On September 25, 2024, Kazakhstan Housing Company (KHC) announced the occurrence of a guarantee event for the project “Construction of a commercial facility on the 1st floor and a multi-story residential building” located in Shymkent, Karatau District, Nurtas microdistrict, 5/3 (excluding external engineering networks).
To complete the construction of the residential building and fulfill obligations to shared-equity participants under the shared-equity participation guarantee, KHC has initiated relevant measures to resume construction of the project.
Background: KHC, the Unified Operator of housing construction and a subsidiary of National Managing Holding “Baiterek”, signed a guarantee agreement No. ДПГ-23-13-055/132 with LLP “VVD-Құрылыс” and LLP “Crystal Shymkent” on March 6, 2023, for the project “Construction of a commercial facility on the 1st floor and a multi-story residential building” in Shymkent, Karatau District, Nurtas microdistrict, 5/3 (excluding external engineering networks), with a planned commissioning date no later than September 8, 2024.
Based on requests from the developer between December 8, 2023, and September 8, 2024, the Unified Operator approved three extensions of construction deadlines. Despite these measures, monitoring of the project revealed significant delays in commissioning and completion of construction works.
In accordance with the Law on Shared-Equity Participation in Housing Construction, when the commissioning deadline of a multi-story residential building is missed, the Unified Operator makes the decision to declare a guarantee event.
Press Service
Kazakhstan Housing Company
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