The market “Baisat” in Almaty, confiscated in favour of the state, was sold at electronic auction for 24.7 billion tenge. The property was put up for auction several times, but previous attempts to sell it were unsuccessful due to the lack of buyers.
HOW THE SALE WENT
The state spent almost a year trying to sell the “Baisat” market. During this time, the starting price of the property gradually fell from 28.6 billion tenge to 24.7 billion tenge.
The last auction, held in May 2026, was declared void as no bids were received. After that, the Committee of State Property and Privatisation of the Ministry of Finance said that if the next attempt failed, the market could be transferred free of charge to the municipal ownership of Almaty.
However, the next auction ended with the sale of the property for 24.7 billion tenge.
WHY THE MARKET CAME INTO STATE OWNERSHIP
The market passed to the state following court proceedings. In January 2024, the Specialised Inter-district Economic Court of Almaty declared invalid transactions involving the assets of the “Holding Almaty Zhylu” complex, which later became the “Baisat” market.
The court concluded that an outdated property valuation report had been used in the sale of the complex, the mandatory condition regarding the preservation of the business profile was absent, and the contractual terms prohibiting the alienation of the property had not been observed.
According to the court materials, three properties with a total area of 4,221.4 sq. m and a land plot of 1.4 hectares were owned by affiliated companies KazGerStroy Joint Venture LLP and Astana Financial Group LLP, which belonged to Bauyrzhan Nursultan. As a result, the court ordered the assets to be returned to the state.
WHAT PROPERTIES ARE BEING SOLD AT AUCTION
Meanwhile, auctions for assets returned to the state continue across Kazakhstan. Earlier, it was reported that plans were in place to sell the “Kaisar Plaza” trade and office centre with a starting price of 62 billion tenge. Other properties slated for sale included the DoubleTree by Hilton hotel and the “Baisat” market.
