Unfinished houses and residential complexes have been a sensitive issue of the Ukrainian real estate market for several years. Big cities and their closest satellites are especially acutely aware of the situation.
Local authorities are often unable to respond quickly to the problem on their own. It is then that the engineering and technical personnel and the resources of powerful local developers get down to business.
We are talking about the development experience with succession with Serhiy Musiyenko, the managing partner of Comfort Life Development, one of the largest developers in Kyiv region.
Let’s start with the most difficult case. How did the process take place?
There are four such cases today. The first is the Pearl of Irpenskie Lipki large object. In 2012, another developer was under construction on the site adjacent to ours. Even at the initial stage, his project was stuck, but the apartments continued to be actively sold. We are talking about 8% of the construction readiness, in fact, about the concrete frame of six floors of one of four 12-storey sections.
Irpenskie Lipki 2 residential complex
An unscrupulous entrepreneur sent only half of the funds received to construction, leaving investors homeless.
Since the construction of the Irpenskie Lipki residential complex was underway, having lost hope, the deceived investors turned to us. The investors were advised to unite in a cooperative and put the problem object on the balance sheet.
After the completion of the procedure, Comfort Life specialists undertook the legal support of the cooperative. The main goal was the earliest possible acquisition of property rights for the deceived people. Only after that we were able to conclude new contracts with the owners for the completion of the residential complex, which had been in a “frozen” state for about three years. Today it bears the name “Irpenskie Lipki 2.”
How about the other three? Did you feel big differences?
Regarding Irpen, significant are the cases of the Parkovy residential complex, one of its sections, and the actual shift from the foundation stage of the Royal Park residential complex. In the case of the latter, the developer, sensing the difficulties, turned to us himself.
A separate conversation is about the well-known Gold City residential complex with a long-term construction term in Bucha. Prior to Comfort Life, several developers took turns taking up the complex for three years. As a result, turning to us, the first owner actively assisted, organized meetings with the mayor, working groups. Today, a large facility called Central Bucha is at the final stage of construction.
Central Bucha residential complex
It must be emphasized that in each case we made significant improvements. Redevelopment, large-scale improvement works were carried out.
Are you planning to expand your experience to other problem objects?
Honestly, we never tried to do this.
The problem of unfinished construction is the area of responsibility of local authorities. It is in its competence to prevent and solve such issues. At the same time, we understand the limitations of its tools. We try to lend a shoulder.
Indeed, sometimes we finish building after others. At one time, the company managed to pick up several sites in Kyiv region. At the same time, we undertook exclusively promising, economically profitable business projects. We immediately rejected proposals, seeing at least a minimal risk. Everything was calculated carefully.
Today, the authorities and developers continue to contact us, since we have a great positive experience – we always finish building objects. In turn, Comfort Life Development is primarily focused on existing construction.
Managing Partner of Comfort Life Development Serhiy Musiyenko
