From science to business: the success story of Serik Tolbassy

A businessman with a multifaceted history of success, he is the founder of TS Development group of companies, owner of Dostyk Plaza and Shymkent Plaza shopping and entertainment centres, as well as the CINEMAX cinema chain. According to the top-75 Forbes Kazakhstan - 2024 rating, he ranks 39th among the richest businessmen in Kazakhstan and is among the top 3 of the top 10 largest rentiers in the country. His path in business resembles an exciting sports match, where every victory is the result of hard work and strive for perfection.

From the scientific world to business heights

From childhood, the businessman was keen on chess, practicing it for 8 years and reaching his first adult level, as well as table tennis. It was this sporting experience that developed in him the strategic thinking and determination that became the basis for his future success in business. Despite this, his journey started far from entrepreneurship. As a young man, he dreamed of becoming a researcher, completing his postgraduate studies and pursuing a career in academia. Serik graduated with Honors from the Almaty Institute of Transport Engineers as a civil engineer and entered postgraduate studies in Moscow. However, fate ordered otherwise. The collapse of the USSR and economic changes in the early 90s adjusted his plans. Inspired by his friends who went into business and started earning from new opportunities, Serik made an important decision: to leave science and become an entrepreneur. It was not just a decision to change his profession - it was a bold step that opened up the world of business to him.

His first investment and the start of his career

Since he had to start from scratch, he got involved in buying and selling goods and earned his first capital in commodity markets. ‘In 1990, I enrolled in postgraduate studies at the Central Research Institute of Building Constructions named after Kucherenko, and in the same year I got married. In 1991 I had a son. In 1992 I came home on holiday. My friends met me at the airport, they already had their own cars, they came in crimson jackets and coloured ties, and we went to a restaurant right away. And I was wearing glasses, negative seven eyesight, grey jacket, folder - in general, I looked like a scientist. And I could not understand what was happening, how everything changed so quickly. In the same year the most important strategic decision for me was made. I had a serious conversation with my father about the fact that the scientific career that I had planned to do, is no longer relevant. He supported me. My wife, son and I moved to Alma-Ata, rented a flat in Tastak and started a new life. I bought a brokerage place on the international commodity exchange ‘Kazakhstan’ with the money my father gave me, becoming, in fact, my first investor,’ recalls Serik Karabekovich. The first decent capital was earned at the exchange, where the future entrepreneur took up trade in any commodity he could find - from merino wool to plaids. Trade was brisk and some goods brought 1000% per annum. Over time, he began taking short-term loans from banks.

First experience in real estate

‘In 1997, I met a representative of the American International Group (AIG) fund. They had a representative office in Almaty, and they were looking for an opportunity to invest, studying the market. It was AIG that gave me an understanding that our property market was empty, nobody was engaged in it at that time, and that's when I first created a joint Kazakh-American company with them and attracted more than 20 million dollars to Kazakhstan. Looking back, I realize that this was an important step in my journey. At the time, the deal was accompanied by the law firm Coudert Brothers, and I remember how they invited me to sign all the documents. I went to their office where the documents were about forty centimeters high on a large table. I arrived at one o'clock in the afternoon and left at two in the morning. Unfortunately, the project did not take place; the land was returned to the state. However, that didn't stop me. I fell in love with this idea of Crystal Air Village, where residents can be owners of houses, but at the same time freely ‘without fences’, walk in a beautiful place and feel safe. Therefore, I took a loan from ATF Bank and purchased a plot of land, where I realized the project myself,’ recalls the entrepreneur.

Building the future: from consulting to development

After successful first steps in commerce and real estate, Tolbassy founded the consulting and engineering company TS Engineering in the 2000s. Construction has become his true passion. Each new building, each new project was perceived as a work of art in which every touch, every detail was important. Over time, the company transformed into a development company. One of the most iconic projects was the Bukhar Zhyrau Towers residential complex in Almaty. This project became a unique example of how to create not just a residential complex, but a ‘mini-city in the city’. Security, comfort, ‘a courtyard without cars’ - all this once again confirmed the businessman's desire to create a space where everyone can feel at home.

Dostyk Plaza: a symbol of a modern city

One of Serik Tolbassy's most ambitious and well-known projects is Dostyk Plaza. Thanks to its unique location, where the old city centre and the modern new part of the city meet, this shopping and entertainment centre has become not just a building , but a conceptual part of Almaty, its new symbol.

