Ssangyong Construction Secures Two High-End Residence Projects in Dubai Simultaneously
Total Scale of 300 Billion KRW
Ssangyong Construction has simultaneously secured two contracts for the luxury residence project ‘Creek Waters’ in the Dubai Creek Harbour area. The total value amounts to 300 billion KRW (223 million USD).
The client for this project is EMAAR, the largest real estate development company in the United Arab Emirates, which owns the Burj Khalifa and is also listed on the Dubai Financial Market. This year, EMAAR is preparing to launch mega development projects including residence buildings, hotels, and villas at twice the volume of last year’s orders, so additional orders can be expected.
Furthermore, through the first contract with the globally renowned client EMAAR, it is anticipated that diversification of clients beyond the existing Dubai Investment Corporation (ICD) and WASL will be achieved, as well as strengthening competitiveness in securing orders and expanding the market in Dubai and the Middle East region.
‘Creek Waters 1 and 2’, to be built in the Creek Harbour area, a new residential hub in Dubai, will be ultra-luxury residences consisting of one building each with 52 floors above ground and 2 basement levels, housing 450 and 455 units respectively.
A representative from Ssangyong Construction stated, “By simultaneously securing two ultra-luxury residence projects, we have expanded our presence in the high-end construction market in the Dubai area.” He added, “Especially after the completion of Atlantis The Royal in Dubai, clients have highly evaluated our technical skills and reputation, so we expect to reap the benefits of additional orders in the future.”
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Meanwhile, since Ssangyong Construction’s first entry into Dubai in 1997, it has secured a total of 14 projects worth approximately 3.9 trillion KRW through clients such as Dubai Investment Corporation (ICD) and WASL, and is currently carrying out construction work.
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