Dubai’s Schon Business Park set for 2014 completion

Project has been plagued by delays since it was first announced in 2007

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.

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Posted by: Abdullah

Oops i just bought a studio in the Dubai lagoons :-(
30/4/2014 i sign the contract and i paid around 279,000 dh :/
They told ne the whole project will be done in 2016!

Posted by: sai

I dont believe Dubai Lagoon will be finished by 2017.
Same story told over and over again. I need my funds rather than waiting for many years to come. Then I will be a good old
grand father. Never trust this firm and people behind it!

Posted by: Amir

These people spent all investors' money on lavish offices and lifestyle. So, we the investors, should not expect receiving our investments because they simply don't have any money ! Schon tried unsuccessfully to change the payment plans of Dubai Lagoon from the one in the original contract (50% upfront - 50% in monthly installments) to payments based on construction milestones. None of the investors accepted this because nobody trusts Schon. They just entered into a business they did not know anything about it. The level of confidence on this company is very low that is why no bank or financial institution backs them up to finish the project. I invested in Dubai Lagoon in February 2006 and although I have been given numerous delivery dates for the first batch, still there is no light at the end of the tunnel. Even IF they finish the first lots, there is not going to be a lagoon or infrastructure for anyone to move in. Frustrating indeed and they are getting away with it.

Posted by: Kevin

It is a shame! period.
Mr Firas Hassan, you should just return the deposit monies to the investors, apologise for not completing the project and that's it. Why drag everyone to 2017 which we know it will not happen giving Shon's history of commitment.

Be fair, exersise your CEO leadership and return the money to their beneficiaries. I truly don't know how you can sleep knowing lots of great souls were rubbed of their dreams.

Posted by: Ersoy Solmaz

New delivery date is now 2017 for Dubai Lagoon? 12 years after the launch! How come Dubai Government let them play with the investers like this. We are desperately waiting for RERA / Land Department to come up and use some initiative.

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