Schon Properties announces final schedule of Dubai Lagoon project
Wednesday, October 22, 2008
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.
Social BookmarkingThis 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.
Labels: Lagoon, Schon-Properties
Sama Dubai refuses to comment on Lagoon Project dispute
Saturday, September 13, 2008
Sama Dubai, leading real estate developer and a division of Dubai Holding, has refused to comment about the news reports that Al Arabiya, the Kuwaiti real estate firm is seeking arbitration proceedings against Sama Dubai for blocking sale of plots in the Lagoon Project to United National Bank (UNB).
The media had last week carried reports stating that Al Arabiya claimed that the deal with the Abu Dhabi-based UNB and Sama Dubai had been fixed in June.
Refusing to comment on the issue, the Executive Chairman of Sama Dubai, Farhan Farid-ooni, in his statement to The Gulf News, has been reported as saying that commenting on an investors relationship with the company, breaches the contractual agreement between the company and the investor.
Several analysts in Dubai when trying to predict the future of housing and property in Dubai during the next couple of years have predicted that a notable correction is likely.
Al Arabiya has already spent about Dh.1bn on 18 plots since 2007 at the Lagoons development in Ras Al Khor. But, last week, Sama Dubai is said to have returned payment cheques after holding them for three months, although it refused to clarify as to why the cheques were held back for so long.
Al Merri, the Chief Executive of the Lagoons Project, is under investigation, and was questioned last month.
The Kuwaiti firm, Al Arabiya, which has been listed on the Kuwait Stock Exchange, in their note to Sama Dubai, emphasized that they intend to go ahead with arbitration at the Dubai International Arbitration Center, within Dubai's Chamber of Commerce.
UNB is also considering legal proceedings, it has been said. This is another addition to the long series to cracks to appear in the fragile property sector of Dubai, which unsettles all those, interested in the market. The Police have investigated several officials of major companies such as Tamweel, Nakheel and Deyaar.
Social BookmarkingThe media had last week carried reports stating that Al Arabiya claimed that the deal with the Abu Dhabi-based UNB and Sama Dubai had been fixed in June.
Refusing to comment on the issue, the Executive Chairman of Sama Dubai, Farhan Farid-ooni, in his statement to The Gulf News, has been reported as saying that commenting on an investors relationship with the company, breaches the contractual agreement between the company and the investor.
Several analysts in Dubai when trying to predict the future of housing and property in Dubai during the next couple of years have predicted that a notable correction is likely.
Al Arabiya has already spent about Dh.1bn on 18 plots since 2007 at the Lagoons development in Ras Al Khor. But, last week, Sama Dubai is said to have returned payment cheques after holding them for three months, although it refused to clarify as to why the cheques were held back for so long.
Al Merri, the Chief Executive of the Lagoons Project, is under investigation, and was questioned last month.
The Kuwaiti firm, Al Arabiya, which has been listed on the Kuwait Stock Exchange, in their note to Sama Dubai, emphasized that they intend to go ahead with arbitration at the Dubai International Arbitration Center, within Dubai's Chamber of Commerce.
UNB is also considering legal proceedings, it has been said. This is another addition to the long series to cracks to appear in the fragile property sector of Dubai, which unsettles all those, interested in the market. The Police have investigated several officials of major companies such as Tamweel, Nakheel and Deyaar.
Labels: Dubai Holdings, Lagoon, Latest News
Schon assures complete refund to Dubai Lagoon investors
Sunday, August 24, 2008
Schon Properties, the developer of Dh.3bn Dubai Lagoons Project, has assured complete refunds to all investors who have bought properties in the project, which had been scheduled for completion by December 2007.
This refund policy has been extended by Schon, as an act of goodwill, following some initial confusion among investors with regards to the phases of the project and its revised dates of completion, the company revealed yesterday.
The delay in completion of Dubai Lagoon project has been due to the unanticipated alterations in civic and transportation infrastructure, which in turn, have resulted in delayed construction and re-scheduling issues have cropped up, the company said.
The Co-Chairman of Schon Properties, Nasser Hussain, speaking to the media, said " Schon properties completely supports and applauds the efforts made by RTA towards improving the infrastructure in Dubai, and we have altered our projects to suit the mandatory infrastructure requirements imposed subsequent to the launch of Dubai Lagoon."
Schon has been holding talks with RERA (Real Estate Regulatory Authority) to clarify the situation and arrive at a fair solution for all parties involved. The revised refund policy announced by Schon, has been approved by the Board of Directors of the company, during a Board meeting held this week, to accommodate investors and exhibit good faith.
Investors who have purchased units bearing completion date of December 2007, can claim complete refund, and can apply for this prior to 15th September 2008.
RERA had issued a press release last week which said that the project has not been cancelled and requested continued involvement and monitoring of construction works.
Schon also assured that the agreement with the original contractors, Powerline Gulf, has been re-negotiated to include the first two zones and construction would resume during the coming weeks.
The first zone is due for completion within 13 months, while the second zone is set for completion within 18 months as on 28th July. Negotiations are on with another leading contractor to handle remaining zones, currently being finalized.
