Turkish businesses are widely expected to play a prominent role in postwar Ukraine’s recovery and reconstruction, with some companies already demonstrating their commitment to the country by investing in new construction initiatives despite ongoing hostilities. With the full-scale Russian invasion about to enter a third year, Turkish construction company Bosphorus Development is proceeding with a flagship building project in the heart of the Ukrainian capital.
Work began on the Maxima Residence complex in Kyiv’s Pechersk district just a few months before the onset of Russia’s invasion. This is the company’s first development project in Ukraine, and is being implemented in partnership with Ukrainian company RIEL. Mehmet V. Sacaklioglu, the Founder and Chairman of the Board of Bosphorus Development, explains that construction was initially put on hold following the outbreak of hostilities. In the wake of the invasion, the company focused its attention on providing support for Ukraine’s defenders and those displaced by the war. However, Sacaklioglu says the plan was always to continue construction as soon as circumstances allowed. In June 2023, building work duly resumed at the Maxima Residence site in central Kyiv.
The decision to proceed with construction despite wartime conditions was a very conscious statement of intent by Bosphorus Development, underlining the company’s faith in Ukraine’s long-term prospects. Established in 2019, Bosphorus Development is linked by family ties to a major Turkish construction industry dynasty that is responsible for a long list of landmark projects including Istanbul Tower 205 Levent and the vast Istanbul Aquarium. The company has acquired a portfolio of land plots in Kyiv and has plans for a range of projects in the Ukrainian capital and beyond.
“We have made significant investments in Ukraine because we view it as a country with a favorable location offering great opportunities and a very promising future,” comments Sacaklioglu. He acknowledges embarking on major new construction projects in the present environment involves an element of risk, but argues that early bird investors will reap the greatest rewards. “This war will not last forever,” he says. “We believe in Ukrainian victory and are looking ahead with confidence to the time when millions of Ukrainians return from abroad and international investment flows into the country. In our opinion, it is important to invest now if you want to receive maximum benefits.”
The Maxima Residence project reflects this optimistic and ambitious outlook. Located in one of Kyiv’s most prestigious central districts, it is envisioned as a 26-story business-class residential complex with 486 apartments featuring state-of-the-art technological support along with a range of facilities and amenities tailored to meet the needs of families and professionals. Residents will have the convenience of a comprehensive concierge service, and will also have the additional peace of mind provided by round-the-clock security.
Undertaking a large-scale construction project during the biggest European conflict since World War II is not without its complications, of course. But while air raids, curfews, personnel and logistical issues all create unprecedented challenges, progress remains possible, says Sacaklioglu. According to the current schedule, the construction of the residential complex is planned to be completed in 2025.
Sacaklioglu sees the Maxima Residence as a calling card for Bosphorus Development in Ukraine. He recognizes that economic uncertainties in today’s Ukraine may have a temporary negative impact on apartment sales, but prefers to take a longer term view. “Our current priority is to safely and successfully complete the construction phase of the project in order to provide the best possible residential environment for our clients. Looking ahead, we expect the quality of the Maxima Residence project to speak for itself and enhance our reputation as a developer while earning the trust of future customers. Reputation is priceless in any industry and this applies especially to real estate. When people are looking to purchase a home, they tend to value reliability and honesty above all else. We want to represent these values on the Ukrainian market, while also sharing the extensive construction industry experience and expertise we have acquired in Türkiye.”
As building work continues in Kyiv’s Pechersk district, Sacaklioglu is developing plans for additional projects in the Ukrainian capital while also examining potential opportunities elsewhere in the country and beyond. Bosphorus Development’s considerable land bank is currently concentrated around the center of the Ukrainian capital, but the company is actively exploring international markets in Europe and America.
For now, though, the focus remains firmly on the Maxima Residence, which Sacaklioglu sees as a project imbued with positive symbolism. “Even in the darkest of times, there is hope,” he says. “We want to send a message to the our Ukrainian colleagues and to the wider international business community that it is profitable to invest in today’s Ukraine and there is no need to be afraid.”