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
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
Schon Properties announces aggressive expansion plans
Thursday, March 13, 2008
Schon Properties has announced its aggressive expansion plan aimed towards creating Dh.10bn portfolio of properties over the next two years time. Several new residential, commercial and hospitality projects are expected to be launched at Downtown Jebel Ali during the coming weeks.
Schon Properties has received good response for all its projects that have been launched till date, which includes the Dubai Lagoon, Schon Business Park, Quartet residential towers, and the Schon Residences, which was pre-launched at the Property Show last month.
"This is a very exciting phase for the UAE realty market, particularly Dubai. Taking a step further, we are now planning to launch new hotel apartment developments and residential projects, which would continue our successful practice to date of meeting and exceed the expectations of our customers," said Schon, the Vice-President of Schon Properties.
Launched in 2007, this Dubai-based development company is a part of the larger Schon Group conglomerate and has exceeded the sales of Dh.2billion in a span of six months time, achieving huge success in Dubai's realty sector.
Schon Properties has received good response for all its projects that have been launched till date, which includes the Dubai Lagoon, Schon Business Park, Quartet residential towers, and the Schon Residences, which was pre-launched at the Property Show last month.
"This is a very exciting phase for the UAE realty market, particularly Dubai. Taking a step further, we are now planning to launch new hotel apartment developments and residential projects, which would continue our successful practice to date of meeting and exceed the expectations of our customers," said Schon, the Vice-President of Schon Properties.
Launched in 2007, this Dubai-based development company is a part of the larger Schon Group conglomerate and has exceeded the sales of Dh.2billion in a span of six months time, achieving huge success in Dubai's realty sector.
Labels: Jebel-Ali, Schon-Properties
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
Schon Properties launches Business Park worth $200 million
Wednesday, July 11, 2007
A business park, worth $200 million, has been launched by Schon Properties, near Jebel Ali International Airport in Dubai Investments Park (DIP). Schon Business Park, approximately 1.1 million Square Foot in area, comprises three storey building with 410 offices having a capacity to accommodate 4000 employees.
The ground floor comprises furnished offices and 80,000 square feet of retail area. The other three levels of the park are divided into shell and core space, and a business center featuring executive board rooms and video conferencing.
Danial Husain, Vice President, Schon Properties, said "Our extensive market research revealed that Jebel Ali Free Zone Area and Dubai Investments Park face a major shortage of office space, and plenty of companies are keen on shifting offices to New Dubai."
"We chose Dubai Investments Park due to its high demand and close proximity to the Jebel Ali Free Zone and Dubai World Central," he added.
Schon Properties is a newly formed holding company, with various realty projects in the UAE, including the Dh.3billion Dubai Lagoon project in the Dubai Investment Park.
Social BookmarkingThe ground floor comprises furnished offices and 80,000 square feet of retail area. The other three levels of the park are divided into shell and core space, and a business center featuring executive board rooms and video conferencing.
Danial Husain, Vice President, Schon Properties, said "Our extensive market research revealed that Jebel Ali Free Zone Area and Dubai Investments Park face a major shortage of office space, and plenty of companies are keen on shifting offices to New Dubai."
"We chose Dubai Investments Park due to its high demand and close proximity to the Jebel Ali Free Zone and Dubai World Central," he added.
Schon Properties is a newly formed holding company, with various realty projects in the UAE, including the Dh.3billion Dubai Lagoon project in the Dubai Investment Park.
Labels: Commercial Property, Schon-Properties
