The Asset, a leading international multi-media company based in Hong Kong, has named the allocation of a $10 million loan by the Asian Development Bank (ADB) to the company “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 a council which has several years’ experience evaluating organizations from various industries. Besides the council decision, the best projects were selected based on in-depth interviews with customers and 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 by 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 really appreciate recognition of this m² 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 Nikoloz Medzmariashvili, Chief Executive Officer (CEO) of m².
In 2021, the Asian Development Bank allocated financial resources, to the amount of $10 million, for the development of two residential buildings by LLC “Optima”, an 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 Central Asia,” said David Urbaneja-Furelos, Senior Investment Specialist of ADB.
The financing supports two residential complexes with over 3,700 flats, which includes energy efficient elements, inclusiveness, and 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.