‘The Dostyk Plaza shopping centre was a complex project. In its place stood an unfinished indoor stadium, which was laid out by Dinmukhamed Kunayev in 1986. It was not completed and was finally abandoned in 1989. But I saw in this property not an unfinished building, but a unique place, the second of which cannot be found. It took us one year and eight months to demolish this rare stadium, which cost $20 million. In addition, there were people living in the lower floors of the structure, families with children. It took a lot of patience and a special approach. At the same time, we were developing a new project for a shopping centre. The London office of Benoy, one of the leading architectural firms known for its famous projects such as Westfield Shopping Centre in London, Ferrari World in Abu Dhabi, ION Orchard Shopping Centre and Changi Airport in Singapore, and IFC Mall in Shanghai, was engaged. We managed to persuade them to take our order even though they were heavily booked. Benoy was the choice because apart from their impressive portfolio, their values and approach resonated with us. ‘We understand people and place’ - “We understand people and place” states their mission statement and it really does. Together we were able to create a modern design concept with clear and convenient logistics in a stunning location in the city’.

Serik Tolbassy admits that he has always enjoyed his profession and construction in general. After all, according to the entrepreneur, you can fantasize and dream on paper and then put it all into reality. The realization of the project is the most interesting part, such a drive from which one gets real pleasure. ‘For me, my business is not bricks, walls and at the end of it, retail space. For me and my team, every project is a real passion, an art that needs to be perfected every time. It is important not just to fill the space, you need to create an atmosphere, work with the space, appreciate the history of the location where you plan to locate and understand the people who will come to you,’ says the businessman.

Shymkent Plaza: the largest shopping centre in Shymkent city

Shymkent Plaza shopping and entertainment centre, located in the heart of the city, is another outstanding project of the businessman and his team. It is a modern A-class shopping centre, also created by Benoy architectural bureau. Serik Tolbassy, originally from Shymkent, where he graduated from school and where his relatives still live, has always endeavored to contribute something significant to the development of his native city. One such contribution was a large-scale and modern shopping centre, which is a key attraction point for residents and visitors to the city. ‘I was very happy when I opened Shymkent Plaza. This place became the embodiment of what I dreamed of - a beautiful and comfortable centre for shopping, entertainment and recreation, which has no analogues in the city so far,’ shares the businessman.

Team and philosophy of success

Speaking about his path, Serik Tolbassy does not forget to emphasize the importance of the team. He believes that every business is not only about strategic steps and investments, but also about the people who work alongside him. Such qualities as honesty, discipline and involvement in the process are important to him. Without a good team a successful business is impossible. For Serik Tolbassy it is important not only to ensure high efficiency, but also to understand the needs of his clients and their expectations. Therefore, ‘first choice’ for him and his company is not just words, but a real philosophy that underlies all the work. ‘We create places of attraction where everyone will find what they need. Our mission is to ‘be the first choice’ for people. Here you are thinking ‘where to go with family, friends’ - our Plazas are the answer. Or you have guests coming to visit you, or maybe you just need to eat with a group of colleagues, or you want to buy a gift, a book, a new dress, maybe you want to go to the cinema or a retreat in a beautiful place, in the air, without the noise of cars - the first thought of Plaza. The businessman also notes: ‘Even the names were chosen for a reason. Plaza is from the Spanish word for square. Such squares used to be the centre for all citizens to meet acquaintances, buy what you need, just to show yourself, learn the news, take a walk - Plaza has always been the heart of the city, the concentration of its life’.

New Horizons

In addition to business, the entrepreneur finds time for his family, which for him is the most important source of happiness and stability. He is proud of his four children and strives to pass on to them the values that have become the basis of his success: good education, honesty and hard work. In his spare time, he enjoys playing tennis and has established the country's largest amateur tennis league, Tennis League TS (TLTS), which organizes more than 10 tournaments annually and has more than 200 regular members. He is involved in charity work, within his own private foundation, and has been a permanent trustee of the iQanat Foundation for the Turkestan region for seven years.

Serik Tolbassy's next dream is to continue the development of the property market by introducing international trends and creating new innovative projects that will not only bring profit, but also make people's lives more comfortable and happy. In April 2024, REIT TSPG - Kazakhstan's first REIT - a real estate investment fund specializing in retail properties - was registered on the AIFC platform. The fund includes major commercial assets of the businessman - Dostyk Plaza and Shymkent Plaza. According to the entrepreneur, soon he will have an opportunity to share his success with the people of Kazakhstan, and people will have a unique opportunity to become co-owners of their favourite shopping centres. This will be a real revolution in the commercial property market.

‘I want to give our citizens an opportunity to invest in high quality property with minimal risks and stable high income. In this way, we will increase trust in our company, create a sense of common goal and dream, and express our gratitude to those who believed in us and supported us. We are becoming a new benchmark, a benchmark in the market, as we were the first to create an umbrella REIT of retail property and we plan to sell some of our shares in the near future. This has never happened before in the Kazakhstan market, and this experience will open new horizons both for us and for other players,’ emphasizes the entrepreneur.