Malaysia Steps into Real Estate in Mongolia

Malaysia Steps into Real Estate in Mongolia
Written by Ulaanbaatar correspondent
Friday, 20 April 2007
Malaysia Pacific Corp is teaming up with Seacrest Land Ltd to construct a 22-storey luxurious apartment building and a clubhouse in Mongolia.
Seacrest will own a 70 per cent stake in the joint venture company while 30 per cent will be held by Malaysia Pacific Corp unit Bedford PJ Complex Sdn Bhd, it said in a statement to Bursa Malaysia.

The joint venture company will develop the project in Ulaanbaatar, Mongolia, with Tsetsens LLC.

Tsetsens is owned by the Batsumbu family which also runs mining and exploration projects in copper, gold and coal.

Malaysia Pacific Corp said with the proposed arrangement, it will be able to ride the economic growth presently being experienced by Mongolia.

Quoting a report by Property Frontier, the UK Property Investment Consultancy Group, it said Mongolia is currently experiencing an economic boom and a rapidly developing tourism industry.

Malaysia Pacific Corp said partnering Tsetsens in the proposed arrangement will be seen as strategic for the group as it is exploring opportunities to invest in exploration and mining operations in Mongolia.