Full Description

• GDP growth of 9.9% in 2007
• Home to the World's largest underdeveloped copper mine, a large coal industry as well as gold & oil reserves
• Major international oil & mining companies such as BHP, Ivanhoe and Rio Tinto are opening up operations - the mining industry now employs 40,000 people
• Capital appreciation has been and continues to be strong
• The Olympic has a tranquil position in the city centre overlooking the park, and will offer the highest-quality standards of living and recreational; facilities in the in the capital city.
• Land shortages in Ulaanbaatar have created huge demand for housing, it is estimated that the capital requires up to 4,000 houses per year

Description

Mongolia is a vast and sparse country, it is the second largest landlocked country in the world, however only has a population of 3 million, of which 1 million live in the country's capital Ulaanbaatar.

Until recently only 15% of the country's landscape has been explored, and in recent years vast mineral deposits have been discovered including the worlds largest underdeveloped copper and gold mine, which when completed is predicted to double the countries GDP. The mining industry has already attracted more than 200 international companies and now employs almost 40,000 people.

Mongolia's economy strengthened in 2007 due to growth in all sectors. Overall in 2007 GDP grew by 9.9%, this growth is expected to continue.

It's capital is Ulaanbaatar, which is the financial, industrial and cultural hub of Mongolia. Due to infrastructure limitations on the outskirts of the city has a shortage of land to build on. This has led to a housing shortage, leaving Ulaanbaatar requiring up to 4000 homes per year until the infrastructure is updated.

Location

The Olympic is ideally located in the city centre overlooking the beautiful central park, in the embassy district and next to the Hilton hotel (currently under development). Whilst the Hilton and Shangri-La will provide the business travellers ideal night-stop-over's, The Olympic will be the residence of choice for all those ambassadors and executives based in the country looking for a western-standard accommodation. Directly behind The Olympic are the embassy and main shopping districts as well as monuments of interest such as the Memorial Museum and the National Theatre.

The Properties

The Olympic Residence will stand out as an iconic building on the Ulaanbaatar skyline, at 18 storeys high it will be the tallest building in the city. The building will contain over 100 apartments varying from 85sqm apartments to 6 bedroom 460 sqm penthouses, all finished to a high standard. As well as the residential units the development will also house a shopping centre, restaurants and a food court that will entice the residence of ulaanbaatar.

Based on the current rental rates the apartments should generate net yields of at least 10%.

We has an exclusive allocation for the development with discounted prices starting from €1,200 per sqm, which equates to approximately £88,600 for a one bedroom apartment.