About Olympic Residence
The Olympic Residence is a luxury condominium project located in the Embassy district, which will feature penthouses with terraces, separate entrances for residential and retail spaces, concierge service, an attended lobby, security, underground parking and luxury retail and entertainment space.
Construction began in 2010 and was temporarily halted in 2012, with just the skeleton completed, as a result of challenging economic conditions following the economic downturn in Mongolia and the continuing impact of the global financial crisis. Construction recommenced in 2013. The development will have residential GSA of approximately 27,500 sqm and commercial GSA of approximately 5,215 sqm at the base of the building, and will feature 92 luxury apartments, four floors of luxury retail space and two floors of underground parking. The residential space will comprise approximately 76.9% of total GSA, the retail space will comprise approximately 14.6% of total GSA, and the parking will comprise approximately 8.5% of total GSA. Currently, the exterior of the development has been completed, interior construction is on-going, and the project has received all permissions necessary to complete the development, including permission to connect to the Ulaanbaatar heating grid. The Directors expect the development to be completed in the first half of 2017.