Sungwon Corporation on Tuesday said it has won a Dh300 million contract to build The Cube, a five-star 26-storey hotel apartment building at Sports City for German developer BMG Middle East.
Sungwon clinched the deal to build The Cube during the International Property Show in Dubai, making it the second big win in a week for the South Korean construction company, following its contract to build the Silver Star Tower, a Dh400m office tower for German developer Trend Capital at Business Bay.
The Cube is BMG’s debut project in the Middle East. Chang-Pyo Park, CEO of Sungwon Middle East and General Manager of the Dubai branch, said The Cube project represents “another opportunity for Sungwon to prove its capability as a builder of world-class apartments, and showcase its expertise in leisure developments, in addition to residential and commercial projects”.
The Cube will offer investors and individual buyers a choice of one, two and three-bedroom units, as well as executive studios and studios.
The hotel apartment building will feature a range of residential, leisure and sports facilities, including a modern sports spa, a pool area with “Aqua Gym” facilities, a medical unit, restaurants, business centre and a high-quality residential complex, in addition to four parking levels.
Construction will start in March 2008, while the project is set to be completed at the end of 2010.
Sungwon has earmarked $1.2 billion (Dh4.4bn) in investment over the next three years for the realty sector.
Sungwon wins contract to build The Cube