SkyscraperCity Forum banner


24562 Views 77 Replies 29 Participants Last post by  UAE Investor

Dubai: Leading South Korean developer Axon is investing Dh2.56 billion ($700 million) in Dubai's real estate market, its top official said.

Axon Gulf, the company's regional subsidiary, yesterday inked a Dh367 million ($100 million) investment deal with Dubai Sports City to develop a large commercial tower.

"This is the first of our seven projects that we are investing in Dubai involving a total of $700 million," June-Soo Kim, Axon Gulf's chief executive told Gulf News yesterday.

"This is pure Korean investment coming to the UAE. Dubai is a safe and stable market for foreign investment, where the economy is growing.

"Besides, the average return on investment is much higher and faster than many other places. So, we felt this is the right place and time for us to invest in the emirate's real estate sector."

The 30-storey commercial tower will have a built-up area of 431,154 square feet, and will be completed by the first quarter of 2008.

Korea's Heerim has designed the tower while Korean contracting company Shin Sung, has been chosen to construct the project.

Construction of the project will be started in July.

"Price of office space will range from Dh800 to Dh850 per square foot. We are going to start the sale of the tower's commercial space in a few week's time," he said.

"We have two more projects coming in the Dubai Sports City while a further four commercial towers will be built in the Business Bay," Kim said. He said, Axon Gulf is the first Korean property development company to have been registered in the UAE.

Korean investment in the UAE is growing at a staggering rate. Korean investment commitments have crossed $850 million in recent months.

Recently two Korean developers announced major investment in Dubai. Bando and Sung Wong - two construction companies have pledged $350 million each in Dubai's real estate with more investment to come.

However, Korean construction companies, such as Samsung Corporation, Hyunday, Doosan and others are very active in project execution and construction. Korean companies last year secured Dh31.92 billion ($8.7 billion) worth of contracts in the UAE, up from Dh10 billion ($2.7 billion) in 2004.

Finally a good tower for sports city :cheers:
See less See more
1 - 20 of 78 Posts
This is the same group that will build the $400 million twin towers in Business Bay.
wow, what an awesome design

finally some company for the cube!!
company for cube.. in the league of "good looking mid rises of DSC'' ;)

I'll wait for a better render to make a decision... hard to tell anything from that
Doubt that it will lit up like that irl. But something like that would look great.
^^ The "lit up" was just a displaying effect for the model, of course the tower will not be lit.
The podium has a nice design doesnt it? I like this tower... Having seen the model of the Cube in person myself.. I would say this is the best proposal for sports city till now
Well, at least some sports city developers care about design. Awsome model (even though I never say awsome in real life :D)
cool design, its about time we see this
it looks nice, i like the night ilumination
It look like a log that was just cut from the tree, is nice

I think this tower has been renamed as SPORTS ONE. The location is great. It seem it next the cube.
1 - 20 of 78 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.