Dubai Lagoon signs Turnkey deal with Daewoo and Sunjin

DUBAI — Dubai Lagoon, yesterday announced a turnkey contract with Daewoo DSME Construction Co., Ltd. and Sunjin Civil and Architecture (C&A) Company of South Korea, a joint venture which will commence construction work by August 1, 2006.

By (BY STAFF REPORTER)

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Published: Sun 11 Jun 2006, 10:42 AM

Last updated: Sat 4 Apr 2015, 3:24 PM

The turnkey contract was signed by Asher Husain Executive Director for Dubai Lagoon and Bong Hak Moon President of Sunjin C&A Company and In-Deok Han Managing Director of DSME Construction co. Ltd. As part of the contract, Daewoo DSME — Sunjin C&A Company, world leaders in civil engineering projects, will be responsible for the entire project which will include construction of housing units, internal roads, landscaping, lagoon formations and MEP (Mechanical Electrical Plumbing). The project is divided into two phases with phase one to be completed by December 2007 and phase two by mid 2008. The financing of the construction for the entire project is being done by Mirae Asset Securities Co., Ltd.

Speaking on the occasion Danial Husain, Executive Director for Dubai Lagoon said, "The turnkey contract with Daewoo DSME — Sunjin C&A Company is part of our initiative to work with the best companies in the field of construction. Both the companies have been involved in many state of the art engineering designs the world over and we are confident that the construction quality of the entire project will surpass international standards and will be completed as per scheduled."

The signing ceremony which took place at Emirates Towers was graced by several respected dignitaries such as Nasser Abdulla Hussain Lootah Chairman of NASA Group, Khalid Kalban Managing Director of Dubai Investments who extended their support towards Dubai Lagoon.

He added, "Dubai Lagoon is being developed keeping in mind the current untouched demographic mid-management segment which constitutes a large part of our society and this is one reason why we have witnessed a huge demand from home buyers as well as investors. To facilitate owning a house and as a special incentive, we have further reduced the down payments to 5 per cent, instead of the original 10 per cent of the property price, this special offer will end by the end of the month"

Daewoo DSME and Sunjin C&A Company have constructed a wide gamut of projects around the world which include construction of subways, laying railroad lines as well as building harbours and ports and multiple building projects. Both the companies have completed several projects in the region and with combined assets worth more than $400 million are one of the leading construction companies in the region.



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