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South Korea’s Sungwon holds groundbreaking ceremony for Dhs1.5bn Santeview project at Culture Village

United Arab Emirates: Wednesday, April 30 - 2008 @ 17:00

Among those who participated in the groundbreaking event were His Excellency, Mr. Kyu Ock Park, Consul General in Dubai, Republic of Korea, Mr. Chang-Pyo Park, CEO of Sungwon’s Middle East Headquarters and General Manager of the Dubai Branch, Mr. Yaqoob Al Zarooni, Deputy CEO of Dubai Properties, which is Sungwon’s strategic partner and master developer of Culture Village, Mr. Salah Ali Abdul Aziz, General Manager – Al Fattan Properties, Mr. Richard Lee, Vice President of Sungwon Dubai, Mr. Vincent Ghim, Head of Sales and Marketing, Sungwon Dubai, the representative of Sungwon’s finance partner, HSBC and a number of prominent investors and figures from the real estate sector.

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.

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

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, Mr. Chang-Pyo Park, CEO of Sungwon’s Middle East Headquarters and General Manager of the Dubai Branch, said:

“The groundbreaking at Santeview represents a historic milestone for Sungwon Corporation in the Middle East, and 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 $1.2bn 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.

Welcoming guests at the ground-breaking ceremony, Mr. Vincent Ghim, Head of Sales and Marketing, Sungwon Dubai, said: “Sungwon’s vision blends with the long-term goals of Dubai, which reflect the visionary leadership of His Highness, Sheikh Mohammed bin Rashid al Maktoum – to provide world-class infrastructure and standards of housing, and economic development.

The unique lifestyle that Santeview at Culture Village offers has attracted both individual purchasers and commercial developers from the UAE, Gulf and Arab nations, as well from around the world.

Thanks to the phenomenal demand and interest in Santeview, we have achieved 100 percent complete sell-out in just three hours”.

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Wednesday, April 30- 2008 @ 17:00 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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