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Dubai: South Korean contractor Sungwon Corporation has won a contract worth Dh300 million to build The Cube, a 26-storey hotel apartment building, from German developer BMG Middle East Development at Dubai Sports City.
Sungwon clinched the deal to build The Cube during the International Property Show in Dubai, making it the second big win in a week for the South Korean construction company, following its contract to build the Silver Star Tower, a Dh400 million office tower for German developer Trend Capital at Business Bay.
The Cube is BMG's debut project in the Middle East, and is a unique concept that promises ownership of a hotel apartment. BMG Middle East Development is a subsidiary of the BMG Group in Germany.
Chang-Pyo Park, chief executive of Sungwon's Middle East headquarters and general manager of the Dubai Branch, said that the project represented yet another opportunity for Sungwon to prove its capabilities.
The agreement was signed by Chang-Pyo Park and Gerd Wuhlert, managing director, BMG Group, in the presence of founder and chairman of Sungwon Corporation Yoon-Soo Jeon.
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