Sungwon Corporation said the company's Dh1.5 billion ($408.4 million) Santeview project being developed at Culture Village has been sold out within a day of it being offered in the market. 

The group’s record sell-out status on Santeview and back-to-back contracts worth Dh700 million that they won recently from two German developers to build an office tower at Business Bay and a five-star luxury hotel apartment complex at Dubai Sports City have further consolidated its reputation as a professional international developer and builder in the region, said a top official.

One of the largest integrated construction companies in South Korea, Sungwon is also carrying out civil works projects in Bahrain and Qatar including roads, highways and sewerage pipelines.

Sungwon is currently carrying out work on a $109 million massive flyover project at the Isa Town Gate Intersection in Bahrain.

It also has plans to officially launch civil works contracting services in the UAE, and participate in several other large infrastructure projects in the country.

In addition to the Middle East, Sungwon is active in construction and property development projects in several other countries outside South Korea including Kazakhstan and other parts of South East Asia.

Sungwon owns golf courses and is renowned for building the FIFA World Cup stadium in Korea, roads, highways, rail, rapid rail, subways, bridges, tunnels, ports and airports.

"Santeview at the Cultural Village, will consist of a G+32-storey office tower and an ultra-modern G+40-storey residential tower. The first two levels will be dedicated to retail space, housing some of the best brands in the world," noted Chang-Pyo Park, CEO of Sungwon’s Middle East Headquarters and general manager of Dubai branch.

High-tech security features, smart home and office features, intelligent space design, contemporary design with an Arab touch and an ideal creek-side location, adjoining the proposed Culture Village metro station will make Santeview the most sought after property development in the area, he added.

The South Korean company has also signed an escrow account agreement with HSBC Bank Middle East, as part of its efforts to contribute towards stimulating the growth of the property sector in the UAE and to further consolidate the trust reposed in them by customers.

The agreement was signed at the Sungwon showroom in Dubai by Chang-Pyo Park and Keith GM Bradley, HSBC’s regional head of CMB & global transaction banking.

Ashley J Azavedo, head – commercial banking, contracting division, Paul Edgar, head – transaction banking,  Andrew An, managing director of administrative division and Vincent Ghim, head of sales and marketing, Sungwon (Dubai) were present.-TradeArabia News Service