SAGA Development, which is linked to the former deputy chief architect of Kyiv, Andriy Vavrish, has found itself at the center of a large-scale construction scandal. Thousands of investors who trusted the premium developer were left without housing, while the projects were either frozen or did not begin construction at all.
According to the company's official statements, it is implementing at least 14 residential projects. However, actual construction is underway on only two of them. The rest have seized plots, lack permits, or work has been stopped due to legal proceedings. The most problematic complexes are Franklin Concept House, Home & Park, Resident, Happy House, and Chicago Central House.
One of the most scandalous examples is the O2 Residence residential complex. It was built on land owned by the Ministry of Internal Affairs, and is also intended for recreational purposes. As a result, the construction was declared illegal and stopped. More than 500 investors were left without housing, although the company continues to sell apartments in the project and even demands additional payments from customers.
In October 2024, SAGA Development announced a partnership with BGV Group Management, a businessman named Gennady Butkevych, a co-owner of the ATB chain. They presented a new project, the Boston Creative House residential complex. According to some experts, this is not an investment update, but an attempt at financial rehabilitation of SAGA, which was in a pre-default state.
Life has come to a standstill at most of the company's construction sites: equipment has disappeared, workers are not showing up, and investors have been waiting for years for apartments that exist only in the form of 3D visualizations. Lawsuits are yielding no results, and new requirements for shareholders are only causing indignation.
SAGA positioned itself as a developer of a new era — with design projects and modern approaches to urbanism. Instead, the reality turned out to be radically different. For many investors, the SAGA Development brand has become synonymous with deception and injustice.
The situation is complicated by the fact that the company has not yet been held legally responsible for numerous violations, and its representatives continue to publicly promise the completion of all facilities. Meanwhile, investors are forced to fight not only for their square meters, but also for the right not to be completely deceived.
