JSC Housing Construction Guarantee Fund (a subsidiary of Baiterek Holding) exceeded its plans to guarantee housing construction as part of the Nurly Zher housing program.
“At the end of the current year, the actual amount of the guarantee amounted to 56.4 billion tenge, which exceeded the plan by 16.3 billion tenge (the planned indicator for 2018 is 40.1 billion tenge). The FGWS covered the market for shared construction by 13.9%, opposite the planned 7%, ”said Daniyar Zhumashov, Chairman of the Board of the Housing Construction Guarantee Fund JSC.
According to him, in 2018 FGZhS issued 16 guarantees for the completion of the construction of a residential building in the cities of Astana, Almaty, Shymkent, Uralsk for a total amount of 56.4 billion tenge. The total area of the guaranteed apartments is 241.3 thousand square meters, which is 4145 apartments.
As Daniyar Zhumashov noted, at present four housing construction objects have already been commissioned within the timeframe stipulated by the project documentation, two properties are located in Almaty and two in Astana. The construction of the remaining facilities is carried out according to the planned schedule.
The Housing Guarantee Fund, a housing market operator that provides trilateral benefits and insures the interests of all three parties, informed Daniyar Zhumashev. FGHS guarantees holders, that in the event of force majeure from the developer will finish housing for their funds. The Bank assists the co-lenders of the interest holders for the purchase of housing under construction and, in the event of a default of the co-investors, reimburses the loan amount to the banks. For developers, the Fund provides access to co-investors' funds, reduces the cost of construction financing and enables housing to be built first.
Meanwhile, the authorized capital of the Fund will allow to guarantee housing facilities with a total project cost of up to 200 billion tenge.
