A large-scale reconstruction of the Asia Park shopping and entertainment center has begun in Astana, with a business center and office spaces being added. The work is commissioned by Asia Park company, owned by one of Kazakhstan's leading rentiers, Alexey Nefedov, reports infohub.kz.
Residents of the capital have noticed construction activity on the mall's parking lot. Correspondents of Kursiv confirmed that excavators are actively working around the shopping center, and part of the area is fenced off.
According to the project passport, the reconstruction involves adding a multifunctional complex to the mall, including an expanded shopping and entertainment center, a business center, and office spaces.
Construction started in the third quarter of 2026 and is expected to be completed in the fourth quarter of 2029.
On social media, Astana residents express concerns that the new facility will take up part of the parking lot, potentially leading to a shortage of parking spaces. Additionally, traffic conditions are expected to worsen, as there are four busy intersections nearby.
The customer for the construction is Asia Park company, part of the Arcada group. The company's portfolio also includes Asia Park malls in Astana and Almaty, as well as Mart shopping center and Mart Village shopping and entertainment center. The company is owned by Alexey Nefedov, who ranks 11th among Kazakhstan's largest rentiers. Rentiers are businessmen who earn passive income from real estate.
Asia Park's net profit for 2025 nearly doubled to 534.2 million tenge. Gross profit reached 1.6 billion tenge, driven primarily by rental income from retail spaces.