Dubai real estate authority announces decision to seize properties and land plots registered to Schon Properties
Dubai Land Department said on Thursday it has seized assets belonging to developer Schon Properties.
The real estate authority posted a tweet to announce the decision to seize properties and land plots registered to the developer.
It added that it has also seized funds deposited in the developer's escrow account while Dubai Public Prosecution "complete legal procedures to secure the rights of all investors and other parties".
Last year, the developer broke ground on its $870 million iSuites project in Dubai Investments Park.
It said the main contractor, Dubai Civil Engineering, part of Al Hamad Group of Companies, has started work on the project to build 2,550 hotel apartment suites, 52 restaurants, outdoor cafes and 125,000 square feet shopping mall.
The development is all surrounded by a manmade beach and a lagoon spread over 5 acres – to be completed ahead of the Expo 2020, Schon said in a statement at the time.
Fantastic! Should have been done about 10 years back! Unbelievable how those guys were still allowed to continue marketing until recently. Lets see how much money investors are getting back and what kind of compensation there will be for undelivered projects and broken promises. Ridiculous.