A statue of the Beatles erected in the Mongolian capital of Ulaanbaatar could be at risk amid an alleged land grab, protesters say, as rapid development turns a city once famed for wide open spaces into a cluttered metropolis.

Residents are protesting against plans to build commercial properties in an area known as Beatles Square, where a bronze bas-relief monument to the "Fab Four" commemorates the former Soviet satellite's transition to democracy in 1990.

"For a long time there were stories about construction on the land, but nobody wanted to believe it," said Tsoggerel Uyanga, a community organizer and senior partner at research group MAD Investment Solutions.