Sungwon wins Dhs400m contract

Announcing Sungwon's latest win in the Middle East construction sector at a project signing ceremony in Dubai on 13 February, the founder and Chairman of Sungwon Corporation, Yoon-Soo Jeon said that the Silver Star Tower project would help combine his company's construction expertise and Trend Capital's technological know-how to build a world-class hi-tech 34-storey office tower at Dubai's newest economic growth corridor at Business Bay.

The agreement was signed by Mr. Chang-Pyo Park, CEO of Sungwon's Middle East Headquarters and General Manager of the Dubai Branch, and Frank Simon, Managing Director of Trend Capital in the presence of Mr. Yoon-Soo Jeon and Mr. Mohamed Abdulsalam Al Rafi, Joint Local Partner. The ceremony was also attended by Mr. Richard Lee, Vice President of Sungwon and Mr. Rainer Preisshofen, Dress & Sommer, the consultants for the project.

With the Silver Star Tower project, Trend Capital has become the first German developer in Business Bay. Its unique theme of silver colour over a clean façade, will make the G + 34 storey hi-tech Silver Star tower stand out as an iconic high-rise amidst the surrounding towers at Business Bay. Construction work is set to commence in May while the project is expected to be completed in 2010.

The simplicity and exquisite design is complimented by the unique features of the shopping arcade and the imposing main entrance lobby of the office tower. A luxurious health club with a swimming pool overlooks a landscape deck area at the podium roof level that gives one a panoramic view of the Dubai creek and Burj Dubai. The building will have 30 floors of spacious office space with an exclusive penthouse floor on the top that will come with its own private VIP elevator.

Speaking at the ceremony , Mr. Yoon-Soo Jeon, said:

"Sungwon is pleased to enter into this important partnership with Trend Capital, a reputed property developer from Germany. This is the first time that a Korean construction company has forged a strategic alliance with an international developer in the Middle East, and demonstrates Sungwon's commitment to further enhance its presence in the UAE by undertaking contracting jobs in all sectors of the construction industry, including residential, commercial and civil works with key strategic partners. That Trend Capital has selected Sungwon for this project is indeed a honour for Sungwon, and a recognition of our vast experience and international reputation, and our ability to deliver quality projects on time."

Mr. Frank Simon, Managing Director of Trend Capital, said: "As an internationally active investment house, Trend Capital is able to deliver quality and know-how from Germany with extraordinary possibilities for the Dubai real estate market. As the Silver Star Tower is our first property project in Dubai, we are fortunate to have found a strong and well-experienced local partner in the Mohamed Abdulsalam Al Rafi Group.We are also excited to partner with an international construction giant of the calibre of Sungwon, as we embark on our maiden property project in the UAE. We are confident that with their dedication combined with a high level of professionalism, Sungwon will build one of the most impressive office structures at Business Bay by introducing innovative construction techniques and practices."

Mr. Chang-Pyo Park, CEO of Sungwon's Middle East Headquarters and General Manager of the Dubai Branch, said: "This contract award will help Sungwon to further consolidate its position in the region. By leveraging our current development and architectural construction activities in Dubai we will be able to participate in mega civil works projects in the U.A.E. This unique alliance between a South Korean construction company and a German developer in Dubai is ample evidence of the Dubai government's desire to attract the best companies of the world in all industries and categories to the U.A.E."

Sungwon, which has its Middle East headquarters in Dubai, has earmarked over $1.2bn 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.

Sungwon is also carrying out civil works projects in Bahrain and Qatar including roads, highways and sewerage pipelines. Sungwon is currently carrying out work on a massive flyover at the Isa Town Gate Intersection in Bahrain. That contract is worth Dhs400m. Sungwon plans to officially launch its civil works contracting services in the UAE, and participate in several other large infrastructure projects in the country.

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 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, rapid rail, subways, bridges, tunnels, ports and airports.