LVIV – Reflecting Western Ukraine’s vibrant economy, 306 out of 312 houses in ‘Belgian Village’, a European standard housing development, have been sold, according to the developer.
Encouraged by this strong market acceptance, Belgian Village Managing Director Filip Schelfhout is starting a second development, BelleVille. Located 17 kilometers SW of Lviv center, a 30-minute drive on the M11, BelleVille will have 40, two-floor townhouses, all with rooftop decks, built on a 16-hectare surburban plot.
Lviv, Western Ukraine’s largest city, has a population of 730,000. The economy increasingly is dollar and euro driven: IT, tourism, and manufacturing for export to the EU, only 100 km to the west.
Belgian Village is a joint venture of TPF, a local residential development company, and their Belgian real estate partner, Equilis.
New to Ukraine, both developments are built to be “all-inclusive.” Increasingly common at high end gated communities in Europe and the United States, condominium managements offer such services as security, landscaping, dog walking, day care, banking, trash collection, and catering.
“It’s a new experience, as nobody else in Ukraine sells complete, furnished luxury apartments,” said Oleg Pioskozub, a Lviv native who bought two Belgian Village apartments in 2014. “I am not saying that it was the best value for the money, but the features and services that were included made it worth it.”
TPF boasts a “supply chain” business model that Schelfhout says is new to Ukraine. The company designs developments in-house, relies on foreign financing, and carries out all of the construction work. Belgian Village has its own factory in Mykolayiv, the Black Sea port city.
At a launching event last week on Lviv’s Market Square, Schelfhout stressed the importance of honest business practices to an audience of 200.
“In the end, values are the most important thing when doing business,” said Schelfhout, a long term resident here. He cited securing proper permits prior to construction and high standards of craftsmanship as examples of Belgian Village’s values.
Luc Jacobs, Belgium’s Ambassador to Ukraine, delivered a cautionary note.
“I know that Ukraine craves foreign investment,” he said. “But don’t take it for granted. Foreign investments need a proper climate to blossom.”
For comments and story ideas, please contact UBJ Western Ukraine Correspondent Mark Satter at email@example.com
Posted July 14, 2017