Circus Residence I is a mixed use development for middle-income residents located in the heart of Ulaanbaatar with approximately 10,220 sqm in GSA of residential and approximately 1,946 sqm in GSA of luxury retail space and an average apartment size of approximately 90 sqm. Based on current plans, the residential space will comprise approximately 74% of total GSA, the retail space will comprise approximately 14% of total GSA, and the parking will comprise approximately 12% of total GSA. The site is immediately adjacent to two of the best public schools in Ulaanbaatar. The Group is currently awaiting final permit approvals.
In 2015, the Group sold the "Circus Residence I" project to a European family office that was seeking an opportunity to enter the real estate development market in Mongolia. APIP has also agreed to act as general contractor for the development and to act as the exclusive sale's agent for the project. The construction is expected to begin in March 2017.