A $250 million Batumi tower pair is selling off-plan with 60-month terms

A partnership of Ibercompany Holding, Grande Group and Mziuri Development has opened pre-sales on the Corall Seaside Resort at 1 Tamar Mepe Avenue in Batumi, a planned $250 million scheme of two towers of 55 and 53 floors on roughly 11,300 square metres, including a five-star hotel of about 100 suites. Studios start at about 27 square metres. The developers offer in-house instalments of up to 60 months.

No completion date and no total apartment count have been published, and prices are not stated publicly — buyers are directed to the sales team. The report describes the project as still in pre-sales and development preparation, with architectural and engineering work continuing before physical construction begins. No hotel operator is named for this site; the report notes only that one of the developers has worked with international hotel brands before.

A $250 million figure and a floor count are plans, not verified facts, and the honest way to use them is as a statement of ambition. The questions that decide whether an off-plan purchase here works are duller: what the contract says happens if delivery slips, whether your instalments sit in an escrow arrangement or go straight to the developer, what the penalty is for walking away, and whether the permit for the stated height is actually issued.

Sixty months of developer instalments is a long exposure to a single company's balance sheet, and it sits outside the bank lending rules that govern a mortgage. Former central bank officials have described these arrangements as quasi-mortgages: often in foreign currency, outside the payment-to-income caps, sometimes not reported to credit bureaus. That is not an argument against them, but it is an argument for reading the contract as carefully as you would a loan agreement.