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Featured News / Mongolia News / Real Estate / September 22, 2014

Mongolian developments set to woo Middle East investors

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The mixed-use Mongol Tower, costing in excess of $300 million once completed, is to be situated in 1.1 hectares of prime city centre real estate, with a built up area of 7,700 square metres, in the central business district, just 10 minutes’ walk from Sukhbaatar Square, the location of the Government House and Capital Centre.
Mongolia to debut two ground-breaking projects as Japanese architect Nikken Sekkei showcases developments at Cityscape in Dubai

Leading Japanese architect Nikken Sekkei, has signed contracts with major Mongolian development companies Mon Uran LLC and Dunjingarav LLC, to design three projects in the capital city of Ulaanbaatar, Mongolia.

The Mongol Tower and WOO City developments will be highlighted at Cityscape Global as part of Nikken Sekkei’s extensive showcase of global design projects. Completing the trio is La Boqueria de Mongolia, set to become Mongolia’s largest market complex and based on Barcelona’s internationally renowned comida fresca (fresh food) market.

Ulaanbaatar is home to about 45% of Mongolia’s 2.8 million population and when completed in 2018 the contemporary Mongol Tower will be a symbol of modern Mongolia, its economic growth and aspirations and further emphasising investment potential in this frontier market.

The mixed-use Mongol Tower, costing in excess of $300 million once completed, is to be situated in 1.1 hectares of prime city centre real estate, with a built up area of 7,700 square metres, in the central business district, just 10 minutes’ walk from Sukhbaatar Square, the location of the Government House and Capital Centre.

Once completed, the tower, which will rise 301 metres over 68 floors and cover approx. 170,000 square metres of floor space, will become the highest building in Mongolia, featuring serviced apartments, high quality office and retail space, making it a shopping destination in its own right.

Apart from its robust sustainability and creative design, another unique design feature is the ratio of glass to concrete on the exterior; which increases gradually from the lower to the higher floors, creating a tower that seems to rise up from the earth and melt into the sky – mirroring the ambitions of the Mongolian capital.

WOO City, is a large scale resort complex planned by Dunjingarav LLC, one of Mongolia’s foremost property developers and a subsidiary of Mon Uran LLC. Located on the southern edge of central Ulaanbaatar, WOO City will face an expansive public park (currently planned for construction) and offer magnificent views of Bogd Khan Mountain further to the south.

The complex will boast hotels and condominiums, as well as commercial, leisure and cultural facilities. The 100-hectare site will consist of developed space totalling approximately one million square metres and while the design is inspired by the classic Cote d’Azur resort of Monte Carlo, it is dotted with elements reflecting Mongolia’s unique characteristics and heritage.

WOO City is planned as Mongolia’s first world-class resort complex, capable of hosting international events such as Formula 1 racing. The project is expected to contribute significantly to the development of Mongolia’s tourism industry and overall economy.

“These successful bids, plus a third – La Boqueria de Mongolia, an 80,000 square metre wholesale food bazaar which is now at an advanced planning stage – are further testimony to Nikken Sekkei’s ability to create innovative designs using the latest energy saving technologies whilst sympathetically developing iconic buildings with cultural sensibilities to the local environment,” said Mr. Nakamura Mitsuo, Chairman of Nikken Sekkei.

The signing of the contracts highlights enhanced Mongolian-Japanese trade and investment relations as well as improving business prospects. Listed as an emerging market in 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.

Nikken Sekkei is located in hall 2, stand number 2A30, at Cityscape Global.

SOURCE: ZAWYA




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