3.15 PM Saturday, 23 September 2023
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:51 06:04 12:14 15:38 18:18 19:32
23 September 2023 $dmi_content.escapeHtml4($rs.get('weather.code.w${report.significantWeather.code}')) Max: 43 °

Trend Capital to spend Dh540m on Dubai realty

By Parag Deulgaonkar


Trend Capital, an investment house in Germany, is looking to invest €100 million (Dh540m) in the Dubai property market, a senior company executive said.

“We will launch three to four towers in Dubai in the next 18 months,” said Frank Simon, Managing Director of Trend Capital.

It yesterday awarded a Dh400m contract to Sungwon Corporation, a South Korean company, to build its 34-storey Silver Star tower in Business Bay.

Construction work is to start in May, while the project is expected to be completed in 2010. “This contract award will help Sungwon to further consolidate its position in the region. By leveraging our current development and architectural construction activities in Dubai we will be able to participate in mega civil works projects in the UAE,” said Chang-Pyo Park, CEO, Sungwon Middle East.

Sungwon is carrying out several projects in Bahrain and Qatar, including roads, highways and sewerage pipelines. The company is also building a massive flyover at the Isa Town Gate intersection in Bahrain.