The Department of Municipal Property Management of Bishkek City Hall announced an auction for the lease of a land plot located at the intersection of Chingiz Aitmatov Street and Ybyraym Abdrakhmanov Street.

The area of the land plot is 39.1 hectares. The plot is offered for lease for a period of 5 years for the design and construction of a multi-storey residential building.

The initial rental rate is set at 2.5 million soms per year, while the auction participants are obliged to make a security deposit of 50% of the starting cost. The auction step is 20% of the starting price, which complies with the established regulations.

Among the key terms of the lease agreement is the obligation to transfer 10% of the area of the constructed building into municipal ownership. Also, the lessee must pledge 10% of the residential area until the full redemption of the land plot after the construction is completed and the building is put into operation.

The auction is part of the Bishkek Mayor's Office program to develop urban infrastructure and provide affordable housing for the population.