January 21, 2014 by Ray Withers
As one of the markets hotly tipped in our Global Property Markets 2014 Predictions, I wanted to bring you the very latest update from Mongolia.
I am delighted to report that, in line with expectations, completion of The Village @ Nukht, the luxury western style shopping and leisure centre located in an upmarket area of the capital, Ulaanbaatar, is now imminent.
Our highly experienced developer partners, APIP, inform us that The Village @ Nukht underwent its first state inspection on the 30th December 2013. This official visit went smoothly, with only a handful of snagging points which have now been addressed. The follow-up inspection has also been undertaken and every element has passed.
Now this final approval has been granted, APIP can apply for the immovable property certificates for the development. These certificates are rarely offered in Asian property markets and are yet another example of the innovative nature of this commercial investment opportunity.
In addition to the imminent completion, APIP have held further talks with the main retail group interested in renting 70 – 100% of the commercial space at The Village @ Nukht. The decision makers are returning to Mongolia for a further visit to the completed site on 21st March 2014 with high hopes for store openings in the spring which will no doubt add an additional layer of investor confidence to this already exceptional project.
Lastly I would invite you to keep abreast of the recent good news regarding the Mongolia property market, including the introduction of a new investment law, the positive impact of mining wealth on the construction sector and the retail boom.
SOURCE: Property Frontiers