“I found out from people who received apartments through the State Mortgage Company at that time that their salary was 16,000 soms, while the monthly loan payment was 24,000 soms. Therefore, we have now increased salaries to 70,000-80,000 soms and completely changed the approach to the activities of the State Mortgage Company,” he noted.
According to the president, this year about 20,000 families will be able to receive keys to their new homes. Construction of housing by the State Mortgage Company is also underway in various regions of the country.
Regarding the markup of the State Mortgage Company on the cost of housing, Japarov explained that providing apartments only at cost is impossible. “The company must operate continuously. If we sell apartments only at cost, we will have to allocate funds from the budget every year, which will ultimately lead to the company's bankruptcy,” he added.
Currently, the authorized capital of the State Mortgage Company is about $2 billion, which is significantly more than a year ago when it exceeded $1 billion. The president also reported that the $400 million that the National Bank directed to the budget as net profit was allocated for the construction of new facilities by the State Mortgage Company.
“Today we offer housing at 4% per annum for a term of 25 years, and people are satisfied, as apartments from the State Mortgage Company are significantly cheaper than those from private developers, who offer their apartments for $2,000-3,000 per square meter for self-finishing. Meanwhile, housing from the State Mortgage Company in the regions is built at $750 per square meter, and in the Chui region — at $700 per square meter. This is the price for ready-to-move-in housing. After that, the State Mortgage Company adds $200-300 to this cost,” Japarov reported.
He also mentioned that the name of Kanybek Tumanbaev is often discussed in the Jogorku Kenesh. “People say that Kanybek Tumanbaev is the only one who builds housing and profits from it. If you have a construction company and are ready to work at such a price, I can provide a plot for construction. I have gathered private construction companies several times with the offer to build for the State Mortgage Company, but they all laughed, claiming that ‘turnkey’ can only be built for $900-1,000 per square meter. Therefore, we had to take this matter into our own hands,” the president noted.
Sadyr Japarov also spoke about the proposal from former mayor of Osh, Jenishbek Toktorbaev, who expressed a desire to engage in construction in the south of the country. “He has been in construction for a long time and previously built houses for $750 per square meter. If anyone wants to build, please reach out,” the president said.
In addition, Japarov expressed the opinion that the State Mortgage Company should not engage in independent construction of facilities. “If they start building, it may lead to various problems, including theft and rising prices. Therefore, we decided that the State Mortgage Company will only deal with calculations,” he concluded.
The president added that as soon as construction is completed in Bishkek and the Chui region, State Mortgage houses will be built in every district center of the country, and then the company will begin to engage in the renovation and construction of private houses throughout Kyrgyzstan.
