Sungwon to launch Dh1bn residential project at The Lagoons

South Korea's Sungwon Corporation plans to launch a Dh1 billion residential project in The Lagoons, a Sama Dubai master development, by year-end, which will take its realty investment portfolio to $1.5 billion (Dh5.5bn), a senior executive said.

"We have acquired a plot in The Lagoons and expect to launch the project by year-end," Richard Lee, Vice-President, Sungwon Corporation Middle East, told Emirates Business.

"We hope to resolve the design issue with Sama Dubai by next month, since the master developer provides developers with project specifications," he said.

The company yesterday broke ground on its Dh1.5bn Santeview project at Culture Village. The project is a mixed-use complex that will consist a ground plus 32-storey office tower and a ground plus 40-storey residential tower. They will incorporate high-tech security features, smart home and modern office features.

Chang Pyo Park, Chief Executive Officer, Sungwon's Middle East Headquarters and General Manager of the Dubai Branch, said Santeview will set a benchmark in regional property landscape with finest architectural and engineering expertise drawn from their experience in the construction industry.

Sungwon is also in talks with investors to construct and develop a more than 100-storey tower in Dubai. "We are holding talks with investors," Lee said.

The company will open a branch office in Abu Dhabi next month and will then start concentrating on its development and construction business in the capital, Lee said. However, he did not comment on the total investment or number of projects planned in Abu Dhabi.

As a contractor, Sungwon has bagged construction contracts for Silver Star and The Cube projects in Business Bay and Dubai Sports City, respectively.

"Currently, we don't have plans to enter Bahrain or Qatar as developers, but we are undertaking construction activities for government facilities and high-rise towers there," he said. The company has built more than 130,000 apartments and 1,000 high-rise towers.