SNASCO appoints Korean 'Kun Won' as architects consultant for Algeria mega project

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The internationally recognized and award winning 'Kun Won', will also provide engineering services as well as supervision and development consultation for SNASCO's project that is held under a strategic partnership with the Algerian government body 'Oran Family Housing Development Establishment'.

The signing ceremony took place at the Korean firm's headquarters in Seoul, and was attended by Mr. Talal Sorayai, Deputy Chairman for SNASCO, who co-signed the deal with Song Dae Sup, Head of the International Business Division of Kun Won.

SNASCO's aim with this €11m deal is to develop a real estate project on Oran's spectacular Mediterranean waterfront.

The integrated project, which will include more than 2000 residential and commercial units of high international standards, is expected to lead the way for the development of world-class real estate projects in North Africa.

Speaking of the agreement, Mr. Talal Sorayai, Deputy Chairman for SNASCO, said:

'We have received several proposals from internationally renowned engineering houses but we have selected 'Kun Won' because of their vast experience and thorough knowledge of the Algerian market - an invaluable aspect in the development of this project. Nonetheless, they offered a creative proposal, supported with a solid plan that meets the requirements of the project, where the majority of the units in this project will overlook the sea.'

Sorayai said that SNASCO is honoured to work with Kun Won, adding that he hopes this agreement will be a distinctive addition to the strategic alliances the company has forged, with the aim of enriching the real estate industry in the MENA region, and creating diversity and innovation in this sector.

Song Dae Sup, Head of the International Business Division at Kun Won, said: 'We are thrilled to join hands with a developer of this calibre. We consider SNASCO one of the most important developers in the Gulf and MENA regions and are happy to forge this strategic alliance with one of the region's key real estate players.'

'We look forward to sharing a fruitful partnership with SNASCO and we are confident that our combined experience will yield excellent results, which will be reflected in the Algerian and North African real estate markets.'

The project, which covers an area of around 150, 000 square meters, is located near Oran's Conference Palace project, where the total cost is estimated total at €400m.

The project will boast a state-of-the-art design, luxurious finishes of the highest international standards and spectacular marine views.

It will provide residential as well as commercial real estate solutions in a prime location on the waterfront of Algeria's economic capital, Oran City.