Midan City Project: All-in One Integrated Development Offering

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Midan City Project receives huge boost as negotiations come to a close.

The Midan Project, Korea’s premier destination for leisure and business. Led by the LIPPO group, Awadisians Holdings and key shareholders have finalized international agreements and infrastructure details. The meeting marked the final milestone in six key anchor elements in the program.

Boasting the name “The New City” MIDAN City, covering a site area of approximately 2.7 million square meters, is a development project located at Yeongjong Island in Incheon Free Economic Zone (IFEZ), South Korea which envisions to become the international business and leisure community of North East Asia. It is 10 minutes away from Incheon International Airport which covers flights to major cities in Asia such as Beijing, Shanghai, Tokyo, Hong Kong, Taipei and even Vladivostok within just 2 to 3.5 hours. The development also has excellent infrastructure and transportation platform utilizing express subways and buses to connect the city to Seoul.

MIDAN City is being designed as an “All-in-One-City” with shopping malls, integrated resort hotels, an international healthcare center, a golf course, entertainment zone, and residential areas. Upon the horizon a Chinese cultural village and an international school Phase 1 of the development is due for completion by 2014 Asian Games and Phase 2 by 2020 IFEZ completion. The project is expected to create about 5,000 jobs with USD $7 billion of economy induction in the area.

Key shareholders were extremely optimistic as they wrapped up a 10 hour analytic session surrounding financing hurdles and land development concerns. Dino Vahak Awadisian, C.E.O. of Awadisian Holdings mended concerns of unanticipated fiscal circumstances by adding secured private sector contributions and investment capitol participation. In addition to the money talks, issues like to project city vitalization outcomes, residential, commercial growth, and expected industrial positions were all products of scrutiny.

With all projects of this caliber, diverse vision in addition monetary obligation, combined with central focus, tensions and frustrations are embraced. Partners rectify inconsistencies and build on the model to establish and serve one sole purpose. When it is all said and done the outlook delivers resolve. A city which guarantees tax support, free economic activity, luxury, high quality administrative services, and a comfortable and convenient living environment.

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