The construction of the Regency Residence continues at an aggressive pace. There are 200 workers on site every day working on all aspects of completing the building.  Most of the apartments in the Regency Residence have been completed and the building’s six lifts are currently being installed. 

Our exceptional interior architect, Charlize Seymour, is currently working on completing the lobby as our interior finishes for the common parts, such as stone tiles and glass work, is expected to be delivered within 30 days. 

We anticipate that the construction of the building will be completed by the end of September 2009 and would allow another 30-60 days to receive the Certificate of Occupancy from the relevant authority.  Thus, making the Regency Residence ready for occupancy towards the end of the year.

The permission for the building certificate has become vry difficult during the lat two years and we are preparing for the appliation process starting at the end of August to try to hasten the certification of the Building. 

The Mongolian Properties Agency has been receiving numerous inquiries from embassies, NGO's and private corporations regarding the rental of the Regency Upon Completion.

  The Temple Residence, Completed by Mongolian Properties in April-May of this year is almost fully rented and at prices well above the anticipated monthly rate. In addition, because there have been no other luxury apartment buildings finished this year in Ulaanbaatar due to the financial crisis the prices of the Temple Residence have increased over the last three months despite a dramatic downturn in the broader real estate market.