Mongolia Growth Group Receives Planning Approval For Next Phase Of Tuguldur Center Development
TORONTO, CANADA, August 4, 2015 /FSC/ ‐ Mongolia Growth Group Ltd.
(YAK ‐ TSXV and MNGGF – USA) (“MGG”) or (“the Company”) a commercial real estate investment and development company participating in the dynamic growth of the Mongolian economy announces that it has received the official Planning Approval (known as Sketchbook Approval in Mongolia) in relation to the next phase of the Tuguldur Center Project from the Ulaanbaatar Masterplanning Authority.
Receipt of this Planning Approval marks a significant milestone by ensuring the architectural viability of the project in relation to the planning and zoning landscape of Ulaanbaatar city as well as allowing the Company to move the project into its next phase known as the detailed design.
Following approval of the Concept Design, the company has begun to finalize the development-related cost and timescale data as well as undertake a more detailed financial return analysis. Initial estimates show a very robust return created by adding approximately 13,000sqm (140,000sqft) of additional retail space to the existing Tuguldur property.
“Receipt of this planning approval together with approval of our concept design is a significant milestone towards our final vision of transforming Tuguldur Center into the preeminent retail and entertainment location in Ulaanbaatar,” said Bayar Zorigt, Development Director of Mongolia Growth Group.
To view the approved Concept Design, please go to the following link https://mongoliagrowthgroup.com/investors/investor-presentations/
For more information about Mongolia Growth Group, please visit the Company’s website at www.MongoliaGrowthGroup.com
Mongolia Growth Group Ltd. is a publicly traded and leading property investment and development company in Ulaanbaatar, Mongolia. MGG owns an extensive property portfolio in diversified segments of the property market, with an emphasis on institutional-grade commercial assets.
MGG undertakes its own property acquisitions, develops brownfield land assets and repositions outdated properties, relying on in-house services for all facets of both the investment portfolio and development side of the business. In addition, MGG acts as a full-service third-party provider for institutional clients and tailors transactions covering acquisition-to-suit, build-to-suit, as well as refurbish-to-suit, for property owners and major tenants.
Forward-looking Information and Statements
Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable Canadian securities legislation and involve risks and uncertainties. Forward-looking information and statements contained in this news release include information with respect to our intention to move forward into the construction of international standard properties in Mongolia.
Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. MGG cautions the reader that such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: risks associated with investment in and development of real property in Mongolia; competition, financing and refinancing risks; risks related to economic conditions; risks related to regulation of the real estate business in Mongolia; political risk in Mongolia; changes in Mongolian taxation rules; reliance on key personnel; environmental matters; tenant risks; and other risk factors more particularly described in in MGG’s filings with Canadian securities regulators, which filings are available at www.sedar.com. Additional risks and uncertainties not presently known to MGG or that MGG currently believes to be less significant may also adversely affect MGG. Forward-looking information is designed to help you understand management’s current views of our near and longer term prospects, and it may not be appropriate for other purposes. MGG does not undertake any obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except to the extent legally required.
The TSXV has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.