April 1, 2011 on: Real Estate

US billionaire real-estate developer Donald Trump is finally making a serious move to transform the skyline of Mongolia’s financial capital, Ulaanbatar.

Trump, who has joined with Mongolia developer Green Land Development for his first venture in the country, plans to invest $1 billion to change the face of an acre plot. It could well be the most expensive residential buildings in Mongolia. “We are the developers to the building and Trump will be lending his brand. We've seen some great interest in the pre launch and it is promising. We will watch the market carefully and close in on a price,” said Jargaal.D, chairman and MD of Green Land Development. With the US housing market in a extended period of slump, Mongolia is one of the big focus areas for Donald Trump. And promoters say the interest during the soft launch has been fairly high despite the sky high prices for the 120-floor apartments being planned for which high rise clearance is yet to be received. Sources say that the starting price for flats at the tower would be $4,000,000 and goes up as high as $9,000,000. In comparison, other premium Ulaanbaatar apartments like Green Villa are all selling apartments under $400,000. Those who can afford that luxury can expect to get possession in the next three years. Green Land Development is involved in premium residential buildings in Ulaanbaatar and is also involved in the mining development on the South-Gobi. It will now have to create a building where specifications are stringent – from the construction materials used to the number of fittings, and the age of staff members. Both Trump and Trump Junior are coming to Mongolia to launch the building next month. Looks like Ulaanbaatar realty is ready to have luxury redefined. Donald Trump is also planning to launch new show in collaboration with Mongolian National Television based on the hit U.S. series "The Apprentice".

SOURCE OF THIS ARTICLE : April Fool Mongolia

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