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An attempt to sell the Kaisar Plaza business center in Almaty، previously linked to Kairat Satybaldy، has failed. The property was put up for electronic auction but did not attract any buyers، with experts attributing the lack of interest to an overvaluation.

Auction Details

The Kaisar Plaza business center was listed for auction on April 7th with an initial price of 61.5 billion tenge. Although the auction was designed for bidding to increase the price، no buyers emerged. Despite nearly 2 million people showing interest in the advertisement، the property remained unsold.

"There were no registered participants for the property when the electronic auction began،" stated a notice from the platform.

The business center had been under the trust management of a company responsible for managing returned assets.

Property Description

Kaisar Plaza is a nine-story non-residential building located at 115 Zhelتوكسان Street in Almaty. It spans over 64،000 square meters and is situated on a 0.72-hectare plot of land leased until August 2030.

The building houses offices for various companies، with 53 tenants holding agreements of varying durations. Official documentation shows discrepancies in the building's area، with some records stating 63،900 square meters and others 56،500 square meters، potentially due to the exclusion of certain roof areas from the total measurement.

Valuation Discrepancies

While the starting auction price was 61.5 billion tenge، independent valuations presented different figures. The market value of the building was assessed at 44.5 billion tenge in January 2025، a valuation valid for six months. The right to lease the land plot was valued at 2.8 billion tenge، based on an assessment conducted on December 22، 2025.

The combined value from these assessments is approximately 47 billion tenge، significantly lower than the 61 billion tenge auction price. The source of the additional 15 billion tenge remains unclear from public records. Furthermore، the auction price did not include VAT، meaning a potential additional 16% tax would be levied upon purchase.

History of the Business Center

The building originally served as the State Planning Committee of the Kazakh SSR before being demolished in 2015 to make way for the Kaisar Plaza business center.

Confiscation from Satybaldy

Kairat Satybaldy was sentenced to six years in prison in 2022 for causing over 12 billion tenge in damages to Kazakhtelecom and embezzling assets from the "Transport Service Center." His money laundering investigation continued into 2023.

In 2024، the Kaisar Plaza business center was included in a list of assets returned to the state، with a total value exceeding 730 billion tenge. This returned property portfolio included other assets such as 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).

Additionally، significant commercial properties were transferred to the state، including Kaisar Plaza (valued at 33.5 billion tenge)، 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 the "Optimum" business center in Astana (3.2 billion tenge).

The returned assets also extended internationally، with tens of billions of tenge in funds، real estate، and securities recovered from Austria، Liechtenstein، Turkey، and the UAE. These included two villas in Dubai (20 billion tenge)، four apartments on the French Riviera (4 billion tenge)، 15 real estate objects in Moscow (5 billion tenge)، and property in Turkey (Bodrum and Istanbul، over 4 billion tenge).

In August 2024، a court in Oskemen granted Kairat Satybaldy's request to commute his sentence، changing the remaining term to 3 years، 3 months، and 7 days of restricted liberty.

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