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A construction company registered barely fifteen months ago has outbid rivals to acquire one of central Tashkent’s more prominent government buildings, paying 251.63 billion soums — roughly 52 percent above the starting price — for the four-storey office block that currently houses the Agency for State Asset Management (ASAM).
The sale took place on 9 November on the state’s E-auksion online platform. Bidding opened at 10:00 and ran for two hours and fifty minutes, during which participants submitted 52 separate bids before Jarkurgan Build Group emerged as the winner. The starting price had been set at 165.54 billion soums.
The Property
The building sits at the intersection of Amir Temur Avenue and Bukhara Street in the Mirobod district — a central location that previously served as the seat of the Tashkent city administration (hokimiyat) before ASAM moved in. The site covers 0.66 hectares including an internal courtyard, with a total floor area of 11,000 square metres across four storeys. It is connected to water, sewerage and electricity networks.
The asset was first listed for auction in September 2025 under a Cabinet of Ministers resolution passed in March of that year. Under the terms of the sale, the new owner may use the premises for offices and service-sector businesses, subject to urban-planning regulations. ASAM itself occupies the building at present, meaning the agency will need to relocate once ownership transfers.
The Buyer
Jarkurgan Build Group was registered in Tashkent in August 2024, making it less than a year and a half old at the time of the auction. Its stated core activity is residential construction, and its charter capital stands at 28.6 billion soums — a fraction of the price it paid for the building.
According to the Unified State Register of Enterprises and Organisations, 61.51 percent of the company is held by Palace of Energy, whose sole owner is Jahongir Tashpulatov. The remaining 38.49 percent belongs to Dilmurod Siddiqov. Neither individual’s background nor any connection to the construction sector is detailed in available records.
The transaction illustrates the pace at which Uzbekistan has been moving state-owned real estate into private hands through competitive online auctions. The premium achieved — more than half above the reserve — suggests strong appetite among private investors for centrally located Tashkent assets, even as the winning bidder is a relatively new entrant with a charter capital well below the eventual sale price.