South Korea’s Sungwon Corporation plans to launch a Dh1 billion luxury residential project in The Lagoons, a Sama Dubai master development, by year-end, which will take its realty investment portfolio to $1.5 billion, 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 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.

Sungwon

News from the Gulf

Abu Dhabi- The Abu Dhabi Investment House yesterday announced the launch of the $7 billion “Style City.”

Style City intends to attract luxury international brand names from the worlds of fashion design, jewellery, furniture and luxury living. The first of its kind, Style City, will be a mixed-use development, comprising residential and retail components while focusing on fashion and style. It will feature a grand fashion district comprising premium and luxury brands in the fashion, jewellery and interior design fields; an educational district comprising institutions as well as museums and exhibition centers, and a residential and leisure district with townhouses, studios, luxury villas, cafes, restaurants and renowned boutique hotels and spas.

The Style City concept will be implemented in not only  Abu Dhabi, but also Qatar, Morocco, Tunisia and India as part of agreements signed yesterday with major developers in those countries. More on Luxury Branding Style City Abu Dhabi

One of the world’s leading luxury yacht manufacturers, Ferretti Group, has just announced a partnership with ACI Real Estate to build a shoreline property in Dubai. The $1.6 billion project, named “Marine Legend” at Nakheel’s Dubai Waterfront will be the first real estate venture for Ferretti.

Chief Executive Officer of the Ferretti Group, Mr. Vincenzo Cannatelli, said he believes there is great potential in the real estate sector, especially in the East, and the company is eager to become involved in the shore based side of things.

"We are not getting directly involved in the real-estate business, but participating with right partners to improve our presence," Cannatelli said when asked what part his group would play in the deal. The real estate sector, he said, directly complements the yacht industry by way of accelerating business.

"The growth of waterfront properties in Dubai will definitely accelerate our business in the region. In fact, many customers of ACI Real Estate are our potential customers too and would be interested in owning one of our yachts."

Currently, Ferretti sells approximately thirty luxury yachts yearly in the United Arab Emirates, and is hoping to improve that to between fifty and a hundred units within the next five years.

"We have been thinking of the UAE as our next destination for international expansion. The market offers a special platform with a sound business environment that facilitates global business and investment. Dubai is well poised to become a leading global business capital and we are happy to join ACI to be part of this invigorating phase of growth," he declared.

Managing Director of ACI Real Estate, Mr. Robin Lohmann said the property will create new trends in luxury waterfront residence in the emirate.

"Marine Legends reflects growing demand for high-end residences and concurrently aims at providing an appropriate setting that unifies the requirements and aspirations of Dubai to appreciate the waterline and improved water canal systems," said Lohmann. "There has been a lot of infrastructure development at the Dubai Waterfront, and I think it is a realistic scenario to complete the project within the scheduled time as we have already started working on the design."

The plans are to complete the project within the next thirty–six months. Marine Legends will comprise three twin towers and will be designed with yachting elements blended in into it. Architects from both partners will co-ordinate on the design and some of the towers will be named after the Ferretti brands.

Lohmann said the company would be securing more properties in the Dubai Waterfront in the future. "We have already crossed $2.7 billion in turnover in this year. We will be diversifying our portfolio by securing our market share in emirates such as Abu Dhabi, Ajman, Ras Al Khaimah as well as Dubai, where new developments are happening."

Ferretti Group

As far as I can tell from the advertising, Ferretti yachts seem to come fully equipped with a bevy of bikini-clad babes  (three seems to be the optimum number) - just one more reason to buy one Although, as they are fully customisable, I imagine there is an option for speedo-clad hunks, if that is your preference.

The Ferretti Group, based in Forli, is one of the world’s leaders in the design and construction of luxury motoryachts and sporting boats that measure between 7 and 80 meters long. The Group consists of: Ferretti Yachts division (flybridge motoryachts, 14 to 27 meters), Pershing S.p.A. (high performance open cruisers, 11 to 35 meters), Itama Cantieri Navali S.p.A (open motoryacht, 13 to 25 meters), the American Bertram Yacht, Inc. (sport fisherman motoryachts, 12 to 22 meters), Riva S.p.A. (open and flybridge motoryachts, 10 to 35 meters), Apreamare S.p.A. in Sorrento (“gozzo sorrentino” and ‘Maestro’ line, 7 to 25 meters), Mochi Craft division (lobster boats, 13 to 23 meters), Custom Line division (maxiyachts in composite materials from 26 to 34 meters with two decks) and CRN S.p.A. , (megayachts in composite materials – 40 meter planig model and 43 meter displacement model - and steel megayachts from 46 to 80 meters)

The Group also includes: Ferretti Group USA, Inc. , the company responsible for importing Ferretti Yachts, Pershing, Riva, Apreamare, Mochi Craft, Custom Line and CRN motoryachts to the United States and Canada, Resin Sistem S.r.l., a company specialized in the production of fiberglass products for Ferretti boats, Diesse Arredamenti, a company specialized in the production of boat interiors for all the companies in the Group, Diesel Center, a distributor of diesel marine engines, propulsion and control systems, reversers, reducers and generators, as well as Pinmar S.L. , European leader specialized in yacht painting and refitting, Zago S.p.A. , a company specialized in the production of wooden fixtures and furnishing for megayachts over 100 feet. It is currently present in 95 countries and has three representative branches in Europe, the United States and Asia.

Ferretti Group

Nakheel Properties