lockdowns1. Is the building permit still valid for the project? Yes, it is.
2. How much money is needed to complete the project?
About $2.5 million. NOT needed oin one payment, but as building work progresses. Please also bear in mind that considerable funds are due from existing apartment owners.
This does not include purchase of the project, but very favourable terms are on offer to the buyer who is able to complete the project.
3. Why hasn’t project being completed?
Ukraine has suffered a number of setbacks since commencement of building. The 2008 financial crash, the war in the East and now the China virus lockdowns. These events damaged investor confidence and meant the current owners were unable to provide a completion date for the project, stopping any more sales. An investor able to provide a completion date will be able to recommence sales.
4. Does the project own the land upon which it is built?
Yes, the site extends to 4300 m² and the freehold has been transferred (for free) into the company building the complex, to make it more attractive to an investor.
5. What is the megaproject?
This is a huge ski and summer tourism development project in the Ukrainian copies in is. Phase 1 is centred around this Eagle Valley project. At present the development company which is a partnership between a large Ukrainian all company, Galnaftogaz, and the European bank for Reconstruction and development.
The megaproject has had government lands allocated to it and has been buying private and municipal lands in the area. This process has been slowed by coronavirus restrictions, but is well advanced and building work is scheduled to start in 2021.
6. What is offered to the large investor?
Majority or complete ownership of the shares in the company owning the project and the freehold land beneath it. Also ownership of over 2100 m2 plus whole extra floor, and leisure centre, including all common areas like store rooms, hallways, reception, office space, corridors, roadway, land around building, bore hole etc. Plus service payments from all apartment owners. And control of parkland opposite.
7. Who has financed the project since it stop building 2010?
The directors of the development company owning the project have supported the project for 10 years now out of their own pockets. They have not requested any payment from apartment owners.
8. Does the project have any debt?
No. Building works were financed entirely from stage payments by apartment buyers. And since building work stopped, support has been from company directors. No bank or any other loans have been taken and there are no liens of any kind on the property.
9. Are there detailed building plans available?
Yes. A full breakdown of building costs has been undertaken and is available to the serious Inquirer.
10. Can a group of investors purchase the project?
Yes. The project is currently owned by a small group of investors and they are willing to sell the shares to others.