Korea's construction giant Sungwon wins AED 400 million Isa Town Gate Road Project contract in Bahrain

A major contract worth AED 400 million for the Isa Town Gate Road project - marking the company's formal business launch in the Kingdom.

Announcing Sungwon's first civil works project in the Bahraini market, the founder and Chairman of Sungwon Corporation, Yoon-Soo Jeon, said that the recent win is evidence of their commitment to cementing its position within the Bahraini market.

Mr Yoon-Soo Jeon, said: "We consider the Middle East as an international market that holds huge potential for companies like Sungwon to prove its capabilities and benefit tremendously from the numerous projects that are in the pipeline. The project that we have just won consists of upgrading the ISA Town Gate junction in Bahrain. It includes the construction of two overpass bridges and approach ramps. Sungwon's construction expertise and quality workmanship gives us a competitive advantage over other developers. We are committed to delivering the highest level of quality and customer satisfaction in line with our motto, Quality on Time."

He added: "The Middle East has historically been a great source of construction work for Korean construction companies, but mostly for the civil works and petrochemical plant sector. It is only now that the Middle East, spearheaded by Dubai, Bahrain and Qatar, has become a target of foreign direct investment, real estate development and building contracting work for Korean companies.

"Based around this first civil works project in the Kingdom, we will aggressively grow our presence in the kingdom by undertaking contracting jobs in all sectors of the construction industry, including high rises and resort development with key strategic partners."

Mr. Richard Lee, the Vice President of Sungwon, said: "We are excited to be in Bahrain because of the high level of professionalism that exists in both the public and private sectors coupled with a highly transparent public tender system that puts foreign companies like us on a level playing field when competing for contracts in mega projects. This project will enable us to showcase our expertise not only in the construction of high rise development but also in civil works for the region. As our market entry strategy is long-term, we are committed to building on the human and capital resources that are poured into all our projects to ensure that we contribute significantly to the country that we operate in."

Recently Sungwon also opened its first office in Bahrain, which will enable it to offer the Kingdom its range of world-class services, wealth of expertise and long years of experience in both civil works and architectural construction.

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 has over US $ 3 billion worth of projects under construction.

On the property front in the Middle East, Sungwon has earmarked over US $ 1.2 billion in investments over the next three years for the property development sector in the region, almost half of which has been already pumped into building unique world-class lifestyle developments in Dubai's Business Bay and Culture Village, two landmark property hubs being developed by Dubai Properties.

It recently received a major boost to its image in the region when it signed a major construction contract during the 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.

In addition to the Middle East, Sungwon is already playing an active role in construction and property development projects in several other countries outside South Korea including Kazakhstan, South Africa, the US and other parts of South East Asia. Sungwon owns golf courses and is renowned for building the FIFA World Cup stadium in Korea, roads, highways, rail, subways, bridges, tunnels, ports and airports.