Deal will promote luxury projects of Al Fattan Properties among top investors and personalities in South Korea

Dubai, UAE, 29 May 2007: South Korea's internationally renowned Sungwon Corporation has forged a strategic alliance with Al Fattan Properties LLC, one of the pioneers of property development in the Middle East, to showcase and sell the unique world-class lifestyle developments of Al Fattan Properties to prominent investors and personalities in Korea.

A Memorandum of Understanding was signed by the two companies in Seoul on 29 May, following a historic visit to South Korea by His Highness, Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Present at the signing ceremony were Sungwon's Mr. Hae Shick Cho, President and former CEO of the Dubai Branch and Middle East Headquarters and Richard Lee, Vice President. Representing Al Fattan Properties at the occasion was Phillip Fusco, Director, Marketing and Development at Al Fattan Properties.

Under this agreement, Sungwon Corporation, one of the largest construction and property development companies in South Korea, will market and sell Al Fattan Properties' unique luxury projects in the Jumeirah Al Fattan Palm Resort, Dubai and Al Fattan Currency House located in the Dubai International Financial Centre to  leading South Korean figures, using Sungwon's established network of sales channels.

The AED 900 million Jumeirah Al Fattan Palm Resort is an ultra exclusive Resort development that is being built in The Palm, Jumeirah, one of the world renowned landmarks of Dubai. Comprising separate Residences, serviced apartments, spa retreat, marina, beach club, and a luxury 5-star Hotel, the Jumeirah Al Fattan Palm Resort has been designed in an elegant foliage shape, in keeping with the unique spirit of The Palm, Jumeirah. This prestigious new beach front development will be managed by Jumeirah Hotels and Resorts, the Dubai-based luxury international hospitality group and member of Dubai Holding, the largest multi-industry holding company in the UAE.

The Al Fattan Currency House is an AED 950 million mixed use development comprising of a 52-storey private residences and serviced apartments, modern office building and an exciting retail and leisure Pavilion, that is being built next to The Gate in the world's newest international financial centre - Dubai International Financial Centre. 

To further enhance its marketing strategies and consolidate the synergies of the two companies, Sungwon has also re-branded its existing Dubai Showroom in Samsungdong, Seoul, and named it the Dubai Experience Centre in line with the recently launched Experience Centre of Al Fattan Properties in Dubai aimed at providing individual buyers and investors the opportunity to get a first-hand look and feel of the high quality and splendour of the company's residential, commercial and leisure projects.

The launching of Dubai Experience Centre by Sungwon Corporation and Al Fattan Properties in South Korea is a significant move to showcase the cream of Dubai's landmark developments, and highlight and further help enhance the strong and special relationship between South Korea and the UAE.

Commenting on the strategic alliance agreement between Sungwon and Al Fattan Properties, the Chairman of Sungwon, Yoon-Soo Jeon, said: "The vision of Sungwon blends perfectly with the long term goals of Dubai. These goals reflect the visionary leadership of His Highness, Sheikh Mohammed bin Rashid al Maktoum for the creation of a new, modern and prosperous city that will provide world-class infrastructure and standards of housing, and economic development. With the Middle East, spearheaded by the UAE, becoming a target of foreign direct investment, real estate development and building contracting work for Korean companies, Sungwon is proud to join hands with renowned local partners for our mutual benefit. Sungwon is, therefore, delighted to embark on this unique joint marketing strategy with a reputed property developer in the UAE like Al Fattan Properties".

He added: "Our decision to enter the buoyant Middle East property market has been vindicated by the fact that almost all units have been sold in our flagship project, Santevill at Business Bay in Dubai, which was launched just over six months ago. Our position in the Middle East will continue to grow on the strength of our long heritage of providing Quality on Time, the finest architectural and engineering expertise and property services. It is in this context that we foresee a great partnership with Al Fattan Properties, a company that had firmly established their reputation long before the property boom of the Middle East".

Major General Musabbeh Rashid Al Fattan, Chairman of Al Fattan Properties, said: "Our business partners and marketing team have spent a considerable amount of effort conducting market research and analysis to ensure that the correct category of customers across the world not only get to know about our unique lifestyle developments but are also able to invest in them. Through this significant tie-up with Sungwon Corporation, we are happy to take this major step in South Korea, as part of our efforts to enhance the visibility of our projects in international markets. Given the huge potential that exists in South Korea, Al Fattan Properties is indeed confident that a partner of the caliber of Sungwon will be able to promote and sell our top-of-the-line luxury projects to high net worth businessmen, investors and individual buyers".

"Al Fattan Properties is committed to providing unique developments of distinction that are placed in the most premium locations and built to satisfy the ultimate expectations.

The Dubai Experience Centre in Seoul will help leverage our vision to become the leading boutique developer of prestigious and distinctive quality properties in the UAE, and will also provide a first-hand view of the Al Fattan Properties hallmarks technical and design excellence and impeccable quality", added Major General Musabbeh Al Fattan.

Sungwon Corporation

Sungwon is a large integrated real estate, construction and engineering company that has built a solid reputation as a property developer and contractor of award-winning luxury high-rise residential/mixed use complexes. So far it has built over 130,000 apartments and 1,000 high-rise towers. The AED 400 million luxurious 25-storey Santevill tower at Business Bay in Dubai. Sungwon's Business Bay project and another planned in Culture Village in Dubai are Sungwon's first major investments in the Middle East, and is part of the US $ 1.2 billion in investments that Sungwon has earmarked for property development in the region. At the same time Sungwon is also carrying out civil works in other GCC nations. In addition to the Middle East, Sungwon is already playing an active role in construction and property development projects in several other countries outside South Korea including Kazakhstan, South Africa, the US and other parts of South East Asia.

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Al Fattan Properties LLC
Established in 1974, Al Fattan Properties LLC has built a reputation for excellence with progressive, creative and innovative projects. Al Fattan's vision is to be a respected strategic developer of quality properties and sound investments. The company's mission centers on conceiving and developing strategically-located quality lifestyle properties for select clientele based on its corporate family values and principles. Guided by the charismatic leadership of its Chairman, Major General Musabbeh Rashid Al Fattan, Al Fattan Properties have maintained the highest standards of service and quality for over 30 years, making Al Fattan a trusted name throughout the region. Al Fattan Properties, which has carved a niche for itself in strategically-located lifestyle developments, has achieved a reputation for excellence with its dynamic projects. Among the projects are Al Fattan Marine Towers, a stunning 50-storey landmark at the Jumeirah Beach Residence development; Oasis Beach Hotel, a 10-storey four-star hotel in Dubai Marina; Lotus Plaza, a modern mixed-use development on Sheikh Zayed Road; Al Fattan Gardens, a luxury apartment building; and Al Fattan Plaza, located next to the Dubai Airport.

For further information, please contact:
Sharon Carvalho/Anosh Ahamath
PanGulf PR
Tel: 00 971 4 2953456
sharon@batespangulf.com
anosh@batespangulf.com

© Press Release 2007