The unfinished multifunctional Sky Towers complex in Kyiv has once again been offered for sale through the OpenMarket (SETAM) electronic auction system. The property is located on Beresteiskyi Avenue and is one of the largest and most well-known long-stalled construction projects in the Ukrainian capital. The auction is scheduled for February 27, 2026, with a starting price of UAH 662.33 million. This marks the fifth attempt to sell the asset: the previous four auctions were unsuccessful, including the most recent one, which did not take place. Compared to the initial auctions, the value of Sky Towers has declined by nearly tenfold.
The Sky Towers complex consists of two high-rise towers—one with 47 floors and the other with 34 floors—connected by a shared stylobate. A separate two-storey building is located on the eastern side of the site. The total construction area amounts to 219,000 sq m. A significant portion of the space is designed for office use, with retail areas and conference facilities also предусмотрені in the project. In addition, the complex includes an eight-level underground parking facility with approximately 900 parking spaces. The 0.74-hectare land plot is situated at the intersection of Beresteiskyi Avenue and Borshchahivska Street in Kyiv’s Shevchenkivskyi district. The construction readiness of the project is estimated at around 40%.
Construction of Sky Towers began in 2007 by KDD Group (Kyiv Donbas Development Group). Even after the 2008 global financial crisis, the developer attempted to continue the project, securing a credit line from Ukreximbank equivalent to approximately UAH 3 billion. The formal borrower was the company Office Construction Agency. From 2011 onward, the company’s shareholders changed several times, and in 2015 construction of the complex was fully suspended.
In early 2021, Ukreximbank won a court case to recover the outstanding loan debt. In October of the same year, the bank put up for sale the creditor rights under the loan agreement and the borrower’s receivables secured by the unfinished Sky Towers project. At that time, the starting price of the lot was UAH 7.1 billion, but the auction did not take place. The bank subsequently made several further attempts to sell the unfinished asset. In May 2023, the property was offered for nearly UAH 5.6 billion, in September 2024 for UAH 1.1 billion, and in October 2024 the price was reduced to UAH 937.3 million. The current starting price for the February 2026 auction is UAH 662.33 million.
According to Andrii Ozeichuk, Director of engineering and construction company Rauta, approximately 91,680 sq m still need to be completed within the complex. Assuming a construction cost of around USD 1,000 per sq m, investment required for completion alone could reach approximately USD 91.7 million. An additional USD 77 million would be needed for interior fit-out. The total investment required to fully complete the project is estimated at around USD 168.7 million. Under an optimistic scenario, excluding additional risks, construction could be completed in approximately 2.5 years.
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