Schon Properties has awarded the contract for the completion of the final two zones of its much delayed AED3 billion ($817m) Dubai Lagoon project.
The AED500 million deal with Bin Sabt Building Contracting will cover the construction of zones four and seven.
Schon Properties said it was confident that as a result, progress on the project would be stepped up significantly.
The developer came under fire last year from disgruntled investors after long delays to the plan.
Residential units which were initially scheduled for completion by December 2007 are now expected to be delivered in 2011.
Regarding the new contract, Asher H Schon, vice president, said: "We have been intensely deliberating over the search for a competent and efficient contractor to handle the remaining areas of Dubai Lagoon and are thrilled to be joining forces with Bin Sabt.
"Now that the entire project has been assigned for construction, we are re-doubling our efforts to ensure we fulfill our commitments to investors in the best possible time".
Joining Powerline Gulf and Belhasa Engineering Contracting Company, which are already in progress within other zones on site, Bin Sabt will be the third and final construction contractor for the large-scale residential project, which will begin unit deliveries at the end of 2009.
Due to begin work in late February, Bin Sabt will start on zone four, which consists of 497 apartments, followed by zone seven, which consists of 490 apartments as well as a shopping mall with a built up area of 109,263 square foot.
Completion on both areas is pegged for 2011, at which time the entire Dubai Lagoon community will be completed.
Ahmed Suliman, managing director of Bin Sabt, added: "We are looking forward to working with Schon Properties to realise our common goal of completing and delivering Dubai Lagoon to the highest standards."For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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