Sungwon unveils finance options in landmark deal with Amlak Finance

The first step in this significant tie-up was taken with the signing of a Strategic Alliance Agreement in Dubai. The agreement was signed by the Founder and Chairman of Sungwon Corporation, Mr. Yoon-Soo Jeon and Mr. Nasser Al -Shaikh, Chairman of Amlak Finance PJSC. Also present at the signing ceremony were Mr. Chang-Pyo Park, CEO of Sungwon's Middle East Headquarters and General Manager of the Dubai Branch, and Mr. Arif Alharmi, Chief Executive Officer of Amlak. Under the agreement Amlak will extend finance of up to approximately 80 per cent of the property value over a repayment period of up to 25 years.

Speaking shortly after the agreement was signed, Mr. Yoon-Soo Jeon, said: "Sungwon is pleased to enter into this important partnership with Amlak, who revolutionised and redefined the home finance industry in the region. This is the first time that a Korean developer has forged a strategic alliance with a leading local financial institution in the Middle East, which further demonstrates Sungwon's commitment to making the process of home ownership for its customers more convenient."

Mr. Nasser Al-Shaikh, Chairman of Amlak Finance, said: "Amlak are extremely proud to be engaged in this strategic partnership with Sungwon. The agreement with Sungwon is an indication of our commitment to providing home financing solutions to the region and our belief that partnerships can be built with developers from across the world."

The tie-up with Amlak covers the 25-storey luxurious tower, SANTEVILL, that is being built by Sungwon at Business Bay and another unique world-class lifestyle mixed commercial twin tower property project that is being developed by Sungwon at Culture Village. These two projects, worth over US$ 450 million, are Sungwon's first major investments in the Middle East.

Mr. Richard Lee, the Dubai-based Vice President of Sungwon, said: "The UAE and Dubai has been a huge success for Sungwon. This agreement with Amlak reflects their trust reposed in the outstanding long history of Sungwon in terms of expertise, delivery and quality, as well as its current property development initiatives that have been undertaken in Dubai so far. The response to our flagship property project, Santevill at Business Bay was so overwhelming that we sold 70 percent of the units without financing. We are now looking forward to working closely with a renowned home finance partner like Amlak, who are known for their tailored mortgage products and innovative services".

The Strategic Alliance Agreement with Amlak represents yet another feather in the cap for Sungwon, one of South Korea's largest integrated construction companies, since it entered the Middle East market just over a year ago. In addition to its property projects at Business Bay and Culture Village that are being developed under an arrangement with Dubai Properties, Sungwon signed a massive construction contract with the newly formed Deira Investments to embark on the construction of the new tourist, commercial, retail, logistics and residential projects in Deira, the traditional hub for trade in Dubai, among others. This was announced during the recent historic visit to South Korea by His Highness, Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

Sungwon has also been appointed by one of Dubai's most exclusive developers, Al Fattan Properties, to market and sell the luxury projects of Al Fattan Properties to prominent investors and figures in South Korea, starting with The Palm Jumeirah Al Fattan Resort and the Al Fattan Currency House in DIFC. Sungwon is also carrying out civil works projects in Bahrain and Qatar, including road, highway and sewerage pipelines.

Sungwon Corporation is a large integrated real estate, construction and engineering company that has built a solid reputation as a property developer and contractor of award-winning luxury high-rise residential/mixed use complexes. Sungwon has been introducing architectural masterpieces in every major city of Korea, and has built over 130,000 apartments and 1,000 high-rise towers. It specialises in high rise mixed-use complexes, civil works, environmental plants and special projects, including championship golf courses, world class stadia and resorts. In 2005, Sungwon completed 52 commercial and residential projects, and currently has over US $ 3 billion worth of projects under construction.