E-Qazyna re-lists Baysat market in Almaty at 24.77 billion tenge with 13% discount
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Kazakhstan’s state asset recovery platform E-Qazyna on August 3 relisted the Baysat wholesale market in Almaty for 24.77 billion tenge. The starting price is 13.4% below the property’s assessed value of 28.6 billion tenge, after an earlier auction failed due to a lack of participants.
Auction Details
E-Qazyna relisted the Baysat market with a starting price of 24.77 billion tenge on August 3. A previous auction at the assessed 28.6 billion tenge failed to attract bidders. The State Asset Recovery Company (KUVA) subsequently cut the price, first to 26.7 billion tenge and then to the current 24.77 billion tenge, a total discount of 13.4%. The market, located in Almaty, includes three buildings with a total area of 4,221.4 square meters on a 1.4-hectare land plot.
Ownership and Return
The Baysat market was previously controlled by Bauyrzhan Nursultan, the son of Kairat Satybaldy, a nephew of former President Nursultan Nazarbayev. In January 2024, an Almaty court annulled all transactions with the complex, which had been held through affiliated companies KazGerStroy and Astana Financial Group. After the ruling, the government took possession of the asset. Kairat Satybaldy also voluntarily transferred his share of the market to the state during pre-trial proceedings.
What's Next
The online auction on E-Qazyna is now open, with the sale to conclude once acceptable bids are received. Whether the 13.4% discount will draw investor interest after the failed sales remains uncertain.
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E-Qazyna re-lists Baysat market in Almaty at 24.77 billion tenge with 13% discount
