Thursday, April 3, 2014

Nikken Sekkei signs LOA for $300mn Mongolian tower

Nikken Sekkei, has signed a Letter of Agreement (LOA) with Mongolian development company Mon Uran LLC, to design a landmark tower in the capital Ulaanbaatar.

The agreement requires Nikken Sekkei to design a mixed-use project that will cost in excess of $300mn once completed.

The tower will be situated in 1.1 hectares of prime city centre real estate, with a built up area of 110,000m2, situated just 10 minutes' walk from Sukhbaatar Square, the location of the Government House.

Dubai-based Dr. Fadi Jabri, general manager of Nikken Sekkei's Middle East and Asia office, said: "This project is another example of our innovative design and energy saving technologies. It follows on from other regional project wins such as designing the $1bn headquarters of the Saudi Stock Exchange, or Tadawul.

"We are hoping to display this as well as some of other projects at Cityscape Global, Dubai in September.".

The tower will reach almost 300m over 68 floors and will feature a five-star hotel, serviced apartments, high quality office space and a shopping mall.

Ulaanbaatar is home to about 45% of Mongolia's 2.8mn population and the contemporary tower is intended to be a symbol of modern Mongolia, its economic growth and aspirations, when it is completed in December 2018.

Commenting on the accord, Batsukh Oyunchimeg, CEO, Mon Uran LLC, said: "We chose Nikken Sekkei because this project requires high quality and vision and we believe that they have the right credentials to deliver such a design.”

Mongolia has enormous mineral wealth, which currently represents more than 80% of its exports, a proportion expected to eventually rise to 95% and about 3,000 mining licences have been issued.

The country was never listed as an emerging market until February 2011 when analysts at Citibank determined Mongolia to be one of 'Global Growth Generators' effectively those countries with the most promising economic growth prospects for 2010-2050.

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