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Wednesday, July 6, 2011

Mongolia Briefing is a magazine and daily news service about doing business in Mongolia. We cover topics relating to the Mongolian economy, the market in Mongolia, foreign direct investment and Mongolian law and tax. It is written in-house by the foreign investment professionals at Dezan Shira & Associates

The Status of Construction and Urban Development Projects

By Elena Fehrbach

Apr. 20 – Total 2013 year budget for urban infrastructure development including electricity, heating, potable water supply and sewage is 240 billion MNT (equivalent to 171 million USD). The funds will be sourced from both the State and Ulaanbaatar city budgets. In the interview to journalists, Ts. Bayarsaikhan, Minister of Construction and Urban Development informed that 17 new apartment complexes will be built this year, and the next year budget is expected to be approximately the same budget number as this year. The first apartments complex is planned to be open soon this year. The Ministry is also planning to build housing projects aimed for certain categories of people, such as senior aged people or young families. The housing project for senior aged people will be located in the southern part of Ulaanbaatar, the area with cleaner air compared to other parts of city.

Starting from 2003, 29,000 citizens have taken long- term apartment loans for an accumulated amount of 603 million USD. The Ministry is pursuing the adoption of the legal policy that would allow to keep the term of loan at 20 years and the compulsory prepayment of 10-30 per cent of the apartment price.

As noted by Ts. Bayarsaikhan, the Ministry will also support the local construction materials market, helping domestic producers to provide cement and concrete produced in Mongolia.

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