Swinging Good Deal
Bando Construction sells office complex in Dubai still on drawing board for $300 mln
Bando Construction Co. has opened a new era in overseas construction by Korean builders Sept. 27 by signing an agreement to sell its office building complex called, "U-Bora Tower,"to be built in Dubai, the United Arab Emirates.
The pioneering company sold the office tower section of its U-Bora Tower, a commercial complex, which includes residential sections for $300 million to Midas Fund in Korea, even before it is built, the company said recently.
The deal is drawing a wide attention in the country because Bando Construction got the license for the project in a wholesome manner including the purchase of the site, design for the commercial tower complex, construction and sale. The project involves the construction of a 57-storey office building in the center of Dubai's financial and commercial district, along with a 16-storey apartment building, which is designed to have 218 apartment units. They will be sold in both Dubai and Korea at the same time from this month.
The company has already completed a model house for potential buyers and the apartments range from 20 to 66 best types. The price per best for apartments is set at 12 million won to 13 million won per best. Bando officials said in Dubai, buyers have to pay 2 percent for registration tax and no inheritance, transfer taxes and other taxes related to real estate. Foreigners are allowed to own real estate and register it under their own names.
Bando concluded an agreement to carry out the project at the cost of $400 million with Dubai Properties in April including the site and has assigned Aedas, a famous British architectural designer, to design the buildings. The company will select the construction company to build the project in a public bidding expected to be participated in by both domestic and foreign builders by the end of the year. The basic ground work will start from January next year with the construction to be launched in the following month for targeted completion in September, 2009.
Chairman Kwon Hong-sa said Bando will build an ubiquitous building in application with Korea's high-tech IT aimed at opening an outlet for Korean construction firms to make advances into overseas construction markets.
Chairman Kwon Hong-sa said Bando strives to be a leader in the global construction industry, stepping up from a leader among domestic construction industry. The company has been building its reputation as a builder that put quality first above volume and values honor as a top builder in the country during 28 years in business. He said his motto in life, "creating construction culture with the same intensity to nurture his own children"has paid off and the company has become a representative construction firm in the country under his corporate philosophy.
The company, he said, has been given to making its customers happy by providing best workmanship in all areas of its operation from planning, feasibility study, designing, construction and maintenance.
Bando, with your support, now is at the juncture of business where it has the pleasure of selling apartments and buildings in the luxurious U-Bora Tower in the commercial and financial center in the Business Bay area of Dubai, which is called "Manhattan"in the Middle East. Bando is on its way to become a global leader in the world construction industry.
The project involves Bando buying land and sell buildings and apartments it built as a real estate developer, which will boost the image of not only Bando, but that of Korea in the world, the chairman said.
Bando and its affiliates have been working to make mankind happy and move toward building a welfare state in the 21st century. Its affiliates include Bando Management, Bando Development, Bando Motors, and Bando Japan(Northshore CC).
Kwon said Bando appreciates its customers who provided to support to U-Bora Bando. Bando would not spare its effort to work for the development of Korea and make advances into world construction market with passion and sweats. Bando will become the company with better things ahead with its ceaseless development of new technology and management reform, the chairman said. nw
(photos from right)Bando Construction Chairman Kwon Hong-sa; A drawing of U-Bora Tower to be built by Bando Construction in Dubai, the UAE.; A drawing of U-Bora Tower in the commercial center of Dubai. |