Chagala sees value of assets rise by 35%

Kazakh real estate developer and operator Chagala said on Monday that the current market value of the group's assets is $194.4 mln (EUR 137 mln), an increase of 35% over the last 12 months. The figure is based on an appraisal carried out by property advisor and chartered surveyor DTZ.

Chagala said DTZ valued each of the properties in accordance with the relevant parts of the current RICS Appraisal and Valuation Standards and each property was defined in three distinct categories: properties held as investments, properties in the course of development and properties held for future development. The net annual rent for each of the properties was also included in the valuation.

DTZ estimated the market values of the freehold interests in the properties as follows: existing properties $104.6 mln; planned properties $80.2 mln; and vacant land $9.5 mln. The increased values occurred across the company's portfolio in the regions of Aktau, Atyrau, Bautio, Uralsk, Ust-Kamenogorsk and Almaty.