At the end of the month, there will be a second tender for the completion of one of the most famous unfinished projects in Minsk – the Gulliver shopping and entertainment centre.
The tender for the 123,000sq m project, near the Pushkinskaya metro station will take place on the Economy Ministry’s internet platform. The project was originally being developed by LLC Istor (set up by two American companies) in partnership with Aresa-Service. Gulliver obtained funds for the project from individual investors, offering them preliminary contracts for the ownership of the units in the centre as collateral. More than 50 co-investors were attracted to the project. In 2015, however, the construction work was suspended due to insufficient funds and Gulliver went bankrupt two years later.
In autumn 2019, the unfinished structure was put up for auction but no one was willing to pay the starting price of RUB 22.3M (USD 10.8M at the time). A new property valuation was carried out in the winter, which calculated the value of the existing structure at around RUB 19.7M (app. USD 7.6M now).
