Mongolian Real Estate Developers Establish Largest Ever Partnership

/Ulaanbaatar, 2015.09.29/ Mongolian Real estate developers with pioneering construction projects launch the biggest partnership effort to date, under a company named Mongolian Development Partnership LLC (MDP).  The newly founded company shall serve as the building block for its partners in developing large scale Real estate projects domestically and internationally, while focusing on developing Mongolia’s first Real Estate Investment Trust (known as REIT).

The members of MDP, consisting of Tsast Group, Zag Group, Orchlon Construction, Gandirs, and Green Resources Construction, have developed over 623,979 square meters of properties domestically, making the collective experiences presented by these companies unmatched.

“MDP partners have gained extensive experience in the last 2 decades of their operations in terms of introducing good governance and proper construction management in accordance with ISO and FIDIC standards, while adopting international standard best practices and modern technologies. We believe that the decision to found a joint company is of high importance as well as a required stepping stone for the future growth of our industry, as this will help us export Services.”, said the MDP Board.

The newly established company has so far received requests for partnerships from other real estate developers with industry experience and good governance, including CHMM LLC and Buyanpel LLC and in response MDP shall remain open to further partnerships.

MDP will start operations with immediate effect to pursue its mid-term strategy to establish a Real Estate Investment Trust (REIT) within the next 2-3 years in order to provide the much-needed Exit strategy in the market, and provide qualified Fund management services.

ENDS

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NOTES TO THE EDITOR

Members of Mongolian Development Partners

·         Zag Group                                      (Founded in 1990)

·         Tsast Group                                   (Founded in 1997)

·         Orchlon Construction                     (Founded in 2003)

·         Gandirs Group                                (Founded in 1991)

·         Green Resource Construction        (Founded in 2008)

·         Buyanpel                                        (Founded in 2004)

·         CHMM                                             (Founded in 1996)

Members of MDP board

·         Nemekhbaatar.B, Managing Director of Zag Group

·         Bayarsaikhan.N, Managing Director of Tsast Group

·         Ganzorig.D, Managing Director of Orchlon Construction

·         Erdenechuluun.Ts, Managing Director of Gandirs Group

·         Tsetsenzorig.Ts, Managing Director of Green Resource Construction

·         Ariunbold.D, Managing Director of Buyanpel

·         Chinbat.Kh, Managing Director of CHMM

A MDP board meeting is scheduled to take place in October 2015, during which the board members will appoint the board’s Chairman along with the CEO.