Schön Properties awards contract to build main water features within ‘Dubai Lagoon’

Schön Properties awards contract to build main water features within ‘Dubai Lagoon’

Crystal Lagoons to complete ‘pilot lagoon’ surrounding Zone 1 by end of 2010

July 04, 2010

Schön Properties, a leading regional property developer, announced that it has awarded Crystal Lagoons Corporation, the world-renowned developer of unlimited sized lagoons, the contract to build the main water features within its ‘Dubai Lagoon’ project. The developer further announced that a pilot lagoon is expected to be completed in time for the scheduled handover of Zone 1 by the end of 2010, thereby affording new tenants of the 442 units within the first zone to be delivered excellent lagoon views from their apartments. According to company officials, the pilot lagoon will be spread over a land area spanning approximately 5,191 sq. m, and will require close to 3.5 million gallons (US gallons) of water.

The contract specifies that Crystal Lagoon will be responsible for the construction, maintenance and technical controls of all the lagoons, which will feature intense turquoise blue water that resembles tropical seas. The lagoon system will also boast of permanent remote operation and control to ensure optimum quality and crystalline water at any moment. Through the contractor’s revolutionary crystalline lagoon technology, the project’s focal element is ensured to be environmentally-friendly and easy to maintain. The water features for the master community project will be developed in sync with the different zones, with the entire lagoon set to occupy a land area of 21,255 sq. m. In total, over 14 million gallons (US gallons) of water would be required to fill the lagoon, which will have a maximum depth of 2.5 metres.

“As the central feature of the ‘Dubai Lagoon’ development, these lagoons represent the tranquil vibe that we seek to offer tenants, in addition to a sense of community and friendliness, which these majestic yet calming attractions can inspire among residents,” said Sonia H. Schön, Executive Director, Schön Properties. “In our focus to offer only the best to our customers, we are collaborating with Crystal Lagoons Corporation for the construction of this very important element of our project. In addition to their strong global repute, the company also enforces eco-friendly processes that complement our own environmental ideals.”

Crystal Lagoons Corporation is a Chilean company and the patent owner worldwide of crystalline lagoon technology, a breakthrough process that involves extraction of water from the ocean to create a pool of crystal clear water, which is re-circulated and replaced as per predefined parameters. The pioneering technology does not only promote an ecological balance among all living organisms, but also utilises a low energy filtration system and a pulse-based disinfection method, which requires up to 100 times less chemical products and consumes lower energy compared to conventional pool systems. Responsible for the biggest pool in the world located in the San Alfonso del Mar resort in Chile, the company has been a part of major real estate projects in Australia, Brazil, China, Spain, Egypt, Jordan, Morocco, Saudi Arabia, the UAE and Vietnam. The company is very strong in the Middle East and is currently eyeing future projects in Oman and Pakistan.

“We are very excited to be back in the UAE and work on this excellent project for the ‘Dubai Lagoon’ development. We will be extending all the benefits of our leading edge technology and intelligent planning to ensure that this project will be completed promptly and within a level of quality that exceeds all expectations,” concluded Eduardo Klein, Business Director at Crystal Lagoons Corporation.

About Schön Properties
Established in 2004, Schön Properties are one of Dubai's leading private developers. The company has several prestigious projects to their credit, including Schön Business Park, Schön Suites and their flagship development Dubai Lagoon.

It has been the company's driving ambition to continuously grow, succeed and become prominent in every field of business it chooses to engage in. Schön's senior management brings a rich equity of diverse experience in real estate, finance and various other industries. This coupled with traditional family values of fairness and honesty in every aspect of the business, ensure maximum value to its customers and partners.

The company's unique combination of experience and expertise, maintains the equality between the brand's promise, and the resulting experience.

