First Lagoon properties 'ready for Q4 in 2009'

Developer behind much delayed Dubai project says its commitment 'will not waiver'.
First Lagoon properties 'ready for Q4 in 2009'
By Andy Sambidge
Mon 15 Dec 2008 08:39 AM

Schon Properties has announced that first eight buildings of its much delayed Dubai Lagoon community project will be ready in the fourth quarter of 2009.

Company chiefs said on Monday they are moving full steam ahead on all current projects within the portfolio, despite the market slowdown.

Residential units at the Lagoon were initially scheduled for completion by December 2007.

Danial H Schon, vice president, said: “Schon Properties has a solid financial position and our commitment will not waiver.

"There is no borrowing and zero liability both in Schon Properties and Schon Group, and this makes us one of the strongest real estate developers.

"A reduction in sales is inevitable for the short-term, but as the majority of our projects are 75 percent pre-sold, a slow down will not have a major impact on business activity."

The announcement, he added, had been made to allay fears of non-deliveries because of the current economic situation.

"We see the current situation as blessing in disguise, an opportunity to consolidate our current portfolio and concentrate on completion and delivery,” said Schon.

"On Dubai Lagoon, works on zones 1 and 2 are in progress by Power Line Gulf Construction. The contractor for zones 3 and 6, Belhasa Engineering & Contracting Co, is currently mobilising and permits have been obtained and essential contractor site facilities, such as offices and ablution blocks are being installed in preparation for the full main works activity at site, which will become more apparent shortly."

Other projects including Schon Business Park, Schon Residences, Schon Suites and Libertas are also moving ahead as scheduled, he added.

“2008 has been a challenging year in more ways than one, but we are confident that the new year will bring many positive developments and are taking measures to reinforce our market presence by creating value-added services such as a facilities management division and the recently launched subsidiary company NOHCS Property Advisory,” said Schon.

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