Full Description

Key Features

• VERY HIGH YIELDS < 13% ($16/sqm/month) with very high real estate appreciation currently 30%+ per annum
• Commodity rich country; copper, coal, gold & unexplored oil reserves. Economy thriving, exporting to China, GDP 10%+. Domestic wealth RAPIDLY increasing.
• World’s major oil & mining companies; BHP, Rio Tinto, Ivanhoe & Centerra Gold, all delivering large numbers of executives with excess demand for high-end accommodation
• Mining executives & ambassadors (embassies & consulates) creating enormous demand squeeze on luxury high-grade city centre accommodation
• The Temple is in prime city centre location, between the Main Library, the Memorial Museum and the National Theatre, with views over Ulaan Baatar’s Central Park
• The Temple is a combination of residential and commercial space, offering retail and office space on the lower floors with residential higher up for enjoyable private views
• Clean title, secure freehold ownership & diligent planning regulation processes

Description

Mongolia is a country rich in natural resources, minerals and ores. With a population of only 2.5m, over 1m live in the Country’s capital, Ulaan Baatar, whilst the remainder of the population are mainly dispersed in small communities < 20,000. The growth of neighbouring China has created an enormous demand for minerals such as copper, coal and oil, which has fuelled a rapid growth in entrepreneurial business in Mongolia. With global mining companies such as BHP, Invahoe & Rio Tinto now opening operations, demand for high quality accommodation from both high profile executives & ambassadors in Ulaan Baatar is at an all time high. With very little high grade accommodation, and limited supply due to strict planning regulations, demand is sky-high and competition is aggressive. Rapidly appreciating land values, increasing salaries and a huge demand for good quality accommodation continue to drive rents upwards, with yields <13% still being achieved. The Temple developer houses a large number of mining company executives, providing maximum potential for a strong annual return, whilst growth continues fast.


Location

Ulaan Baatar is now a thriving city having experienced mainly commercial development in the past few years. As a result, commercial stock supply is now at a rate reasonable enough to nearly supply demand, however the same cannot be said of residential stock. The Temple is perfectly located in the very centre of the capital, overlooking the central park and situated between the Main Library, the Memorial Museum and the National Theatre. Also the embassy district, next to the site for the new forthcoming Shangri-La hotel, and adjacent to the main shopping and leisure strip, The Temple is absolute prime location. Mining executives living within Ulaan Baatar always work and choose to reside around the centre, although right now most are forced into sub-standard hotels. The Temple will provide desperately needed western-standard accommodation for all ambassadors, government employees and executives, exactly where they want it. Of minor consideration is also the booming tourism industry in Mongolia, extremely undersupplied, however this factor is insignificant compared to the shortage of quality living accommodation.


The Properties

Developed by Mongolia Properties, with over 250 employees in Mongolia ranging from property management to letting agent firms, and with very solid connections to the planning department, The Temple provides the necessary quality of housing for the market. With both commercial and residential facilities, and large family-styled apartments (most executives like to have offices in their apartments in Ulaan Baatar) The Temple will be under huge demand. With good connections in Beijing, various interior design and furnishing packages will be available to investors.


Payment Schedule

Payments will be requested according to construction progression, and only following construction status sign-off by an independent quantity surveyor. With high interest rates, this is a cash purchase, the estimated payment dates being as follows;

• £3k Reservation Deposit is needed to block the Unit in your name (part of purchase price)
• 30% (less Reservation Deposit) on signing of Sales & Purchase Agreement (within 14 days of Reservation)
• 25% on skeleton completion (predicted Dec 15th 2007)
• 25% on enclosure windows/bricks, heating system installation, comm. interior finish (predicted March 15th 2008)
• 20% on completion (predicted July 2008)

What's on Offer?

• 2-bed apartments, 131sqm, from ~ €131,000 (£85k)
• 3-bed apartments, 143sqm, from ~ €143,000 (£95k)