Sungwon Corporation invests in Business Bay and Culture Village

Yoon-Soo Jeon, Founder and Chairman of Sungwon Corporation revealed the company's investment plans in Dubai Properties' master developments at a ceremony marking the launch of Sungwon's Middle East headquarters in Dubai.

"We are very pleased to establish a permanent presence in Dubai. Apart from our first two projects at Business Bay and Culture Village, we are negotiating other deals with Dubai Properties that will be announced soon,"

said Yoon-Soo Jeon.

Founded in 1978, Sungwon is a large scale, integrated, real estate development, construction and engineering company. 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 projects.

Shahab Lutfi, Business Development Manager of Dubai Properties, said: "Sungwon's 30-year expertise will be reflected through distinctive projects in Business Bay and Culture Village.

"Through our agreement with Sungwon and other partners, Dubai Properties plans to offer optimum investment opportunities and exclusive lifestyle choices that cater to the changing needs of the growing population in Dubai."

Sungwon is currently negotiating with firms in South Korea and Dubai to develop design proposals for the freehold projects.

The USD 300 million, mixed-use project in Culture Village will encompass 120,000 sq. ft, offering 410 residential, commercial and retail units. The 54,000 sq. ft project in Business Bay will feature a 20-storey residential tower valued at USD 100 million.

Hae-Shick Cho, CEO of Sungwon's Dubai Branch and Middle East Regional Headquarters, said: "Our decision to invest in Dubai Properties' projects is part of our strategy to establish Sungwon in Dubai, one of the fastest growing economies in the world."

The new Sungwon office, located in the Sharaf Building in Bur Dubai, will comprise a multinational team of engineers and development professionals to design, build and develop super luxury towers, and carry out civil works and contracting services all over the Middle East.

Dubai Properties' niche projects such as Business Bay, The Villa, Jumeirah Beach Residence and Culture Village have been instrumental in adding to the diversity of Dubai's real estate landscape.