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$463mn deal to ease Dubai Lagoon delays
Dubai-based developer Schon Properties has signed a $463 million contract with Belhasa Engineering and Contracting Company to speed up the delivery of its delayed Dubai Lagoon development.
Investors in the $816.4 million residential project in Dubai Investment Park have been complaining about delays for months.
Earlier this month Schon Properties announced it would be giving full refunds to investors who had purchased units which were scheduled for completion by December 2007.
The statement came a day after Dubai’s real estate agency said the project had not been cancelled.
Schon Properties has blamed the delays on infrastructure alterations and the rising cost of construction costs which has forced the developer to renegotiate its original agreement with Thai contractor, Powerline Gulf.
Belhasa is expected to start on site in October and completion is expected at the end of 2010 or early 2011 said Schon Properties.
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Posted by Nazar Abbas, Karachi, Pakistan on 15 July 2009 at 07:40 UAE time
Schon Group whose horrible reputation is household knowledge in was given three units in Pakistan, National Fibre, Pak and Quaidabad Woolen Mills. All these were closed after privatization. But again these sick units take new loan from banks or merger are now start function in 2005 with new owner but they were closed till 2005. These were not privatized transparently and Schon Group was able to access other offers before submitting their bids”. Moreover, they did not pay the first installment and the Privatization Commission did not take a strong line to forfeit the bogus investors. Lt Gen R Saeed Qadir and Sartaz Aziz owe an explanation to the nation for the unwarranted favour shown to Schon Group