Dubai Properties attracts more projects

14 July 2006
Dubai Properties, part of Dubai Holding, has attracted a further $600 million of investment at Business Bay and Culture Village. South Korea's Sungwon Corporation is planning developments at both sites, while Rani International, part of Saudi Arabia's Aujan Group, will develop a mixed-use project at Business Bay.

Sungwon's $300 million, mixed-use project at Culture Village will have a built-up area of 11,000 square metres and will offer 410 residential, commercial and retail units. The local Adnan Safarini is the consultant. Its $100 million residential project at Business Bay is a 20-storey tower with a built-up area of 5,000 square metres. South Korea's Keunwon is the consultant. Sungwon may act as the contractor on one of the projects. The company is also planning a project at Sama Dubai's Lagoons development, and is considering plans for other schemes across the federation and in Qatar.

Rani will invest $205 million in developing two 30-storey towers at Business Bay. One of the towers will house a hotel with 250 rooms and 40 furnished apartments which will be operated by India's Oberoi Group, while the second tower will be for offices. The total built-up area of the two buildings will be 84,000 square metres, and completion is scheduled for the last quarter of 2008.

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