(To read more on the multifamily market, click here.)
DUBAI-Sungwon Corp. of South Korea has begun work on a 25-story luxury residential tower here that is valued at $109 million. Located at Business Bay, SanteVill will contain 195 residential units equipped with smart home technology. Project completion is slated for early 2009.
Sungwon is an integrated real estate, construction and engineering company that has built 1,000 high-rise towers for itself and third parties. Already developing here for third parties, the Business Bay project and another planned in Culture Village are Sungwon's first major investments in the Middle East, where the company has plans to invest upward of $1.2 billion. The investments primarily will be made in the UAE in partnership with Dubai Properties.
Sungwon founder and chairman Yoon-Soo Jeon says SanteVill is being built on a 54,000-sf site and that 70% of the units will have water views. The tower will have some of the largest studio and one-bedroom units in Business Bay and also will include two-bedroom lofts. All apartments will feature integrated home automation with remote control operation, in addition to security systems.
In addition, the tower is being developed with environment-friendly materials and will have well-being themed retail outlets and amenities including an organic café, a juice bar, Zen garden and a swimming pool. Other planned amenities include a community garden, a lake view deck, jogging track, putting green and sauna.
The Cultural Village project will contain 410 residential, commercial and retail units. The project cost is estimated at $300 million.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
