Korean based engineering consortium to construct the entire AED 3 billion project

Dubai, United Arab Emirates - 10 June 2006 - Dubai Lagoon, the high watermark of living, today announced a turnkey contract with Daewoo DSME Construction Co., Ltd. and Sunjin Civil and Architecture (C&A) Company of South Korea, a joint venture which will commence construction work by August 1, 2006.  

The turnkey contract was signed by Mr. Asher Husain Executive Director for Dubai Lagoon and Mr. Bong Hak Moon President of Sunjin C&A Company and Mr. In-Deok Han Managing Director of DSME Construction co. Ltd. As part of the contract, Daewoo DSME - Sunjin C&A Company, world leaders in civil engineering projects, will be responsible for the entire project which will include construction of housing units, internal roads, landscaping, lagoon formations and MEP (Mechanical Electrical Plumbing). The project is divided into two phases with phase one to be completed by December 2007 and phase two by mid 2008. The financing of the construction for the entire project is being done by Mirae Asset Securities Co., Ltd.

Speaking on the occasion Danial Husain, Executive Director for Dubai Lagoon said, "The turnkey contract with Daewoo DSME - Sunjin C&A Company is part of our initiative to work with the best companies in the field of construction. Both the companies have been involved in many state of the art engineering designs the world over and we are confident that the construction quality of the entire project will surpass international standards and will be completed as per scheduled."

The signing ceremony which took place at Emirates Towers was graced by several respected dignitaries such as His Excellency Nasser Abdulla Hussain Lootah Chairman of NASA Group, Khalid Kalban Managing Director of Dubai Investments who extended their support towards Dubai Lagoon.

He added, "Dubai Lagoon is being developed keeping in mind the current untouched demographic mid-management segment which constitutes a large part of our society and this is one reason why we have witnessed a huge demand from home buyers as well as investors. To facilitate owning a house and as a special incentive, we have further reduced the down payments to 5%, instead of the original 10% of the property price, this special offer will end by end of the month"  

Daewoo DSME and Sunjin C&A Company have constructed a wide gamut of projects around the world which include construction of subways, laying railroad lines as well as building harbours and ports and multiple building projects. Both the companies have completed several projects in the region and with combined assets worth more than US$ 400 million are one of the leading construction companies in the region.

Stressing on the role of the project, Mr. Bong Hak Moon President of Sunjin said, "Our scope of work for Dubai Lagoon will be a turnkey project which will include the complete construction of housing units, landscaping as well as the lagoon formation.  We are confident that our decades of experience in the various engineering fields such as civil construction, power and energy and environmental engineering will help position Dubai Lagoon as one of the most sought after residential complex providing convenient and modern amenities."

Dubai Lagoon has witnessed an upsurge in sales due the unique financing plan which offers a 7 years financing option allowing investors and home buyers to pay 60% of the amount over a 24-month period and the balance over 60 months in monthly instalments. This payment can also be made after taking possessions of the apartment without any loan, mortgage or post dated cheques. 

-Ends-

Dubai Lagoon is located at Dubai Investments Park. The contemporary design comprises of a residential apartment community planned around a lagoon. The community is spread over 1.75 million ft with 53 buildings consisting of studios 1, 2, and 3 bedroom and penthouse apartments. 75% of the land dedicated to landscaping, water falls and fountains.

Dubai Lagoon is under the patronage of the NASA Group L.L.C, which was established over 25 years ago. NASA Group is one of the most prominent companies in the United Arab Emirates and is engaged in diverse business activities including travel and tourism, cargo, logistics, shipping, retail, real estate, construction projects and heavy engineering.

http://www.dubailagoon.com  

For more insight, information, images or to interview a spokesperson please contact:
Tarek Lasheen or Abhishek Savant,
NettResults Public Relations
P.O. Box 72587,
Dubai,
United Arab Emirates
Tel: +971 4 331 1593
Fax: +971 4 331 1562
tarek@nettresults.com
abhishek.savant@nettresults.com

© Press Release 2006