Management company GGM made a big-budget business project recovery out of crisis.
GGM Undertook Management of Incomplete Building after Having Been in Financial and Managerial Crisis since August 2008 War. GGM Resolved all organizational, legal, technical and financial issues. Developed a financial model for the profitability of the project, agreed with both government bodies and families affected by the process (apartment owners who paid back 11 years ago but the residential was not built).
Properly developed project was funded by JSC Tera Bank. Currently construction is in full operation and all parties are satisfied with the process.
Prior to GGM’s involvement, a residential building has been in financial and managerial crisis since the August 2008 war, effectively bringing construction to a halt. This crisis has caused construction to be suspended with only the first floor being built. Due to construction delays, 48 families have been affected, their expected home on what was an indefinite delay. These families have invested into this apartment building, however have not seen a home as a result of the delay, nor have they seen compensation or refunds of their investments for over 11 years.
Court proceedings investigating the suspended construction case has involved various investigative bodies and commissions for many years. Despite this, suspended construction has not been completed by the original management company and the affected families have not seen justice or satisfaction in this manner. Many of these families are currently living in rented flats or with relatives, with their investments still tied up in the original contracts of the unfinished building.
As of March 2019 GGM has taken over management responsibilities for this building and there has already been an increase in solutions and progress regarding legal and financial problems being solved and the construction of the project being renewed.
GGM has taken ownership of providing satisfaction and finding solutions for the affected families whom had purchased apartments within the building 11 years ago. The families will be given their ownership rights as well as the predetermined living spaces based on the originally agreed upon contracts.
The construction has resumed in March 2019 with the expectation of a completed building carcass by March 2020. Based on project plans and with the help of effective and efficient management by GGM, the building will be put into operation by September, 2021.
Total project budget: 1.9 million USD.