Business Bay signs with first Korean investors
Dubai Properties- a member of Dubai Holding, today sold three plots of land worth US $ 100 million each 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.
DP & Bando Housing Corp
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- a member of Dubai Holding, today sold three plots of land worth US $ 100 million each 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.
DP & Bando Housing Corp
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.