Social BookmarkingThis refund policy has been extended by Schon, as an act of goodwill, following some initial confusion among investors with regards to the phases of the project and its revised dates of completion, the company revealed yesterday.
The delay in completion of Dubai Lagoon project has been due to the unanticipated alterations in civic and transportation infrastructure, which in turn, have resulted in delayed construction and re-scheduling issues have cropped up, the company said.
The Co-Chairman of Schon Properties, Nasser Hussain, speaking to the media, said " Schon properties completely supports and applauds the efforts made by RTA towards improving the infrastructure in Dubai, and we have altered our projects to suit the mandatory infrastructure requirements imposed subsequent to the launch of Dubai Lagoon."
Schon has been holding talks with RERA (Real Estate Regulatory Authority) to clarify the situation and arrive at a fair solution for all parties involved. The revised refund policy announced by Schon, has been approved by the Board of Directors of the company, during a Board meeting held this week, to accommodate investors and exhibit good faith.
Investors who have purchased units bearing completion date of December 2007, can claim complete refund, and can apply for this prior to 15th September 2008.
RERA had issued a press release last week which said that the project has not been cancelled and requested continued involvement and monitoring of construction works.
Schon also assured that the agreement with the original contractors, Powerline Gulf, has been re-negotiated to include the first two zones and construction would resume during the coming weeks.
The first zone is due for completion within 13 months, while the second zone is set for completion within 18 months as on 28th July. Negotiations are on with another leading contractor to handle remaining zones, currently being finalized.
Labels: Lagoon, Latest News, Schon-Properties
Dubai Lagoons project has not been dropped: RERA
Friday, August 22, 2008
The Dubai Lagoons, the project, which had been slowed down during the past year, has not been shelved, as yet, in contrast to speculations, said RERA, the Dubai Real Estate Regulatory Authority.
The project offers a 99-year leasehold to investors, and has been bought by Schon Properties from its previous developers.
The Chief Executive of RERA, Marwan Bin Ghalita, said the project, which began prior to the launch of RERA, had witnessed some delays. RERA had to respond to the complaints by investors, while also safeguarding their interests and rights.
RERA also discussed with about 60 investors who invested on flats in the project. Scores of disputes could be amicably sorted out, while protecting the interests of investors over its year-long launch.
All investors have been urged to report to RERA, all possible violations, particularly, those pertaining to escrow accounts No.9, Bin Ghalita said.
Social BookmarkingThe project offers a 99-year leasehold to investors, and has been bought by Schon Properties from its previous developers.
The Chief Executive of RERA, Marwan Bin Ghalita, said the project, which began prior to the launch of RERA, had witnessed some delays. RERA had to respond to the complaints by investors, while also safeguarding their interests and rights.
RERA also discussed with about 60 investors who invested on flats in the project. Scores of disputes could be amicably sorted out, while protecting the interests of investors over its year-long launch.
All investors have been urged to report to RERA, all possible violations, particularly, those pertaining to escrow accounts No.9, Bin Ghalita said.
Labels: Lagoon, Real Estate News
Schon Properties awards the UAE grand prize winner with the key to Dubai Lagoon apartment
Saturday, September 22, 2007
Schon Properties, together with Emarat and Dubai Summer Surprises, has awarded the UAE national, Khalid Ebrahim Hussain, with the key to his new apartment in Dubai Lagoon. Schon Properties are the developers behind the Dh.3billion Dubai Lagoon development.
The Chairman of Schon Properties, Nasir Husain, stated that the promotion was a huge success and expressed his happiness to present the new dream apartment to the grand prize winner, just a day before the commencement of Ramadan.
Schon Properties is a newly established holding company, which has numerous real estate projects in the UAE. Dubai Lagoon is a major development in their portfolio, built in the heart of Dubai Investment Park, covering about 6 million square feet of development area. The project comprises 53 buildings, comprising studios, single, double and triple bedrooms and penthouse apartments. The Schon Buisness Park is the first business park of its kind located in the Dubai Investment Park.
Social Bookmarking
The Chairman of Schon Properties, Nasir Husain, stated that the promotion was a huge success and expressed his happiness to present the new dream apartment to the grand prize winner, just a day before the commencement of Ramadan.Schon Properties is a newly established holding company, which has numerous real estate projects in the UAE. Dubai Lagoon is a major development in their portfolio, built in the heart of Dubai Investment Park, covering about 6 million square feet of development area. The project comprises 53 buildings, comprising studios, single, double and triple bedrooms and penthouse apartments. The Schon Buisness Park is the first business park of its kind located in the Dubai Investment Park.
Labels: Dubai Real Estate, Lagoon, Real Estate News
Schon Properties extends promotional offer for 'Dubai Lagoon' purchasers
Saturday, September 15, 2007
Schon Properties, the developers of Dh.3billion Dubai Lagoon Development, has announced their special promotion offer during the holy month of Ramadan. Customers who purchase an apartment at Dubai Lagoon during the holy month, can rest assured that their existing rent will be paid for one year.
