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Featured News / Mongolia News / Real Estate / August 27, 2014

EXIM Bank of China Finances Buyant-Ukhaa II in Ulaanbaatar

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State Housing Corporation of Mongolia and the Export and Import Bank of China signed a deal to finance housing projects in rural areas during the President of China Xi Jinping’s visit to Mongolia last week. The Chinese bank granted USD 150 million with annual interest of 2 percent for15 years. In addition to this, the corporation will also receive a loan worth USD 120 million to finance Buyant-Ukhaa II or 4323 apartments in Ulaanbaatar.

This forms part of the Government’s plant to build 1000 housing projects in every province from Dornod, Sukhbaatar, Omnogovi, Hovsgol, Gobi-Altai, Zavkhan to Ulaanbaatar.

According to the State Housing Corporation of Mongolia, Buyant-Ukhaa I was commissioned and its first residents have moved in. Out of the total 1764 apartments, 1534 have been sold, while 228 signed contractswill be allocated to employees of the government’s Cabinet Office to reach government quota. There are 62 residents,who have not yet chosen their apartment. All residents are expected to move in this November, however.

Currently, 168 apartments will be sold to thoseselectedwho currently have funds available. “This housing project is projected to generate MNT 84 billion. At the moment, we have earned MNT 25.2 billion. There are 400 families who are waiting for their bank loan,” said N.Gantulga, the director of the corporation. Buyant-Ukhaa II – a 48-buildingproject near Ulaanbaatar’s sportcomplex.This November, 1000 houses are expected for commission from Buyant-Ukhaa II.

The State Housing Corporation also implemented similar projects in rural areas. Further, the corporation has started the 1000 Housing Project in Arkhangai province last month. In Uvs province, implementation is almost half way through with commissioning theof apartments expected to take place in November, 2014. In this province, 228 houses arecompleted.

In Darkhan-Uul province, 180 residences for public housing and 60 private residences for private housing in Bor-Undur, Khentii will be completed by the end of this year. As for Orkhon, Khovd and Khuvsgul provinces a construction tender was announced. The 1000 Housing Project construction tender will be released next year in Bulgan, Tuv, Sukhbaatar, Govi-Altai provinces.

SOURCE: Mongolian Economy

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