Tuesday, April 12, 2011

Chuang launches construction of two new mixed use towers in Ulaanbaatar

The Edelweiss Residence and the Chinggis Avenue tower are set to redefine Ulaanbaatar's skyline and the property market dynamics.

With increasingly large international players coming to Mongolia, the real estate market is set to go through turbulent times.

Chuang’s Consortium International has recently released information about their 2 new developments in Ulaanbaatar. The Edelweiss Residence, a two tower luxury residential building and the Chinggis Avenue Tower, a mixed use building, both set in the heart of Ulaanbaatar.

Chuang’s Consortium International Limited is an investment holding company. Its subsidiaries are principally engaged in property development and investments, industrial investments, finance and share investments, as well as information technology businesses. It has invested in Grade A real estate in Hong Kong as well as other international centres such as New York, London, Kuala Lumpur, Taipei and Ho Chi Minh City.

In June 2010, the Group entered into a memorandum of understanding with a Mongolian partner to participate in a 53% interest in a residential project in Sukhbaatar District, Ulaanbaatar. The project is located near the city centre, within the area usually known as “the embassy district”, It has a land footprint of about 5,600 sq. m.. It is planned that two towers of apartments with a total GFA of about 23,800 sq. m. will be built. Definitive agreement for the joint venture is expected to be signed soon which will be followed by the commencement of the initial phase of the development comprising about 15,000 sq. m. of GFA.

In July 2010, the Group entered into a further memorandum of understanding with a Mongolian partner to acquire a piece of land located within the central business district of Ulaanbaatar, on Chinggis Avenue, opposite the Monnis Tower and next to the Drama Theatre. The property has a site area of 3,272 sq. m. and it is currently planned that an office/residential building with GFA of not less than 16,360 sq. m. will be developed. Completion of the acquisition is expected to be in the fourth quarter of 2010.

Those two new buildings are part of the first wave of real international Grade A residential buildings to arrive in Mongolia and will in all likelihood set a new standard for luxury living in Ulaanbaatar. The Blue Sky Tower is currently rumoured to have the most expensive apartments in Ulaanbaatar at over 8,000USD a square meter with only 12 units available for sale.

Source : M.A.D. News

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