In accordance with Joint operating plan of the Government of the Republic of Kazakhstan, National Bank and Agency of the Republic of Kazakhstan on regulation and supervision of financial market and financial organizations in order to stabilize the economy and financial system for 2009 - 2010 approved the measures to address the problems in the property market by resolution of the Government of the Republic of Kazakhstan No 1085 as of November 25, 2008 (hereinafter – Joint operating plan).
Joint Stock Company “Real Estate Fund “Samruk-Kazyna” was created for this purpose with absolute participation in its share capital.
Real Estate Fund will carry out financing of projects on residential facilities construction within the frames of this Program.
In order to carry out housing construction on this direction the proprietary funds of JSC “Samruk-Kazyna” and National fund will be used.
Mechanisms for the construction of residential facilities:
1. Organization of construction shall be carried out under investment applications of private developers (investors).
In accordance with the internal procedures of “Real Estate Fund “Samruk-Kazyna” JSC the selection of projects on the construction of residential facilities (hereinafter - the projects) presented by private developers (investors) is carried out.
The projects must meet the following requirements:
1) availability of land plot, free of encumbrances, secured or planned to ensure the appropriate engineering and communication infrastructure in accordance with the development plans of infrastructure of local executive bodies;
2) availability of design and estimate documentation with resolutions of state expertise;
3) class of housing amenities - no more than 3rd class in accordance with construction norms and rules of the Republic of Kazakhstan 3.02-43-2007 "Residential buildings". The total area of one apartment of Real Estate Fund shall not exceed 120 square meters and / or low-rise single-family house (cottage) - 200 square meters, the availability of commercial premises and parking spaces in accordance with the requirements of construction norms and rules of the Republic of Kazakhstan. The basic cost of 1 square meter of building with total area of housing (apartment) must be in the prices of 2012 no more than 150 thousand KZT in Astana, Almaty, Atyrau, Aktau and suburban areas, no more than 120 thousand KZT - in other regions of the Republic of Kazakhstan. In subsequent years, the cost of construction of 1 sq. meter of total area of housing (apartment) will be adjusted taking into account the change in price index for the construction;
4) share of the developer (investor) in the project must be at least 20% of the project cost, including the cost of acquisition of land plot (according to the cadastral value), development of design and estimate documentation and holding state examination, and / or monetary funds, provided by appropriate safeguards or the presence of confirmed sources of financing for the period up to the completion of the facility construction, and / or construction in progress, confirmed by technical audit conclusion on the executed volume of construction works in the facility until the start of the project implementation with the participation of Real Estate Fund;
5) general contractor having state license for construction and installation work and other permits, availability of production facilities, construction experience of at least 3 years;
When selecting, the priority shall be given to projects with larger share of the developer (investor) in the financing.
2. The implementation of projects by Real Estate Fund on land plots of LEB (Local executive bodies).
In the case if LEB provides Real Estate Fund with land plots, secured or planned to be ensured with the appropriate engineering and communication infrastructure, Real Estate Fund shall organize housing that meets the requirements specified in paragraph 1 of this section, with the involvement of construction companies (investors) to take part in the implementation of projects. At the same time, Real Estate Fund can involve construction companies as investors and / or general contractors for the projects.
In the absence of relevant proposals from developers (investors) Real Estate Fund shall carry out an independent implementation of projects in accordance with DED estimates, in this case the construction companies shall be involved in the project as contractors.
3. Implementation of projects via special deposit.
In order to finance housing construction Real Estate Fund may issue special deposits in second-tier banks by concluding a limit-purpose fixed-term bank deposit agreement, in accordance with which STB using the funds of special deposit shall credit builders for construction of residential facilities. Herewith the conditions of the special deposit shall include the transition of facilities (premises) into Real Estate Fund’s property in respect of indemnification of the special deposit amount.
Housing transferred into the ownership of Real Estate Fund in respect of indemnification of the special deposit amount must meet the requirements specified in subparagraph 6 of paragraph 1 of this subsection.
Conditions and procedure for placement of special deposits by Real Estate Fund in STB shall be governed in accordance with the internal rules of Real Estate Fund.
3-1. Real Estate Fund is entitled to exercise purchase of residential and non-residential premises that meet the requirements specified in paragraph 1 of this subsection, in real estate objects under construction or facilities, finished by building.
4. LEB shall provide land plots for implementation of projects with necessary external engineering networks and the outside street and road infrastructure.
5. After the completion and commissioning of construction facilities shall be distributed according to the shares in the project.
However, the developer (investor) may be granted the right to sell the real estate financed by Real Estate Fund on the open price, but not more than 50% of the total area of the Real Estate Fund and pay the cost of the room in an amount not less than the current refinancing rate of the National Bank of the Republic of Kazakhstan at the time of conclusion of a respective agreement.
Real Estate Fund, guided by the principles of safety and recoverability of investments made, shall carry out constant monitoring of the progress of the facility construction.
6. The sale of residential and commercial premises (parking spaces) of Real Estate Fund by lease, lease-purchase and direct sales is carried out by Real Estate Fund (affiliated company of Real Estate Fund) after the registration of property rights on them and in accordance with the internal rules of Real Estate Fund.
The distribution of housing in the lease-purchase shall be carried out under the principle of giving priority to homeless persons or those who need better housing conditions.
A lease-purchase agreement shall be concluded between Real Estate Fund (affiliated company of Real Estate Fund) and the tenant. At the same time, a lease-purchase agreement may provide for the right to early acquisition of residential property to the lessee.
Individuals can exercise their right to purchase residential premises, including under lease-purchase conditions, no more than once.
The sale of residential premises by Real Estate Fund in lease-purchase will be carried out up to 15 years. The amount of rental fee shall be determined on the basis of the principles of repayment of funds allocated to finance the construction and financial stability of Real Estate Fund. The base price for direct sales by Real Estate Fund of 1 square meter of the total area of housing (apartment) in the first year will amount no more than 180 thousand KZT in Astana, Almaty, Atyrau, Aktau and suburban areas, no more than 144 thousand KZT - in other regions of the Republic of Kazakhstan. In subsequent years the price will be redefined taking into account the cost of construction of 1 square meter of housing (apartments).
After full execution of its obligations under the lease-purchase agreement by the tenant, housing will be transferred into the tenant’s ownership.