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Dubai, UAE, United Arab Emirates, 2006/04/12 - Dubai Properties sold land to Korea's top construction firm, Bando Housing Corp, worth US $ 100 million. Bando will be constructing a US $ 350 million twin tower residential, commercial and retail development at Business Bay.
Dubai Properties today sold three plots of land worth US $ 100 million to Korea’s top construction firm, Bando Housing Corp, which will be constructing a US $ 350 million twin tower residential, commercial and retail development at Business Bay.
The purchase agreement was signed by Hashim Al Dabal, CEO of Dubai Properties and Hong-Sa Kwon, Chairman of Bando at a ceremony attended by officials from both organizations.
At the signing ceremony, Hashim Al Dabal commented on the agreement: “We are glad to sign this agreement with Bando, which is the first Korean firm to invest in the Dubai property market. We are proud of the confidence that international investors have shown in Dubai’s real estate sector and in Business Bay in particular.”
“Business Bay is, in our opinion, the center of not just financial activities, but also the commercial activities. Our vision is to bring the best of Korean skills and technology, including intelligent building, to the Dubai market,” stated Hong-Sa Kwon.
The project consists of two 50-storey towers and Bando will apply advanced technology and design to create ‘new age’ and ‘intelligent’ buildings that offer for the first time the region ‘mobile home networking’ capabilities.
Dubai Properties is a member of Dubai Holding and operates with the express aim of conceiving large-scale developments, transforming Dubai’s vision into reality. The portfolio of projects handled by Dubai Properties is diverse and represents the highest quality of real estate in the region. Real estate offerings by Dubai Properties include the 1.7km long Jumeirah Beach Residence with The Walk as a promenade of retail and entertainment venues stretching the waterfront. Business Bay, the region’s business capital offers the best corporate headquarters for international businesses. The Villas at Dubailand is another unique development from Dubai Properties offering hacienda-style residential communities.