Sungwon's Dhs1.5bn Santeview project sold out in a day

Sungwon's record sell-out status on Santeview and back-to-back contracts worth Dhs700m that they won recently from two German developers to build an office tower at Business Bay and a five-star luxury hotel apartment complex at Dubai Sports City have further consolidated its reputation as a professional international developer and builder in the region.

Santeview at the Cultural Village, will consist of a G+32-storey office tower and an ultra-modern G+40-storey residential tower. The first two levels will be dedicated to retail space, accommodating some of the best brands in the world. High-tech security features, smart home and office features, intelligent space design, contemporary design with an Arab touch and an ideal creek-side location, adjoining the proposed Culture Village metro station will make Santeview the most sought after property development in the area.

Sungwon was able to close the deal on Santeview largely due to its partnership with various finance partners and strong relations with leading investors and buyers.

The South Korean company has signed an Escrow Account Agreement with world-renowned HSBC Bank Middle East Limited, as part of its efforts to contribute towards stimulating the growth of the property sector in the UAE and to further consolidate the trust reposed in them by customers.

The Escrow Account agreement was signed at the Sungwon showroom in Dubai by Chang-Pyo Park, CEO of Sungwon's Middle East Headquarters and General Manager of the Dubai Branch, and Keith GM Bradley, HSBC's Regional Head of CMB & Global Transaction Banking. Also present at the ceremony were, Ashley J Azavedo, Head - Commercial Banking, Contracting Division, Paul Edgar, Head - Transaction Banking, Andrew An, Managing Director of Administrative Division and Vincent Ghim, Head of Sales and Marketing, Sungwon (Dubai).

Previously, Sungwon had forged a strategic alliance with HSBC Bank Middle East Limited, to provide individual residential purchasers the opportunity to avail themselves of unique financing solutions for homes developed by Sungwon in Dubai. Under the tie-up HSBC is offering finance of upto 80 percent of the property values over a repayment period of upto 25 years. One of the unique features of the agreement is that it will allow HSBC through its sophisticated global network to offer financing solutions to prospective buyers of Sungwon homes, who live outside the region.

Announcing Sungwon's success with Santeview, Mr. Chang-Pyo Park, said that it proved Sungwon's marketing capabilities, in addition to its reputation as a builder and property developer.
Commenting on the appointment of HSBC as Sungwon's Security Trust Account agent Mr. Chang-Pyo Park, said: "We are delighted that our decision to place our trust in HSBC, one of the leading banks and trusted mortgage finance providers in the UAE, has paid rich dividends, as evident in our success with our flagship project, SANTEVILL at Business Bay and now with the Santeview project. HSBC's decision to bank on Sungwon demonstrates their willingness to work with a partner who has an outstanding track record of customer satisfaction. This has been made possible by a combination of factors - our expertise and experience as an integrated construction company, commitment to our motto of Quality On Time, plus our current property development initiatives in Dubai".

He added:"The Escrow law is a welcome legislation that will protect consumers by ensuring accountability on the part of developers. By adhering to the Escrow law, Sungwon wishes to demonstrate its desire to treat its customers as partners and establish a healthy relationship, and further enhance Sungwon's credibility in the region, as a trustworthy property developer".

Mr. Keith GM Bradley, Regional Head of CMB & Global Transaction Banking, HSBC said: "We are pleased that a property developer of the calibre as Sungwon has opted for HSBC as their Security Trust Account Agent. We have an extensive regional and global network, which is greatly beneficial for international developers such as Sungwon. HSBC has played an important role in the shaping of the Escrow Law in conjunction with Dubai Lands Department, which will increase the confidence of institutional lenders in property development projects in Dubai"
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, SANTEVILL at Business Bay and Santeview at Culture Village.

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.