Perfect Group exits 2 joint residential projects with Saga Development
Developer Perfect Group has ended its participation in the Kyiv residential complexes Philadelphia and Franklin, projects it had been carrying out in partnership with Saga Development.
"Today, together with Perfect Group, we have completed their participation in two landmark projects – Philadelphia and Franklin. From now on these properties are fully under Saga Development's management," Saga Development founder Andriy Vavrysh wrote on Facebook.
Perfect Group project head Oleksiy Koval told Interfax-Ukraine that the decision was made in spring 2025 as part of a portfolio consolidation strategy.
"Today it is extremely important to focus resources on projects where we can maximally apply our own construction and management competencies. In Ukraine a developer often combines the functions of a construction company, whereas globally a developer handles everything except the actual construction, which is performed by a contractor. In our partnership with SAGA, Perfect Group was responsible for construction expertise and erection, while SAGA handled marketing and conceptual solutions," Koval said.
He added that, although responsibilities in the projects were not strictly delineated, each company focused on its own direction and assumed responsibility for particular aspects of the work.
Vavrysh said Saga Development will complete the projects on its own or with new partners. Work at the Philadelphia site will begin in a few weeks and is scheduled to finish in spring 2026.
Terms of the exit from the partnership were not disclosed, in part because "the project economics are complex and it is difficult to precisely account for profits and expenses."
"In today's market, where most sales occur at the final stages of construction, the developer finances the project for a long time out of pocket, and profit only appears after completion. That situation requires concentration on projects that can be delivered most efficiently," Koval said.
He added that Perfect Group values more than 10 years of cooperation with SAGA Development and continues joint work on the Rybalskyi residential district, KANDINSKY Odessa Residence, KYЇVPROEKT City Space and New Podil. Perfect Group's own projects include the Velmy apart-hotel, Stanford residential complex, 7 Kvartal, Lebedynyi Guest House, Riverdale, club house La Manche, New Tone and others.
Founded in 1991, Perfect Group's portfolio totals 96 residential and commercial buildings with a combined area of 1.2 million sq. m.
Saga Development was established in 2015; its portfolio includes 12 completed buildings across seven residential complexes and nine projects at various stages of implementation. In 2024 the company announced a partnership with BGV Group Management on the Boston Creative House project.