Kyrgyzstan is continuing to seek solutions to complete residential buildings that have remained unfinished for many years. Accordingly, external management is planned for a number of construction companies, along with attracting investors to restart the work.
Distressed sites and revised calculations
Minister Nurdan Oruntaev spoke about the situation with Doolot Kurulush projects, where about 3 thousand people bought apartments. These are two sites — in the Kudaibergen residential area and in the town of Shopokov. Construction of these buildings began in 2021 but has still not been completed.
Investors and a new construction team are being brought in to continue work at these sites. However, one of the reasons work stopped was the lack of sound financial calculations, as apartments were sold at about 750 dollars per square meter, which did not account for potential increases in material prices and labor costs. As a result, the financial calculations and contract terms need to be revised in order to complete construction.
Sites where external management is planned
In addition to the projects mentioned, the minister also reported work on six more distressed sites. These sites include:
- Residential buildings with 80 apartments at 295 and 297 Jibek Jolu Street, whose construction began in 2018 by Expert Stroy
- A 9-story building with 169 apartments at 121B Michurina Street (blocks A and B), whose construction began in 2021 by Expert Stroy and Gidrotekhstroy
- A 15-story building with 200 apartments in the Kok-Jar residential area, 197/2 Kuyruuchuk Street
All these measures are aimed at addressing the problem of unfinished housing and protecting the interests of homebuyers.
