LONDON (PRWEB) January 11, 2006
Asia Pacific Investment Partners in cooperation with Mongolian Properties announced today the launch of The Regency Residence, a luxury residential condominium complex in Ulaanbaatar, Mongolia.(http://www.mongolia-realestate.com).
“What makes the Regency Residence so unique in Ulaanbaatar is that there are very few modern, newly built apartment blocks at a time when the resource boom is bringing in large numbers of expatriates into the city. Other apartments in the city date back from the Soviet era some of which were constructed over 50 years ago. This makes new apartments like the ones at the Regency Residence extremely sought after, particularly as demand outstrips supply,” said Lee Cashell, Managing Partner of Asia Pacific Investment Partners.
The Regency Residence will have 100 apartments consisting of 13 penthouses, 12 serviced short term hotel/apartment rooms and an additional 75 apartments for residents. Prices for the apartments will range from USD 75,000 to USD 300,000 depending on the size and location. The building will also feature an upscale restaurant, a health club, a grocery store, a central lobby with shopping venues and one floor of commercial office space. Located in the Embassy District, construction will begin in April of 2006 and is expected to be completed at the end of 2007. The Regency Residence has enjoyed excellent sales response since the soft launch in early December of 2005 with over 20 of the apartments already sold.
Asia Pacific Investment Partners has recently opened a new office in London to promote the residential building and other projects on the European market. Its director, Christopher de Gruben says that “we are very excited about the project, we believe it has real potential and growth possibilities, we are the leading real estate investment company in Mongolia and have gained great experience, the time is right for such a project, more importantly it is needed now.”
In the past 18 months or so, Mongolia has enjoyed a kind of delayed post-Soviet boom, as years of gradual reform (and U.S. aid) finally begin to pay off. The economy has grown at a rate of 10.6% for 2004 but is expected to stabilise around 8.5% for 2005. Inflation is reducing every year and was only 5% in 2005 compared to the 53% seen in 1995 while its external debt is equally decreasing and has reached 1.1 billion USD. “Mongolia has made great progress towards its transition to a market based system since the early 1990’s.” (IMF, letter of intent on Mongolia, 2003)
The Real Estate market is possibly the most interesting part of the economy. The rental yields are some of the highest in Asia at about 18%. It has been calculated that demand so far outstrips supply that it will not be equilibrated before 2015.
“High interest cost, lack of investment capital and low equity financing is hampering the developer’s ability to build large scale luxury apartments and thus meet the large demand,” says Mr. Cashell. UB is one of the only cities in the world where half of its residents are not living in apartments as many citizens remain in the traditional dwellings in the hillside surrounding the city.
About Asia Pacific Investment Partners (http://www.apipcorp.com)
APIP is a leading investment and management company engaged in a number of businesses including Real estate agency and development, tourism, cashmere manufacturing, and financial services. The company is incorporated in Hong Kong with offices in Ulaanbaatar, Mongolia, London and New York. The company has been active in Mongolia for over four years and is the 100% owner of Mongolian Properties.
About Mongolian Properties XXK (http://www.mongolianproperties.com)
Mongolian Properties is the leading real estate agency in Mongolia with two offices in the city and over 15 employees. The company primarily services the expatriate community consisting of multinational companies and the diplomatic and NGO communities.
Mongolian Properties will be holding a presentation and drinks reception in central London on the evening of the 17th of January. The topic will be Mongolia’s investment opportunities, all are welcome to join.
Anyone interested in attending or wanting further information needs to contact the Asia Pacific Partners London Office at (0044) 7799412506.
For More Information Contact:
Director of Business Development
Asia Pacific Investment Partners
Tel: (0044) 7799412506
Director of Marketing