In this blog article, You will find out the latest updates about the Metropolis business apartments project and see the pictures from the construction fields.
Metropolis business apartments 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.
The update for 05.2023
The company implementing the project S.R.L. METROPOLIS CITY has filed a case for an accelerated debt restructuring. Read more information about this in dedicated blog post.
The update for 12.2022
The project is late on interest payouts and principal return of stages 6, 7, 8, 9, 10, 11, 12, 13, 14.
The update for 09.2022
Last month, Reinvest24 representatives visited the Republic of Moldova and the construction fields of our projects in Chisinau. In this video update below, you can see the construction fields of it. The construction of the project should be finalised by the end of 2023 and the payouts will happen in the 4th quarter of 2023. Some stages of the project are currently extended and are paying an additional +1% interest to investors. As some of the investors would like to reallocate the investments instead of prolongation, we will be refinancing the extended stages on the platform with an extraordinary interest rate.
The update for 01.2022
During the past months, the main efforts have been dedicated to securing the frame of the building, as well as plumbing works. These works made huge progress on the internal works and in future will secure the building in case of an earth earthquake.
Apart from that, the team has installed the windows on the right side of the building. Now the developer is speeding up the construction process, adding new workers on the construction fields. Currently, there are 25 workers daily on the construction field.
In January, the first stage of this project was repaid back to 347 participating investors. As you can see in the picture below, the repaid principal amount was 150 000 EUR and it has earned our investors 15% per annum. As per project development, You can see in the real-time view cameras, that the building already has the windows installed and workers are proceeding with the internal works.
The update for 09.2021
As for now the developer has started the selling process. Right now the team is working on internal works, that covers strengthening and concreting the walls, laying floors and etc. Also, the technical equipment of the elevator and the exit to the rooftop is completely ready. Invest in the 8th funding stage of this project and help the developer complete it faster.
The update for 06.2021
The reported progress of the project has reached 40%.
The update for 05.2021
The reported progress of the project has reached 39%.
The update on the progress 03.2021
As of today, the construction is 53% ready and You can already see the building frame with the walls and 11 floors. The architectural projects for business apartments are currently finalised and the orders for the materials to implement the next stage of construction works are already placed. The next stage will start with elevating ground levels next to the building, reconstructing the penthouse section and then the developer will start with the facade works. The building is planned to be commissioned in the beginning of 2022.
Key facts about the project:
- LTV – 50%. Please note that for this project several stages are planned and the LTV for each stage will not exceed 50%;
- Collateral – 1st rank mortgage;
- Duration – 12 months;
- The contract is in EUR currency, therefore currency risk is eliminated;
- Provided by an experienced international developer.
Read the full project description here.
Read more information about Moldovan real estate in the articles below:
1. The pandemic turned the Moldovan real estate market into a field of dreams - how & why?
2. 7 reasons why you should consider Moldova as your next real estate investment destination.