Dubai’s much-delayed Schon Business Park commercial development will be completed in the second quarter of the next year, according to the company behind the project.
The development, which includes 398 offices and 90 retail units across 1m sqft of Dubai Investments Park, was one of the victim’s of the emirate’s real estate bust five years ago, halting construction. Launched in 2007, the development was originally slated for completion in 2010.
Firas Hassan, CEO, Schön Properties said: “We are pleased to report that development of the Schön Business Park is right on track and we are confident to meet the scheduled deadline for completion in Q2, 2014.
"We are also very happy that the UAE has won the bid to host Expo 2020, which in turn, adds value to this project as it represents an ideal and strategic location for the companies who will be setting up shop here in line with the preparations for this truly global event.
"Schön Business Park will offer these businesses the best of both worlds—a high-class corporate atmosphere blended with the commercial presence of global brands in its food and retail shop tenants,” added Hassan.
Schon Properties is also the firm behind another major project that suffered endless delays, Dubai Lagoon. Announced in 2005, the AED3bn ($817m) mixed-use development was originally scheduled to be handed over to buyers in 2008. The most recently delivery date for that project is 2017, with investors reporting that little construction work is ongoing at the site.