The extended period of slump in the US housing market is refusing to let go and big players like Donald Trump have to look for alternative markets and other opportunities. But you can trust Trump to be different. He did not go to China like every other business leader but zeroed in on Mongolia. One of the reasons could be that he didn’t want to be just another player in China but be the only one of his kind in Mongolia. He has joined with Mongolia developer Green Land Development for his first venture in the country.
Trump is planning to invest $1 billion on a plot which is just an acre in size. With that kind of investment the building is supposed to rise to 120 floors. This development will change the face of Ulaanbaatar, the capital of Mongolia forever. Jargaal.D, chairman and MD of Green Land Development confirmed that it will be the most expensive residential building in Mongolia. They would be developing the building and Trump will be lending his brand. The initial buzz created by the project is encouraging and the developers will be watchful of the market before finalizing the price.
Ulaanbaatar real estate sources estimate the prices of the flats in the proposed tower to be in the range of $4,000,000 to $9,000,000. It is not very clear as to how a market which is used to paying $400,000 for a premium apartment will react to these prices. Green Land Development, however is getting ready to create a building where specifications are stringent Both Trump and Trump Junior are coming to Mongolia to launch the building next month. Trump is also exploring the possibility of launching a show on the pattern of his hit show “The Apprentice” in collaboration with Mongolian National Television.