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World

August 8, 2019

Schön Properties signs agreement to complete Dubai Lagoon Lotus Project

World

Thu, Aug 08, 2019

DUBAI/LONDON: Property development company Schön Properties on Thursday signed an agreement with a leading investor and contractor to finish Dubai Lagoon Lotus Housing, their project which is already 90 percent complete.

The housing project, which faced a few months of delays in its completion, comprises 442 apartments and over 500,000 square feet of built-up area.

Discussions on this arrangement have been ongoing between Schön Properties' representatives, lead investor, contractor, and Dubai’s Real Estate Regulatory Agency (RERA).

An agreement was signed in the 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 are planned for June 2020, prior to the commencement of Dubai Expo 2020, a statement issued read.

Schön Properties' statement added: “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,” it said.

It 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 the opening of Dubai EXPO 2020.”

The Dubai Lagoon Lotus Project would add an additional 500,000 square feet of residential units.

Last year, the company came under fire in the media when its projects — including 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.

Schon Properties has a project portfolio of over 2.1 million square feet. In 2017, President of Schon Properties, Danial Schon, was awarded as one of the top 100 most influential figures in Dubai. 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.