Kyiv Developer Seven Hills Announces Two New Projects

Real estate developer Seven Hills announced at a press conference yesterday that it is investing USD 100 mln into a housing complex “Park Avenue” in Kyiv. The first phase of construction (to be completed in 2009) will be financed by a local bond issue. The project will have 70 ths m2 of living space and 4 ths m2 of commercial space. Seven Hills also said that it will begin construction of an office/warehouse complex in Kyiv region in 2008. The company is developing the design and concept for the project (to include hotels, offices, warehouses and restaurants), which will be built on a 50 ha area on the highway connecting the Boryspil International Airport to Kyiv. Overall, the company is planning to help attract USD 1 bln in FDI to Ukraine over the next seven years. Seven Hills is the Ukrainian arm of the international real estate group Scorpio BSG, which has projects in Central and Eastern Europe and North America.