A range of projects across the board are to be revealed at the upcoming MIPIM 2010 event in Cannes. As the international property market emerges from the global financial downturn, delegates are expected to see a complete range of city redevelopments, refurbishment projects and new buildings unveiled at the event. Four of the most ambitious developments will come from emerging markets South Korea, Egypt and Nigeria as MIPIM HORIZONS joins the conference for the first time.
“In 2009 it was clear that the number of big new projects being unveiled at MIPIM was relatively low as companies absorbed the effects of the economic situation,” says MIPIM Director Nadine Castagna. “This year, there are signs of improved market confidence and ambitious real estate projects are back in Cannes. That we have projects based in South Korea, Egypt and Nigeria reflects the fact that countries and national real estate markets are emerging from the recession at different times and that MIPIM truly caters to the international property industry.”
South Korea’s Yongsan Development company will be bringing the new Dream Hub project to MIPIM. Designed by Daniel Libeskind, this new mixed-use project is planned as part of the Yongsan International Business District of Seoul, South Korea. It is destined to become the new ‘heart of Seoul’ and to turn the Korean capital into an international prime-location port and business hub.
In Egypt, Cairo-based developer Rooya Group has asked the internationally-renowned architect Zaha Hadid to design the Stone Towers project, set to become Cairo’s largest business park. It will consist of 18 buildings that will combine offices and retail real estate, as well as a 5-star hotel. Stone Towers will cover 550,000 sq m.
South African developer SBT Juul is developing two substantial projects in Rivers State, Nigeria. IT@Rivers, a €65.4 million project, is an Innovation Park spanning over 80 hectares and featuring a 350-seater auditorium and conference facility, a shopping arcade, an ICT library and meeting/training rooms and high tech laboratories. The second project, Monte@Rivers, is a €109 million retail mixed-use centre. Inspired by a traditional Tuscan village, the centre will be designed to become an emotional and psychological experience for shoppers and visitors who will feel as if they were transported to Italy.
“By bringing MIPIM and MIPIM Horizons together this year we wanted to provide a platform to regions or countries that have not traditionally figured heavily at MIPIM, including Egypt or Nigeria. We are extremely encouraged that several Egyptian and Nigerian projects will be presented in Cannes,” comments Nadine Castagna.