Hong Kong’s West Kowloon Cultural District redevelopment, Taiwan’s Taichung Gateway District eco-project and Russia’s Northern Caucasus Resorts development, are among a host of major real estate initiatives that will be on show at the sixth edition of MIPIM Asia, the world’s property market in Asia Pacific, taking place in Hong Kong, in November.
A supporter of MIPIM Asia since the launch of the show in 2006, Hong Kong Special Administrative Region will exhibit several projects of its Development Bureau. Last year, Secretary for Development, Carrie Lam, announced a revised, more inclusive strategy of urban renewal “to more efficiently put to optimum re-use precious land resources in the centre of urban Hong Kong.”
The 40-hectare West Kowloon Cultural District is one of the masterplan redevelopments for which the Hong Kong government is consulted, with construction likely to begin in 2013 and the prospect of a new high-speed rail station to open in 2015, bringing the eight million inhabitants of Guangzhou within 50 minutes of the newly attractive district.
Another long-term MIPIM Asia attendee is Taiwan, with a delegation that includes exhibitors from central and local government. In 2011, the Taichung City Government will showcase a 254-hectare eco-project which will be completed by 2016 in Taichung Gateway District. Representing a US$3.3 billion investment, the project is located in one of the most populous cities of Taiwan, which has become a target for both local and overseas hypermarket chains as a growing number of high-spending visitors arrives from China. Since Taiwan opened its borders to tour groups from China in 2008, the country has made more than US$6.94bn from Chinese tourism.
Delegates attending MIPIM Asia in November will have the chance to learn more about Taiwan’s property market with Mayor of Taichung, Jason C. Hu, and Dr. Christine Y. Liu, Minister of the Council for Economic Planning and Development, speaking in the official MIPIM Asia conference programme.
South Korea, which recorded a 6.2 per cent economic growth rate last year and which hosts the World Expo in 2012, will be particularly visible on the MIPIM Asia exhibition floor. Jeollanam-Do Provincial Government will present four major initiatives including the Saemangeum Development Project, a publicly-backed scheme to connect Gunsan City and Buan City on the west coast of South Korea and to create an economic hub serving business, industry and tourism.
For the first time, Malaysia will have a dedicated pavilion at MIPIM Asia to promote materplans that are under way from Kuala Lumpur to Borneo, including the 152-acre Light Waterfront by IJM in Penang.
According to Kumar Tharmalingam, CEO of Malaysia Property Incorporated (MPI), the new Malaysian pavilion will reflect the very best of the country’s cultural diversity: “Partnering with renowned architectural firm Hijjas Kasturi draws the finest elements of our cultural heritage into an exposition structure that not only demonstrates the rich ethnic diversity of Malaysia, but also showcases to the region that Malaysia is a prime gateway in Asia for living and commerce.” Kumar Tharmalingam will also speak in the MIPIM Asia conference programme and provide insight into investment opportunities in developing versus mature REIT markets.
Beyond the national pavilions, MIPIM Asia’s exhibiting hall will showcase many property developments from China including from the rapidly-developing Shanghai market.
Architecture, design and planning specialists, Arquitectonica, will present two curvaceous towers for two separate bank headquarters, the centrepiece of a 260,000 sqm waterfront mixed-use development in the Pudong New District, forming a balanced gateway to the Huangpu River.
Global consulting and engineering firm Poyry will also unveil the 90,000 sqm cultural and sports complex which it has designed in Shanghai’s Baoshan District. The innovative scheme includes an NBA-standard 14,000 seat basketball arena, catering for more than 20 different indoor sports and capable of hosting concerts and other events to drive attendance and revenues.
MIPIM Asia will feature major developments from Central and Western Asia, such as the Northern Caucasus Resorts project, a US$15 billion, five-resort ski area in the Russian Federation that’s expected to attract 10 million visitors per year. Russian president Dmitry Medvedev created a special fund and authorised financing guarantees to support the massive undertaking, which will attract hotel, retail and real estate investment, as well as substantial infrastructure projects.
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