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

Sentosa Cove is a luxury residential development on Sentosa Island, Singapore. Once building is complete,  eventually housing about 2,500 units. The Island is mostly made of reclaimed land and the development is it is being marketed as a "exclusive oceanfront residential community.”

The master developer of the site is Sentosa Cove Pte Ltd, which is a subsidiary of Sentosa Development Corporation. SDC purchased the site from the Singapore Land Authority for a sum of about S$800 million.

The idea was originally conceptualized by Bernard Spoerry (Port Grimmaud, France) then updated by McKerrell Lynch. The first offering of apartments were apparently sold out within the first few days of being offered, which makes it surprising that so many luxury real estate agents are still offering them for sale.

Sentosa Cove represents the first, and thus far, only opportunity, for foreign investors to own residential land in Singapore,. Sentosa Cove investors receive a variety of financial benefits, in addition to 48 hour fast-track approval when purchasing properties or plots. The marina and associated berths attached to luxury waterfront housing estates will ultimately cater for more than 700 boats, of which ten of the marina berths will house 50 meter mega-yachts.

Sentosa Cove Home Page

Although if you hate websites that prevent you from using the “back” button – do not visit