Wednesday, October 22, 2008

Schon Properties announces final schedule of Dubai Lagoon project

In a bid to calm frustrated investors, Schon Properties, finally announced their final, brief schedule of their Dh.4bn Dubai Lagoon project.

This announcement came after a series of complaints from investors about the distinct lack of refunds, despite the promises made. One of the investors had purchased four properties since 2005, with none of them being ready as yet, and so the investor continues to pay rent.

Another investor, who purchased an entire floor in phase seven, Quartet, in Dubai Lagoons is also said to be suffering.

About 51 investors, out of the total 2400 applicants in the Lagoon project have sought refunds, said Nasir Husain, the Co-chairman, Schon Properties.

The total refunded amount so far totals to about Dh.11million. So far about two applicants have been fully refunded and five have retracted applications.

Husain revealed that the investors have contributed to about 15 percent of the project value into the escrow account so far.

Husain said that the Lagoon project would be complete towards first quarter of 2011.

As per the schedule, Zone one will include 442 apartments, due for completion by September 2009, Zone two will comprise 491 apartments, which will be complete by April 2009. Zone three with 688 apartments will be complete by September 2010, while zone four and five with total of 837 apartments will be complete by January 2011.

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