ADQ and Qazaqstan Investment Corporation establish co-investment platform


What will be the Unified Housing Operator

What will be the Unified Housing Operator

On June 9, Head of State Kassym-Zhomart Tokaev signed the Law on the Reduction of Housing Program Operators, which will enter into force on July 1. I would like to comment on the operation of the Law and the creation of the Unified Housing Operator.

Currently, "Baiterek" holding has four subsidiaries working on the development of the housing sector in Kazakhstan. These are "House Construction Savings Bank of Kazakhstan" JSC (HCSBK), "Kazakhstan Mortgage Company" JSC (KMC), "Baiterek Development" JSC (DB), and "Housing Construction Guarantee Fund" JSC (HCGF). In addition, "Damu" Entrepreneurship Development Fund" JSC provides subsidies for loans to entrepreneurs engaged in housing construction, which reduces the cost of square meters for end consumers.

According to the Law, the three subsidiaries of the "Baiterek" holding company (with the exception of Housing Construction Savings Bank) are combined into a single housing construction operator. The operator will also withdraw the functions of the "Damu" Fund in subsidizing developers. At the same time, Housing Construction Savings Bank, as the only bank in the country developing a system of housing construction savings, will continue its functions of issuing preferential housing loans to the population.

First of all, the Unified Operator will include DB and KMC. By the end of the year, the process of joining the HCGF will be completed. From January 1, 2021, the Unified Operator will also deal with subsidizing developers.

At the first stage, the Unified Operator will carry out the functions of financing the construction of affordable housing for the waiting list of Akimats and investors of Housing Construction Savings Bank; to guarantee the completion of shared construction, subsidizing loans to private developers; implementation of own investment projects and other types of financial services on the basis of a license of authorized bodies - the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market and the National Bank of the Republic of Kazakhstan.

These measures will allow "Baiterek" holding to more effectively implement the "Nurly Zher" state program and begin the transformation to the model of the Singapore (Housing and Development Board). We carry out this work together with our foreign partners Singapore Cooperation Enterprise. Ideally, we are talking about the fact that the Single Operator should comprehensively solve the problems of mass housing development with the necessary engineering, social and commercial infrastructure. Particular attention should also be paid to timely communication of facilities, since without them it is impossible to sell housing to the population. I think we will definitely come to this.

Currently, together with the Ministry of Industry and Infrastructure Development, the regulatory framework is being adapted according to the new Law, which will be completed next quarter. Until the end of September, the remaining corporate procedures will be completed and documents will be sent to the justice authorities.

The creation of the Single Operator will not require additional expenses from the republican budget or from the funds of "Baiterek" Holding. Optimization of the housing block will reduce administrative costs by more than 40%. The staffing of subsidiaries will also be optimized, including the managerial staff by almost 3 times. But at the same time, in each region of the country, the Single Operator will have its representatives.

In addition, by order of the Head of State, by the end of this year, an institute of development and support will be created on the basis of the Housing Construction Savings Bank - "Otbasy Bank", which will centrally carry out accounting, setting up and distribution of housing. The current priority of the system of local government offices will be transferred to "Otbasy bank", which will operate on the principle of "one window" for families who do not have housing.

Thus, the housing block of the "Baiterek" holding will create a simple and closed cycle for providing the population with affordable housing:

  • Single operator will provide affordable housing offer through construction financing;
  • "Otbasy Bank" will stimulate demand from working citizens through soft housing loans.


Omarkhojayev Anuar,

Deputy Chairman of the Management Board

"National Management Holding "Baiterek" JSC

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