SINGAPORE JOINT VENTURE TO BUILD LOW-COST APARTMENTS FOR CIVIL SERVANTS IN MONGOLIA
TS Mongolia Development LLC signs investment agreement with Tuv Aimag Government
Zuunmod, Mongolia – TS Mongolia Development LLC has signed an investment agreement with the government of Tuv Province, Mongolia to build affordable apartment units for civil servants in Batsumber Soum of Tuv Province. The agreement was signed between the Head of Tuv Government Office, Mr. Sarangerel Chuluunbat, and the Executive Director of TS Mongolia Development LLC, Mr. Morgan Chew, in Zuumod on Tuesday, 18 April 2017.
TS Mongolia Development LLC is a Mongolian registered joint-venture establishment between two Singapore companies – T Specialist International (Singapore) Pte Ltd and Invest Mongolia (Singapore) Pte Ltd.
In the agreement, TS Mongolia Development LLC will commence a pilot development project consisting of 27 affordable housing units and 3 shops in Batsumber Soum. Heeding the Tuv Province government’s call to provide affordable apartment housing to its people, TS Mongolia Development LLC has pledged to sell affordable 40 square metre apartments at a low-cost price of not more than MNT 1 million (SGD 580) per square metre while upholding construction quality based on Singapore standards.
Speaking after the signing ceremony, Mr Sarangerel Chuluunbat expressed that the Tuv Government was pleased with TS Mongolia Development LLC’s vision to invest in Mongolia while benefiting the people of Mongolia. He hopes more foreign investment companies will follow TS Mongolia Development LLC’s footsteps and do more for the people of Mongolia.
The pilot development project is expected to be completed by the end of 2017. Upon the successful completion of the pilot project, TS Mongolia Development LLC will implement similar affordable housing projects across all 27 Soums (townships) in Tuv Province.