Chagala Group Ltd. said Nov. 26 that it kicked off construction on the first of four towers of its Saraishyk apartment project located at the Group's site in Atyrau.
The ten floor structure will host prime retail space located on the ground floor with nine additional floors of residential apartments consisting of 18 two or three bedroom suites. Floor plans measure from 94 m2 up to 148 m2. The project is being developed through the joint venture established with ADM Capital’s Kazakhstan Capital Restructuring Fund. Units in the building are currently being offered to the local market for purchase with the scheduled completion date being April 2014.
Francisco Parrilla, CEO of the Chagala Group commented that “We are very pleased to break ground on this exciting project as it is the first project for Chagala envisioned for the resale market. Our market research has identified a strong demand for quality residential space in Atyrau and we are convinced that the Saraishyk project will appeal strongly to this market need.’
Orinbasar Kuatov, Director, ADM Capital commented that “ADM Capital is pleased to see the start of another project within the Joint Venture with Chagala and looks forward to identifying and acting on additional opportunities in the future.”