Considering the increasing rent rates faced by residents in Dubai, Schon Properties launched a campaign, in line with their campaign "we are listening," with an intention to gift something to all its new customers who buy an apartment during Ramadan.
On purchase of the apartment during the Ramadan period, 15% down-payment is required and then the rent rebate will start to occur on quarterly basis, after three months from the date of purchase.
The Vice President of Schon Properties, Danial Husaid said "Ramadan is a very special period for people in the region, and after our extensive market research, we understand that sky-rocketing rent prices is the biggest issue faced by the public in Dubai today. Hence, we have decided to offer any customer who purchases his home during Ramadan, any existing rent for full year. As, for most residents in Dubai, not having to pay rents will make a huge difference in their savings towards new home!"
The special offer from Schon Properties is valid only for the month of Ramadan, and until the stocks last. There are more than 100 apartments available for this promotion, and the stock includes mostly single and double bedroom apartments, with limited studio apartments too.
Social Bookmarking
Considering the increasing rent rates faced by residents in Dubai, Schon Properties launched a campaign, in line with their campaign "we are listening," with an intention to gift something to all its new customers who buy an apartment during Ramadan.
On purchase of the apartment during the Ramadan period, 15% down-payment is required and then the rent rebate will start to occur on quarterly basis, after three months from the date of purchase.
The Vice President of Schon Properties, Danial Husaid said "Ramadan is a very special period for people in the region, and after our extensive market research, we understand that sky-rocketing rent prices is the biggest issue faced by the public in Dubai today. Hence, we have decided to offer any customer who purchases his home during Ramadan, any existing rent for full year. As, for most residents in Dubai, not having to pay rents will make a huge difference in their savings towards new home!"
The special offer from Schon Properties is valid only for the month of Ramadan, and until the stocks last. There are more than 100 apartments available for this promotion, and the stock includes mostly single and double bedroom apartments, with limited studio apartments too.
Labels: Lagoon, Rentals, Schon-Properties
Sungwon announces the launch of Dh.2.5bn Lagoons project
Thursday, July 12, 2007
Sungwon Corporation, a South Korean construction giant, is expected to announce the launch of a third project worth Dh.2.5billion in Dubai, the third largest by the company so far.
Sungwon's Vice President-Middle East, Richard Lee, said "We are developing Santevill at Business Bay and Santeview at Culture Village. So you can see the progression and could say we are following the water."
This progression has encouraged the company to select The Lagoons as its next destination for development. Dubai Properties is the master developer behind the Business Bay and Culture Village and Sama Dubai master developer of The Lagoons.
Lee has refused to reveal the details of the third project. But, said "During last July, we had said that we planned to invest Dh.4.4bn in Dubai during the next two years. Santevill and Santeview accounts for Dh.1.83bn. Santevill is inspired by the shape of dhow, and the twin towers of Santeview takes the shape of traditional Arabic architectural motif. "
Sungwon has entered into a deal with HSBC Bank Middle East, to provide conventional mortgages for buyers of its properties. The developer also has entered into a partnership with Amlak Finance for Sharjah-compliant home loans, earlier during this month.
Sungwon, is one among the largest integrated real estate companies in the world. According to the firm, it has built more than 130,000 apartments and 1000 high rise towers as contractor and developer.
Lee said "We undertake design, construction and marketing of our projects, which means significant savings, which we pass on to our buyers."
The Santevill apartments begin at Dh.1,100 per square foot, while the Santeview apartments will be competitively priced based on the starting price of the master developer, i.e., Dh.1850 per square foot. The enabling work has already been completed on Santevill, where eighty percent of units have been sold out.
Social BookmarkingSungwon's Vice President-Middle East, Richard Lee, said "We are developing Santevill at Business Bay and Santeview at Culture Village. So you can see the progression and could say we are following the water."
This progression has encouraged the company to select The Lagoons as its next destination for development. Dubai Properties is the master developer behind the Business Bay and Culture Village and Sama Dubai master developer of The Lagoons.
Lee has refused to reveal the details of the third project. But, said "During last July, we had said that we planned to invest Dh.4.4bn in Dubai during the next two years. Santevill and Santeview accounts for Dh.1.83bn. Santevill is inspired by the shape of dhow, and the twin towers of Santeview takes the shape of traditional Arabic architectural motif. "
Sungwon has entered into a deal with HSBC Bank Middle East, to provide conventional mortgages for buyers of its properties. The developer also has entered into a partnership with Amlak Finance for Sharjah-compliant home loans, earlier during this month.
Sungwon, is one among the largest integrated real estate companies in the world. According to the firm, it has built more than 130,000 apartments and 1000 high rise towers as contractor and developer.
Lee said "We undertake design, construction and marketing of our projects, which means significant savings, which we pass on to our buyers."
The Santevill apartments begin at Dh.1,100 per square foot, while the Santeview apartments will be competitively priced based on the starting price of the master developer, i.e., Dh.1850 per square foot. The enabling work has already been completed on Santevill, where eighty percent of units have been sold out.
Labels: Lagoon, New Developments, Real Estate News
