the river and the city, refreshing drinks and delicious food.
Taking into account that the parking facility is the first and last impression people get from the shopping centre, the visitors of Albisoara will be able to park their vehicles safely and conveniently on the large Parking lot in front of the centre.
The shopping centre is located in a fast-developing part of the Chisinau city centre.
The tenants of Albisoara will be the top companies in Chisinau with an already established reputation, which will also have a positive impact on it. For example, one of them is Linella - a well-known Moldovan network of stores which in its 21 years of activity has managed to become the preferred network of supermarkets among consumers.
The total investment amount in the project is almost EUR 7,000,000, from which EUR 2,000,000 (28.6%) is the developer's skin in the game. The first development works have already started and the shopping centre will be ready for commissioning next year.
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%.
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 favourable development path, which has a positive impact on the developer and investors.
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 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.
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|30.07.2021||Paid||No||04 July 2021, 09:44|
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|28.08.2022||Paid||No||04 August 2022, 12:29|
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