Sungwon invests in Business Bay

DUBAI — Dubai Properties (DP), a member of Dubai Holding, announced yesterday that Sungwon Corporation, one of South Korea's largest integrated construction companies, is investing in multi-million US dollar real estate developments at Business Bay and Culture Village.

By A Staff Reporter

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Published: Wed 12 Jul 2006, 11:03 AM

Last updated: Sat 4 Apr 2015, 3:08 PM

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.

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

The $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 $100 million.

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