Under financial crisis circumstances TKS Holding (Lviv) focused on accomplishing projects with high level of completion, particularly the biggest in Drohobych retail center with the total area of 13,5 thousand sq. m. that is planned to be commissioned in the third quarter of 2009.

        As it was reported by Orest Sarakhman, Commercial Director of the Holding, the company also plans to commission a retail center in Boryslav with the total area of 2,9 thousand sq. m. which is at the moment on the final stage of its completion.  

        According to Orest Sarakhman, in Truskavets an apartment complex “Lisova Pisnya” with the total area of 20 thousand sq. m. including SPA-center and recreational infrastructure will be commissioned in the second or third quarter. “In Truskavets the market of apartment complexes with the developed infrastructure is not saturated”, - emphasized Orest Sarakhman. 

        Speaking of Holding’s plans to sell some of the projects, O. Sarakhman assumes such a possibility, especially retail centers in order to attract additional funds for the construction of other projects.

        “We are considering the possibility to sell the retail centers as a whole or initiate a partnership, especially those retail centers that are located in Drohobych agglomeration and take 60% retail market share in the region”, - he added.

        According to the Commercial Director, project portfolio of the Holding includes 17 projects with prevailing retail centers. Orest Sarakhman also emphasized that TKS doesn’t intend to sell the properties at dumping prices.

        “We have got a “credit shoulder” – loans for the amount of not more than USD 20 million with the optimal annual rates of 10-15% and repayment period of more than 5 years. This year the volume of credit repayments doesn’t exceed USD 2-3 million, that’s why we feel quite secured in the existing situation and will not sell the properties at dumping prices”, - said Orest Sarakhman.

        Orest Sarakhman also pointed out that Holding secured credit financing for the realization of a number of projects on the construction stage and already received first tranches.

        “However, the remaining credit amounts were retained. We don’t want to wait until the situation improves and the rest of the amount within the credit line will be provided. We stop the construction works of these projects and continue designing works on other projects using our own funds”, - said Orest Sarakhman.   

        Commenting on the question whether “TKS” plans to continue developing its concrete production, O. Sarakhman said that “the company hasn’t revised its plans concerning concrete production for 2009. Notwithstanding the situation on the market all of them remain practicable, particularly those regarding the construction of a concrete plant in Kyiv”.