Staff Reporter
Islamabad
Major property developer Schon Properties has signed an agreement with a leading investor and contractor to complete their 90% completed development, Dubai Lagoon Lotus.
The housing project, which faced delays of completion for few months, is comprised of 442 apartments and over 500,000 square feet of built up area.
Discussions on this arrangement have been ongoing between Schon Properties representatives, the lead investor, contractor and Dubai’s Real Estate Regulatory Agency (RERA). An agreement was signed in RERA under the presence of senior officials to confirm the project moves forward with the investors and contractors of Dubai Lagoon Lotus. Expected handovers of the first buildings of Dubai Lagoon Lotus project is planned for June 2020, prior to commencement of Dubai Expo 2020, said a statement issued here.
A statement issued by Schon Properties said: “We are thankful to the officials at RERA, our investors, and contractor for working out a solution to complete the Dubai Lagoon Lotus project. Such partnerships and arrangements further strengthen the Dubai real estate market and add confidence to the property market.”
The statement added: “In 2015, we delivered 1.6 million square feet in Schon Business Park, a USD $ 300 Million mixed use office and retail development. In 2017 we sold 2.33 million square feet of Dubai Lagoon projects Winterberry, Rowan, Lilly to another development company, Xanadu Developments LLC, who are responsible for completing these projects. In 2018, our iSuites projects were cancelled as per Cancellation Laws of RERA. Our remaining project in Dubai, Dubai Lagoon Lotus Residences, went through extensive negotiations with investors, contractors, and RERA. The way officials at RERA managed the process was highly commendable and at par with world-class cities. We thank them for this milestone of getting this project restarted in interest of all parties to complete Dubai Lagoon Lotus.”
“The main works contractor appointed for the Dubai Lagoon Lotus project are Al Qandel Contracting LLC, the same company who had previously delivered our Schon Business Park development comprising of over 1.6 million square feet in 2015. The building permit is in the contractors’ name and equipment works are on site. We look forward to the successful handover of the first buildings of Dubai Lagoon Lotus by March 2020, prior to opening of Dubai EXPO 2020.”
Schon Properties has a project portfolio of over 2.1 million square feet. The company has delivered over 1.6 Million square feet in Schon Business Park project and Dubai Lagoon Lotus will add an additional 500,000 Square feet of residential units. The company came under fire in the media last year when its projects, iSuites Hotel Apartment, Ava Residences, and iSuites Smart Residences, were cancelled. Currently those projects are under liquidation as per Cancellation Laws for real estate projects.
