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Baiterek Holding launches a regional shared construction project

Today in Karaganda a memorandum on cooperation was signed between subsidiaries of Baiterek Holding, JSC Housing Construction Insurance Fund and JSC Zhilstroysberbank of Kazakhstan, and Akimat of Karaganda and construction company Еurasia Building LLP.
The aim of cooperation consolidation is to provide large population sectors in Karaganda with affordable housing and to develop regional shared construction market in general, emphasized Aigul Zhumatayevna, Deputy Chairman of the Board of JSC Housing Construction Insurance Fund:

“No doubt that the signed memorandum on cooperation will allow to launch the mechanism of shared construction in Karaganda as well as to use this successful experience in other regions of our country. I want to note, that the guarantees given by the Fund are an effective instrument to save shared construction participants’ contributions via guaranteed completion of construction in the stipulated deadline and to provide quality by monitoring progress of construction”

, - mentioned Aigul Zhumatayevna.
After memorandum signing ceremony Director of regional branch of JSC Zhilstroysberbank of Kazakhstan Gulnar Dabylova pointed out that:

“it is very important to help people get apartments. The region has 67 thousand of depositors with a total amount of savings of 26 billion tenge. All of them save money on accounts to buy their own housing. And it is important that price per square meter is available and fixed, and the construction object has been completed in time. The signed memorandum guarantees our clients all that and in future they will be sure to get an apartment on credit at 5% per annum”.

As a part of a pilot project the parties join their efforts and organize cooperation on housing construction and housing sales in the Karaganda region.
Nurlan Aubakirov, Akim of Karaganda:   
Nurlan Aubakirov, Akim of Karaganda:

“The launch of a pilot project will promote development of shared construction in the region. This is a good incentive and an example for other construction companies with the support of the Akimat to get access to the products and services of the Insurance Fund and Zhilstroysberbank and to attract the shared construction participants’ money on legal grounds.”

To realize the mechanism of shared construction the Insurance Fund will give the construction company a guarantee that will help the depositors of Zhilstroysberbank to buy finished apartments of good quality at affordable prices in the residential complex at the construction stage.
Aidos Mukhatayev, general Director of  Еurasia Building LLP: 
Aidos Mukhatayev, general Director of Еurasia Building LLP:

“We are pleased that our company with the brand “Comfortable city” was one of the first to meet all qualification requirements to sign the memorandum. With the help of the Fund and the Akimat of the city we will make our hometown more comfortable and convenient for living.”

Memorandum on cooperation will promote the further use of cooperation experience between JSC Housing Construction Insurance Fund and JSC Zhilstroysberbank of Kazakhstan (subsidiaries of Baiterek Holding) to develop a regional shared construction market in order to implement the mechanism for guaranteeing and protecting the interests of shared construction participants.