MALAHIT RESORT & SPA: at what stage is the construction of a profitable cottage community with a projected capitalization of up to 14.8%?

A new point of attraction for recreation, events and investment is being formed in the Carpathians. MALAHIT RESORT & SPA is a large-scale cottage complex in Mykulychyn village, located on a viewpoint with a view of Mount Khomyak. The project is being implemented by MBA Development in partnership with the hotel operator Ribas Hotels Group.

MALAHIT RESORT & SPA is not just a home in the mountains. It is a full-fledged resort ecosystem with its own SPA, restaurant infrastructure, sports and children’s areas, as well as space for events and MICE tourism. 

As of June 2025, the construction of the first phase has reached the final stage. This article provides an overview of the implementation stage and sales dynamics of the project. 

At what stage of implementation?

The first stage

In the first phase, all facade works and insulation of 56 cottages have been completed. As of the beginning of June 2025, low-current networks were installed in all houses, and units for the installation of plumbing equipment and sewage were prepared. We have also connected utility networks for the Smart Home system. The houses are connected to the administrative building, the Internet is available, and power supply networks are installed. 

Currently, internal repairs are being carried out in the format of alternate work (9 houses in a line) — floor screed and wall plastering. Windows have already been installed in the restaurant’s reception building; the next stage is facade work. 

At the same time, landscaping works are underway. The drainage system and drainage networks throughout the territory have already been installed. Pedestrian paths are currently being laid, followed by the installation of lighting and landscaping. 

The second stage

All the boxes of the cottages have been erected. The windows are currently being installed and preparations for roofing are underway. After that, the facade work and interior decoration will start. 

The third stage 

The project is structured into four quarters. In the first quarter, the construction of 25 cottages was completed, and preparations for insulation and glazing are underway. The plots for the second and third quarters have already been prepared for land use, followed by the foundation and construction of new sections. 

An evolving architectural model

The initial concept of the cottage community MALAHIT RESORT & SPA envisaged the creation of one complex of 56 cottages. In the process of implementation, the project was scaled up to three full-fledged phases. This decision was made due to the high demand and the need to adapt to different vacation formats. 

The architectural structure of the complex is designed to cover different segments of guests:

• The first stage and part of the second stage are larger cottages designed for families or companies.
• The second stage (partially ) and the third stage are compact formats with an area of 22 – 33 m², which operate as hotel rooms. They are aimed at couples or small groups, as well as the MICE segment. 

Such a distinction allows us to work more accurately with demand, formulate different pricing policies, and use objects in a flexible manner.

Another fundamental change was the abandonment of a unified approach to the equipment. Initially, all the cottages of the first stage included a tub on the terrace. In the process of optimization, together with the management company Ribas Hotels Group, it was decided to divide the houses into four types of equipment: 

• infrared sauna;
• a rustic room;
• Kraksen sauna;
• separate bath in the bedroom.

This approach provides a wider choice for guests and encourages repeat visits — each return can be accompanied by a new experience, even within the same queue.

The project also integrates new infrastructure facilities that were not envisaged in the original model:

• imitation of a thermal pool as an element of recreation regardless of the season;
• increase in the number of restaurants;
• additional outdoor pools in the third stage;
• a multifunctional conference hall — a space suitable for corporate events, workshops, yoga classes, presentations and debriefing formats followed by a buffet.

Projected capitalization and price dynamics

Sales figures confirm the project’s stable demand:

• As of early June 2025 , more than 70% of the units have been sold.
• The first cottages were sold for $95,000. In June 2025, the last contracts were signed for $138,000.
• The cost per square meter increased from $2150 to $2700 – 2900, depending on the area and configuration.

An important factor affecting the payback period is the involvement of a hotel operator. According to statistics from Ribas Hotels Group, the occupancy rate of hotels with a management company is 30% higher than in cases of independent management. For investors, this means not only capitalization growth but also stable passive income.

What’s next?

The next three months are key to finalizing the first stage. At the same time, we are installing roofs and insulating new sections. During the active season, the focus will be shifted to interior decoration, landscaping and the formation of a recreational area around the thermal pool and restaurants.
The first phase will be commissioned in Q4 2025, the second and third stages will be completed in the second quarter of 2026.

MALAHIT RESORT & SPA is a project that combines the aesthetics of a mountain resort with a profitable operating model. A well-considered architectural solution, service component, managed loading, and thoughtful scaling allow the project to be viewed not only as a recreation space but also as a long-term investment asset with a projected capitalization of up to 14.8%.

Want to invest? For details, please call +38 (097) 380 79 70 or leave a request on the website and we will contact you.