Two investors seek to create a new residential district in the Telychka area near Vydubychi subway station in Pechersky district in Kyiv in 2018, Director General of Kyiv Investment Agency Oleh Mistiuk has said in an interview with Interfax-Ukraine.

"In 2017, two global investors [able to operate $1 billion a year] showed their interest to the creation of a new residential district in Kyiv and want to do this in 2018," Mistiuk said.

He said that the projects envisage that the city is to find funds to buy land parcels and then offer the deal to the global investor. He said that the land in the Telychka area is leased by 14 leasers. Almost all of them found new sites and are ready to move, although it is hard to gather them in one deal to buy land.

"If the city in a developed country sees demand from a global investor, it must quickly find the resources to buy a parcel of land and return it to communal ownership in a year or three, study how the facility fits into the urban plan, communicate, and then offer the deal to this investor," he said.

Mistiuk also said that it takes three years to finalize the procedure for the compulsory taking of an area, according to Ukrainian legislation.

Two investors seek to create new residential district in Telychka area in Kyiv – Kyiv Investment Agency

KYIV. Jan 4 (Interfax-Ukraine) – Two investors seek to create a new residential district in the Telychka area near Vydubychi subway station in Pechersky district in Kyiv in 2018, Director General of Kyiv Investment Agency Oleh Mistiuk has said in an interview with Interfax-Ukraine.

"In 2017, two global investors [able to operate $1 billion a year] showed their interest to the creation of a new residential district in Kyiv and want to do this in 2018," Mistiuk said.

He said that the projects envisage that the city is to find funds to buy land parcels and then offer the deal to the global investor. He said that the land in the Telychka area is leased by 14 leasers. Almost all of them found new sites and are ready to move, although it is hard to gather them in one deal to buy land.

"If the city in a developed country sees demand from a global investor, it must quickly find the resources to buy a parcel of land and return it to communal ownership in a year or three, study how the facility fits into the urban plan, communicate, and then offer the deal to this investor," he said.

Mistiuk also said that it takes three years to finalize the procedure for the compulsory taking of an area, according to Ukrainian legislation.