Thursday, July 12, 2007

Sungwon announces the launch of Dh.2.5bn Lagoons project

Sungwon Corporation, a South Korean construction giant, is expected to announce the launch of a third project worth Dh.2.5billion in Dubai, the third largest by the company so far.

Sungwon's Vice President-Middle East, Richard Lee, said "We are developing Santevill at Business Bay and Santeview at Culture Village. So you can see the progression and could say we are following the water."

This progression has encouraged the company to select The Lagoons as its next destination for development. Dubai Properties is the master developer behind the Business Bay and Culture Village and Sama Dubai master developer of The Lagoons.

Lee has refused to reveal the details of the third project. But, said "During last July, we had said that we planned to invest Dh.4.4bn in Dubai during the next two years. Santevill and Santeview accounts for Dh.1.83bn. Santevill is inspired by the shape of dhow, and the twin towers of Santeview takes the shape of traditional Arabic architectural motif. "

Sungwon has entered into a deal with HSBC Bank Middle East, to provide conventional mortgages for buyers of its properties. The developer also has entered into a partnership with Amlak Finance for Sharjah-compliant home loans, earlier during this month.

Sungwon, is one among the largest integrated real estate companies in the world. According to the firm, it has built more than 130,000 apartments and 1000 high rise towers as contractor and developer.

Lee said "We undertake design, construction and marketing of our projects, which means significant savings, which we pass on to our buyers."

The Santevill apartments begin at Dh.1,100 per square foot, while the Santeview apartments will be competitively priced based on the starting price of the master developer, i.e., Dh.1850 per square foot. The enabling work has already been completed on Santevill, where eighty percent of units have been sold out.

No comments: