'The SanteVill', a Dh400 million 25-storey tower was launched in Monday at Dubai's Business Bay by South Korean construction major Sungwon Corporation.
The launch is part of the $1.2 billion investment committed by Sungwon for property development in the Middle East through an alliance with Dubai Properties, according to Khaleej Times. The investment represents the firm's debut in the region's vibrant property sector.
Built on an area of 54,000 sq ft, The SanteVill contain 195 residential units, and is claimed to be the only freehold residential project that offers water views on two sides. The project is expected to be completed in early 2009.
Prices for properties start at Dh1,000 per sq ft for a 600-750 sq ft studio apartment, Dh1,030 per sq ft for a 850-1400 sq ft one-bed room apartment, Dh1,200 per sq ft for a 1400-1650 sq ft two-bedroom apartment and Dh1,300 per sq ft for a 2250-3200 sq ft two-bedroom loft.
"The launch of SanteVill will be followed by our second project at Culture Village, which is ample testimony of our close and growing relationship with Dubai Properties, the region's leading property developer,” said Yoon-Soo Jeon, Chairman of Sungwon Corporation.
"The high-rise residential project offers a unique spacious and healthy lifestyle and the opportunity of a lifetime to invest in a home in the economic growth corridor of Dubai," he added.
. SanteVill will have one of the biggest studio and one bedroom units in Business Bay, and will be one of the few residential developments to have two-bedroom lofts. Separate lobbies will be created for penthouses, wing lofts and the main tower.
