“Housing Construction Guarantee Fund” JSC – a subsidiary of “Baiterek” Holding became the guarantor of the completion of a single architectural composition construction of one of the key monuments in Astana “Arc de Triomphe - Mangilik El”.
The fund provided a guarantee for the Construction Company “Nur Astana Kurylys” to complete the construction under the project multi-apartment residential complex “Triumph Avenue”.
The corresponding agreement was signed by Marat Nurshaev, Deputy Chairman of the Management Board of “HCGF” JSC and Salamat Akhmetov, General Director of “Nur Astana Kurylys”.
“Triumph Avenue” is a multi-apartment residential complex consisting of five residential bays with a height of 7-9 floors. Parking for 250 spaces is also going to be constructed.
According to the guarantee agreement, an independent engineering company will monitor the targeted use of the resources of equity holders and the construction progress at all stages.
The guarantee is aimed at ensuring the safety of equity holders’ investments and the completion of construction on time. In case of a guarantee event – failure to comply with a deadline of construction, identification of inappropriate use of funds or bankruptcy of the developer - the fund will become the project manager and provide additional funding for the construction of a residential house in the prescribed manner.
Thus, in any case, equity holders have a 100% guarantee provided by the state that the object will be completed.