InfoHub Logo

The Kaisar Plaza business center in Almaty, formerly belonging to Kairat Satybaldyuly, has been relisted for sale via electronic auction. This time, the starting price has been lowered by 7 billion Tenge, bringing it closer to its actual market value.

New Auction Details

This marks another attempt to sell the prominent business center. The current auction sets the initial price at 54 billion Tenge, with the sale format being an ascending bid process. The nine-story office building is located on Zheltoqsan Street in Almaty and spans approximately 64,000 square meters. It currently houses 53 tenants, and the land lease is secured until 2030.

Previous Sale Attempt

Previously, on April 7th, an attempt was made to sell the business center for at least 61.5 billion Tenge. However, no buyer was found, largely attributed to the price being set about 15 billion Tenge higher than its assessed market value.

Assessed Value vs. Asking Price

Despite the previous asking price of 61.5 billion Tenge, independent appraisers valued the building significantly lower. Official documents indicate a market value of 44.7 billion Tenge for the building itself, with the land lease valued at an additional 2.8 billion Tenge. These figures represented 'proposed prices for negotiation'. However, the asset owner, the Management Company for Returned Assets (MCRA), opted for a higher initial offering. Due to a failure to secure funds, the business center remained on their balance sheet.

Regarding the discrepancy of an additional 15 billion Tenge, the MCRA stated that the selling price is determined according to their 'internal regulations'. The final price is influenced by various factors. Representatives from MCRA stated, "The future of the business center will be determined in accordance with the company's internal regulations and applicable legislation. Its sale through open and transparent procedures remains a priority. Information will be reported in the prescribed manner if the terms change or other decisions are made."

Now, following these 'internal regulations', the lot price has been reduced by 7 billion Tenge for this new sale attempt, scheduled for June 17th.

Background: Confiscation from Satybaldyuly

Kairat Satybaldyuly, a nephew of former Kazakhstan President Nursultan Nazarbayev, was previously sentenced to six years in prison for causing over 12 billion Tenge in damages to Kazakhtelecom and embezzling property from the 'Center for Transport Services'. Investigations continued into other cases in 2023. In 2024, the Kaisar Plaza business center was included in the list of assets returned to the state. Numerous large assets, valued at over 730 billion Tenge, have been returned, including the Kaisar Tower business center (over 7.9 billion Tenge), an administrative building (over 800 million Tenge), and three mansions in Astana (over 5 billion Tenge). Other returned assets include the DoubleTree by Hilton hotel (6.49 billion Tenge), ArSat business center (8.9 billion Tenge), Maisat business center (5.2 billion Tenge), 'Megatau' shopping house (8.9 billion Tenge), 'Baysat' market (15.9 billion Tenge), and 'Optimum' business center in Astana (3.2 billion Tenge). Additionally, tens of billions of Tenge in funds, real estate, and securities were recovered from countries like Austria, Liechtenstein, Turkey, and the UAE, including two villas in Dubai (approx. 20 billion Tenge), four apartments on the French Riviera (approx. 4 billion Tenge), 15 real estate objects in Moscow (5 billion Tenge), and properties in Turkey (over 4 billion Tenge).

In August 2024, the Ust-Kamenogorsk court granted Satybaldyuly's request for sentence mitigation, commuting the remaining term to 3 years, 3 months, and 7 days of restricted freedom.

This is reported by the Infohub.kz information agency.