An auction was held for the privatization of an unfinished construction project

The State Property Fund of Ukraine successfully conducted an online auction via the “Prozorro.Sales” electronic trading system for the privatization of an unfinished construction project in the city of Rivne.

Rivne, 5 Stepan Demyanchuk St.

Starting price — UAH 454,172.

Six bidders competed for the right to purchase the property.

As a result of intense competition, the final price rose to UAH 25,000,000.

This means that the property’s value increased 55-fold compared to the starting price.

After full payment of the property’s cost, the auction winner will receive an unfinished administrative building that is 70% complete and has a total area of 1,551 m², comprising a three-story administrative building, a basement, annexes, grandstands, balconies, and other structural elements.

This will provide the opportunity to complete construction and use the property in accordance with the winner’s own investment plans and the requirements of current legislation.

In addition to the final price of the lot, the auction winner will also pay 20% VAT, which will generate additional revenue for the state budget.