Sungwon Corporation, one of the largest integrated construction companies in South Korea, has made a foray into the UAE property market with the launch of a Dh400 million ($108.9 million) project.
The 25-storey SanteVill tower will rise in the Business Bay, the economic growth corridor Dubai and, while tenders are yet to be announced, the completion date has been set for early 2009.
To be built on an area of 54,000 sq ft, the high-rise residential tower will contain 195 residential units equipped with smart home technology installed by another Korean giant, LG Electronics. All apartments will feature integrated home automation with remote control operation, in addition to state-of-the-art security systems.
With its focus on creating spacious accommodation, SanteVill will have one of the biggest studio and one-bedroom units in Business Bay, and will be one of the few residential developments to have two-bedroom lofts. Separate lobbies will be created for penthouses, wing lofts and the main tower.
Sungwon Corporation plans to invest over $1.2 billion in property development in the Middle East, primarily in UAE’s buoyant property market through a strategic alliance it has forged with Dubai Properties. Sungwon's Business Bay project and another planned in Culture Village, are its first major investments in the Middle East. At the same time, Sungwon is focusing on building luxury towers in Dubai for other clients, and is also carrying out civil works in other GCC nations.
“The launch of SanteVill will be followed by our second project at Culture Village, which is ample testimony of our close and growing relationship with Dubai Properties, the region’s leading property developer,” said Yoon-Soo Jeon, chairman of Sungwon Corporation.
“SanteVill is the first health-integrated residential tower, a concept that is influenced by our commitment to the well-being of communities that live in all residential developments of Sungwon. Residents at SanteVill can enjoy all the elements of our healthy concept – environment-friendly materials, integrated clean air-conditioning, air purification system and well-being themed retail outlets and amenities including an organic café, a juice bar, Zen Garden and a rejuvenation swimming pool.” he added.
“SanteVill reflects a mix of modernity and traditions from South Korea and the Arab world. The fresh and exciting new design is inspired by Dubai’s traditional dhow and reflects the motif of a yacht powerfully cruising towards the open ocean. In fact, 70 per cent of the units will have water views. It offers quality affordable real estate at a development that has been well-planned and designed to the highest specifications,” he said.