The state is building 8.1 thousand apartments and arranging 8.5 thousand parking spaces in the residential complex “Yntymak”. This was announced today at a press conference by Mr. Kanybek Tumonbaev, Head of the Presidential Property Management Department.

He noted that this is the first case when such a large number of parking spaces are created.

“These are the first elite apartments built by the state. We will hand them over completely ready. Four schools and kindergartens will be located in the neighborhood. We plan to commission 12 blocks already in 2025,” he said.

Apartments for shareholders will cost $1,400 per square metre, and $700 per square metre under state programs through the GEC.

Tumonbayev explained that the government is actively involved in construction to keep healthy competition in the market.

“Private companies sometimes sell a square meter for $3,500,” he said.

Asked why the cost for shareholders (when making a 50% prepayment) is higher, he said the state has obligations to the Saudi Fund for Development.

“We cannot predict the dollar exchange rate in 10-15 years. Therefore, it is important that the state is not overburdened. The current price for shareholders is optimal,” Tumonbayev explained.

He also added that the budget allocated by the fund is $100 mln. The fund has been working with the state through Gosstroy for the last 15-20 years