President Tokayev gives green light to 49-year land lease deal with the U.S.

The U.S. will lease one of the most prestigious land parcels in Almaty for its new consular office / Photo by Deliya Aydaraliyeva, photo editor: Dastan Shanay

Kazakhstan’s President Kassym-Jomart Tokayev has signed into law the ratification of an agreement with the U.S., granting the American government a 49-year leasehold allotment in Almaty, according to the press service of Akorda, the official residence and workplace of the president of Kazakhstan.

This site, located in one of the most prestigious parts of the city, covers an area of 70,500 square meters and will house the U.S. consular office. The U.S. must pay Kazakhstan a lease fee of $25.3 million for the site.

Currently, the allotment — located within the block bounded by Zhamakayev and Aldar Kose Streets and Al-Farabi and Seifullin Avenues — is enclosed by a metal fence covered with worn-out banners. However, elite residential developments and business centers are visible from the site.

At the same time, experts estimate the market value of the rent for this allotment at up to $170 million for 49 years.