MONGOLIA might not be the first name that pops to mind when it comes to luxury property investments, but one development there is already attracting keen interest from Singaporeans – with about 80 enquiries ahead of its launch here this weekend.
Called the Olympic Residence, it sits in the town of Ulaanbaatar between The Hilton and the Shangri La hotels and will be priced at an average of $360 psf.
Each apartment ranges from about 1,500 square feet to 1,940 square feet, which works out to about $540,000 for its smaller units. All 135 units – which range from 2 to 7 roomers – will be located in one 18-storey building, which will be divided into three wings.
It is developed by Asia Pacific Investment Partners (APIP), a firm incorporated in Hong Kong with principal activities in Mongolia. It is working with CB Richard Ellis to launch the property in Singapore and will be completed in December next year.
APIP’s chairman and managing director Lee Cashell said that investors, can expect a rental yield of 14 per cent.
Apart from residences, the development will also come with retail and food and beverage outlets, which will be located on the first to third floors of the building.
Mr Cashell added that the property is an unmovable property asset in Mongolia, which under the law prevents the development from being taken away or knocked down without the owner’s consent.
About 10 apartments have been sold so far, while one Singaporean has bought two apartments before the launch.
Olympic Residence will be launched this Saturday and Sunday at the Marriott Hotel’s Lengkuas Room from 10am-6pm on both days. For more information on the development, please go to http://olympic.mongolia-properties.com/
Source: Business Times, 25 Mar 2010