Fifth Auction for Kyiv's Unfinished Sky Towers Skyscraper Set at $16.3 Million

Sky Towers Multifunctional Complex Up for Sale

According to Главком: The unfinished Sky Towers multifunctional complex in Kyiv is scheduled for another electronic auction via the OpenMarket (SETAM) system on February 27, 2026, with a starting price of 662.33 million Ukrainian hryvnias (approximately $16.3 million). This marks the fifth attempt to sell the property, with the current asking price now nearly ten times lower than it was during the initial sale effort.

Complex Specifications

Located at the intersection of Beresteiskyi Avenue and Borshchahivska Street in Kyiv's Shevchenkivskyi district, the complex sits on a 0.74-hectare plot. Its structure comprises:

• Two high-rise towers (47 and 34 stories);
• A shared stylobate;
• A separate two-story building;
• An eight-level underground parking garage with roughly 900 spaces.

The total construction area is 219,000 square meters, designated for office space, retail areas, and conference halls. The project's current construction readiness is estimated at about 40%.

Construction first began in 2007 but was halted in 2015. The developer is KDD Group (Kyiv Donbas Development Group). To finance the project, a credit line equivalent to approximately 3 billion hryvnias was secured from Ukreximbank, with the formal borrower being the Agency for Office Construction.

In early 2021, Ukreximbank won a court case to recover the credit debt. By October 2021, the bank put the claim rights up for sale with a starting lot price of 7.1 billion hryvnias, but the auction failed due to a lack of buyers.

Previous Auction Attempts

Regarding prior auctions, the starting price was about 5.6 billion hryvnias in May 2023, 1.1 billion in September 2024, and 937.3 million in October 2024. Estimates suggest completing the construction requires finishing 91,680 square meters at an approximate cost of $91.7 million (assuming $1,000 per sq. m), with interior finishing costing nearly $77 million. The total investment needed for completion is roughly $168.7 million. Under an optimistic scenario, the construction period is estimated at about 2.5 years.

The auction will be conducted through the OpenMarket system (State Enterprise SETAM – System of Electronic Trading of Arrested Assets). The shareholder history of KDD Group has changed several times since 2011.

The repeated auctions for Sky Towers reflect not only the developer's difficulties but also the broader challenges within Ukraine's real estate market.

The steady decline in the starting price indicates waning investor interest, likely tied to the risks associated with the unfinished construction and its financial liabilities. This prominent stalled project is a notable feature of Kyiv's skyline. Should the complex finally sell, the new owner would have the opportunity to realize its potential, though doing so would demand significant further investment and time to complete construction.