South Korea’s Sungwon Corporation on Tuesday celebrated yet another major milestone in the region, by holding a groundbreaking ceremony for its second property project in the region – the Dh1.5 billion ($408.3 million) Santeview at Culture Village.

Kyu Ock Park, Korea consul general in Dubai, Chang-Pyo Park, CEO of Sungwon’s Middle East Headquarters and general manager of the Dubai Branch, Yaqoob Al Zarooni, deputy CEO of Dubai Properties, Salah Ali Abdul Aziz, general manager - Al Fattan Properties, Richard Lee, vice president of Sungwon Dubai, Vincent Ghim, head of sales and marketing, Sungwon Dubai, HSBC and a number of prominent investors and figures from the real estate sector took part in the ceremony.

Santeview at Culture Village is a mixed use complex project that will consist of a G+32-storey office tower and an ultra-modern G+40-storey residential tower. Dubai Properties is Sungwon’s strategic partner and master developer of Culture Village.

The first two levels will be dedicated to retail space, accommodating some of the best brands in the world, said a Sungwon official.

"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.

Commenting on the first pouring of concrete for Santeview, Chang-Pyo Park, said the groundbreaking at Santeview represented a historic milestone for Sungwon Corporation in the Middle East, and was a major step in the development of Santeview at Culture Village.

"As one of our unique property projects in the Middle East, we are confident that Santeview will set a benchmark in property development in the region that will reflect the finest architectural and engineering expertise drawn from our many years of experience in the construction industry”.

Sungwon is a large integrated real estate, construction and engineering company that has built a solid reputation as a property developer and contractor of award-winning luxury high-rise residential/mixed use complexes. The South Korean company has built over 130,000 apartments and 1,000 high-rise towers.

Santeview at Culture Village is the result of a Sungwon’s strategic alliance with Dubai Properties, and is part of the $1.2 billion in investments that Sungwon has earmarked for property development in the region. At the same time, Sungwon is also carrying out civil works in other GCC nations.-TradeArabia News Service