Kyiv Is Allocating 3 Billion Hryvnia to “Kyivmiskbud”: What Will Happen to the Unfinished Construction Projects?
9 July 12:48
The Kyiv city government plans to provide additional financial support to PJSC “Kyivmiskbud” Holding Company. A draft resolution has been published on the official website of the Kyiv City Council, which provides for an increase in the company’s authorized capital by another 3 billion hryvnias. The funds are intended to ensure the continuation of residential complex construction and the fulfillment of obligations to investors.
This was reported by the Kyivmiskbud press service, according to
The document was prepared based on a joint submission by three standing committees of the Kyiv City Council:
- on budget, socio-economic development, and investment activities;
- on housing and utilities and the fuel and energy sector;
- on property and regulatory policy.
Once the decision is approved by the council members and the corresponding expenditures are included in Kyiv’s 2027 budget, the city will be able to purchase shares from the additional issuance, and the company will receive funding to carry out construction projects.
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What the 3 billion hryvnias will be used for
The holding company notes that the recapitalization will allow it to:
- maintain the company’s stable operations in 2027–2028;
- prevent the suspension of construction work that has already resumed;
- complete the construction of residential complexes;
- complete the external utility networks;
- prepare the facilities for commissioning;
- fulfill obligations to investors.
Valerii Zasutskyi, Chairman of the Board of Kyivmiskbud, emphasized that funding is critically important for the company.
“The publication of the draft resolution on a 3 billion hryvnia capital injection is the result of tremendous collaborative effort. We are sincerely grateful to the city authorities and the city council for their trust and support. This decision is critically important, as it will provide the company with the necessary resources to maintain the pace of construction,” he noted.
According to the company’s CEO, the developer’s main task is to complete all projects and fulfill its obligations to homebuyers.
“Every hryvnia of the recapitalization represents bricks, concrete, and working hours on construction sites that will become homes,” Zasutsky added.
The company noted that following the previous recapitalization of 2.56 billion hryvnias, it was able to:
- resume work at 11 construction sites;
- continue implementing the housing completion program;
- prepare new residential complexes for commissioning.
In 2026, the developer plans to complete construction of six residential complexes, including external utility networks. Similar volumes of housing completions are also planned for 2027.
What This Means for Investors
If the Kyiv City Council approves the decision, the new funding should help accelerate the completion of long-delayed construction projects and ensure that obligations to thousands of investors awaiting the commissioning of their homes are fulfilled.
The capital injection should also improve the financial stability of the capital’s largest municipal developer and enable the company to carry out construction projects even during wartime.
As reported by
In addition, work continued on meeting technical requirements for providing utility networks at the Mirax and “Medovyi” residential complexes .
The total area of Kyivmiskbud’s unfinished construction projects exceeds 548,000 square meters. This illustrates the scale of the problem and the importance of the company’s financial turnaround for Kyiv’s real estate market.
In late September 2024, investors who had invested in projects by “Ukrbud” and “Kyivmiskbud” held a rally and blocked Khreshchatyk Street in the capital, attempting in this way to urge city authorities to take action. Just one month later, the Kyiv City Council adopted a resolution “On Stabilizing the Financial Condition of PJSC ‘Kyivmiskbud’ Holding Company by Increasing Its Authorized Capital.”
This resolution provided for an increase in the joint-stock company’s authorized capital through an additional issuance of shares funded by contributions totaling 2.56 billion hryvnias, which was intended to allow for the resumption of construction on residential complexes.
Incidentally, at the same time, an appeal was also adopted to the Cabinet of Ministers of Ukraine requesting that it consider compensating “Kyivmiskbud” for losses amounting to 2.28 billion hryvnias related to the completion of “Ukrbud” projects.
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