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

A new point of attraction for recreation, events and investments is forming in the Carpathians. MALAHIT RESORT & SPA is a large-scale cottage complex in the village of Mikulichyn, located on a view plot overlooking the Khomyak Mountain. The project is realised by developer MBA Development in partnership with hotel operator Ribas Hotels Group.

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

As of June 2025, the construction of the first phase has reached the final stage. In this material – an overview of the realisation stage and sales dynamics of the project.

At what stage of realisation?

The first stage

All facade works and insulation of 56 cottages have been completed in the first stage. As of the beginning of June 2025, low-current networks have been installed in all houses, assemblies for installation of sanitary equipment and sewerage have been prepared. Also, connection of engineering networks for the Smart House system has been completed. The houses are connected to the administrative building, the internet is connected and power supply networks are installed.

Now, the internal repair processes – floor screeding and plastering of walls – are being carried out in the format of alternating work (9 houses per line). Windows have already been installed in the restaurant reception building; the next stage is facade works.

In parallel, landscaping works continue. The drainage system and drainage networks throughout the territory have already been installed. Now is the laying of footpaths, then – the installation of lighting and landscaping.

The second stage

All the boxes of cottages have been erected. Now the windows are mounted, preparations are underway to cover the roofs. After that, facade works and interior finishing will start.

Third stage 

The project is structured into four quarters. In the first quarter, the boxes of 25 cottages have been completed, preparations for insulation and glazing are underway. The plots for the second and third quarters have already undergone land preparation, then – foundation and erection of new sections.

Evolving architectural model

The original concept of MALAHIT RESORT & SPA was to create a single complex of 56 cottages. In the process of realisation the project was scaled up to three full-fledged stages. This decision was made due to high demand and the need to adapt to different holiday formats.

The architectural structure of the complex is built in such a way as to cover different segments of guests:

• The first phase and part of the second phase are larger cottages designed for families or companies.
• The second phase (partially) and the third phase are compact formats with an area of 22-33 m², operating as hotel rooms. They are oriented towards couples or small groups, as well as the MICE segment.

Such a distinction makes it possible to work more precisely with demand, form a different pricing policy and flexibly use facilities in management.

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

• infrared sauna;
• salt room;
• Kraxen sauna;
• separate bath in the bedroom.

This approach provides greater 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 that was not foreseen in the original model:

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

Projected capitalisation and price dynamics

Sales figures confirm the stable demand of the project:

• As of the beginning of June 2025, more than 70% of units have been sold.
• The first cottages were sold at $95,000. In June 2025 – the last contracts are already concluded at $138 000.
• The price per square metre has increased from $2150 to $2700-2900 depending on the area and configuration.

An important factor affecting the rate of payback is the involvement of the hotel operator. According to Ribas Hotels Group statistics, the occupancy of facilities with a management company is 30% higher than in cases of independent management. For an investor, this means not only an increase in capitalisation, but also a stable passive income.

What’s next?

The next three months are key for the finalisation of the first stage. At the same time, the roofs and insulation in the new sections are being installed. During the busy season, the focus of work will shift to interior finishing, landscaping and the creation of a recreational area around the thermal pool and restaurants.

The first phase will be commissioned in Q4 2025, while the second and third phases will be completed in Q2 2026.

MALAHIT RESORT & SPA is a project that combines the aesthetics of a mountain resort with a profitable operating model. With a balanced architectural solution, service component, managed occupancy and smart scaling, the project can be viewed not only as a leisure space, but also as a long-term investment asset with a projected capitalisation of up to 14.8%.

Want to invest? Call +38 (097) 380 79 70 for details or leave a request on the Ribas Invest website and we will contact you.