The Asset, a leading international multi-media company based in Hong Kong named the allocation of $10 million debt by the Asian Development Bank (ADB) to the m² for the development of two affordable and sustainable residential housing projects, as the social-infrastructural deal of the year. The project developed by m² received the Asset Triple A Award for exceptional activities and partnership in the development sector.
The Asset used strictly prescribed methodology to select the winning projects. The best projects were revealed by the council, which has several years of experience of evaluating organizations from various industries. Besides the council decision, the best projects were selected based on the in-depth interviews with the customers and the data analysis. The analysis was conducted by the leading research organization Asset Benchmark Research.
In addition, the ADB covered this first-of-its kind project m² for the development of sustainable residential housing in the bank’s private sector publication of 2021, as a good example of creating inclusive accessibility.
“We are really appreciating this recognition of this m²’s project. The award by the Asset and the coverage in the ADB’s annual publication once again outlines our leading role in the development sector and our key value – to be innovative and to introduce the best construction standards in the country. Our mission is to support m² residents to live comfortably while creating a more sustainable future. This international recognition is one more proof of that” – stated Mr. Nikoloz Medzmariashvili, the Chief Executive Officer (CEO) of m².
In 2021, the Asian Development Bank allocated financial resources in the amount of $10 Million for the development of two residential buildings to the LLC “Optima”, the affiliated company of m² and Georgian Real Estate (GRE). “This is the first unprecedented loan issued by the ADB to the private sector for the purpose of construction and development of residential housing in the South Caucasus and the Central Asia” – stated David Urbaneja-Furelos, Senior Investment Specialist of ADB. The financing is supporting two residential complexes with over 3,700 flats that include energy efficient elements, inclusiveness, gender-related and universal access standards. The project is also the first private sector-sponsored housing development to adopt Georgia’s Inclusive Cities Guidelines established with ADB support.
m² is the first private housing developer to work with international financial institutions in Georgia, and thus provides a new example to other construction and development companies on how to apply sustainability in the sector while attracting similar types of investments in the future.
