Published
08/29/2026, 09:09At the end of 2025, the value of the State Mortgage Company’s construction assets reached 5 billion 255 million KGS. Over the course of the year, this figure increased by 122 per cent.
At the end of 2024, the State Mortgage Company’s construction assets were valued at 2 billion 367.1 million KGS. Thus, their value increased 2.2-fold over the year, according to the company’s financial statements.
Virtually all of this growth was driven by projects under construction. Their carrying value rose from 355.7 million KGS to 3 billion 243.9 million KGS — more than ninefold.
The value of land plots remained unchanged at 2 billion 3.5 million KGS. Expenditure on design and cost estimate documentation fell slightly, from 7.9 million to 7.7 million KGS.
The largest share of construction assets remains concentrated in Bishkek. Over the year, their value in the capital rose by 76 per cent – from 2 billion 358.9 million KGS to 4 billion 151.8 million KGS. Of this amount, 2 billion KGS relates to land plots, with the remainder relating directly to projects under construction.
At the same time, GIK has significantly expanded its construction activities outside the capital. In Talas, the value of construction assets reached 612.6 million KGS; in the Chui Region, 259.9 million KGS; and in the Jalal-Abad Region, 224.7 million KGS.
As a result, Bishkek’s share of the company’s construction assets fell from 99.7 per cent to 79 per cent. Assets in other regions rose from 8.1 million KGS to 1 billion 103.3 million KGS and now account for around 21 per cent of the total portfolio.
GIK classifies land allocated for construction, design and cost estimate documentation, and unfinished projects as construction assets. The company is building blocks of flats on these sites, intended for subsequent sale to the public on an instalment basis.