Schön Properties reports impressive progress on ‘Dubai Lagoon’ project

Schön Properties reports impressive progress on ‘Dubai Lagoon’ project

Developer credits collaborative efforts with contractors and suppliers as primary driver of fast-paced construction

June 23, 2010

Schön Properties, a leading regional property developer, has reported impressive progress on its ‘Dubai Lagoon’ project, with the developer crediting its collaborative efforts with contractors and suppliers as the primary driver of the fast-paced construction. The announcement bodes well for Schön Properties’ commitment to deliver the project’s phases within their stipulated individual deadlines, starting with Zone 1, which is due for completion by the end of 2010. The developer also revealed that it is currently in the process of short listing leading companies to be invited to bid on the infrastructure works, MEP and other finishing works for the project.

Expected to be delivered the earliest, Zone 1 is the closest to completion, with main contractor Bin Sabt revealing that they are expecting to finish building C+10 first, to be followed by C9, H11, and C12 by November. The second batch, which will include buildings C7, C8, C13, and C14 are targeted for delivery by year-end. On Zone 3, main contractor Belhasa is set to commence works on buildings A19 and A23, with plans to construct three to four slabs per month on the entire zone. With a view to complete the full structure within the next 12 months, and the MEP works and finishing 6 to 7 months thereafter, the contractor is confident that the zone will be ready for delivery by the end of 2011.

“The strong sense of cooperation among all our contractors and suppliers plays a pivotal role in the impressive speed by which this monumental project is being built, which will enable us to deliver the initial phases on schedule,” said Danial H. Schön, Vice President, Schön Properties. “We are very happy to report the outstanding milestones we have achieved in the construction of ‘Dubai Lagoon’, in line with the commitment we made to our valued investors.”

With backfilling for Zone 2 already completed and the pouring of the concrete blinding almost finished, the appointed waterproofing contractor BMC is gearing up to complete the waterproofing under the raft foundation within the next two weeks. Main contractor Commodore Contracting further announced that the raft foundation steel works has already started, with the double basements to be completed in 4 months and the ground floor slab to be casted within the next 5 to 6 months. On the other hand, the building permit for Zone 4 has already been transferred and backfilling is nearing completion. In addition, Commodore Contracting is gearing up to commence works on Zone 4 as per the schedule set for Zone 2, with a one-month lag.

“We want to commend the excellent work of our partners, especially the main contractors, who are fuelling our continuous efforts to ensure the prompt completion of ‘Dubai Lagoon’. We would also like to acknowledge the contributions of our project consultant Mazaya in achieving these encouraging developments,” concluded Asher H. Schön, Vice President, Schön Properties.


About Schön Properties
Established in 2004, Schön Properties are one of Dubai's leading private developers. The company has several prestigious projects to their credit, including Schön Business Park, Schön Suites and their flagship development Dubai Lagoon.

It has been the company's driving ambition to continuously grow, succeed and become prominent in every field of business it chooses to engage in. Schön's senior management brings a rich equity of diverse experience in real estate, finance and various other industries. This coupled with traditional family values of fairness and honesty in every aspect of the business, ensure maximum value to its customers and partners.

The company's unique combination of experience and expertise, maintains the equality between the brand's promise, and the resulting experience.

Infrastructure design for ‘Dubai Lagoon’ in sync with construction progress, says Schön Properties

Infrastructure design for ‘Dubai Lagoon’ in sync with construction progress, says Schön Properties

Sinergo working closely with the developer on the infrastructure design

June 06, 2010

Schön Properties, a leading regional property developer, and its appointed infrastructure design consultant Sinergo, revealed that the development of the infrastructure design for the ‘Dubai Lagoon’ is in sync with the construction progress within the community project. The announcement follows the awarding of an infrastructure design contract, valued at AED 1.5 million, to the Italy-based consultant, who is working closely with contractors Bin Sabt Building Contracting Company, Belhasa Contracting and Engineering Company (BHECC), and Commodore Contracting as well as Mazaya, the project’s consultants. In addition, the developer is currently reviewing many high profiles companies specialized in infrastructure works to shortlist the companies who will be invited to bid once the design is completed, with a view towards appointing a contractor thereafter.

Schön Properties revealed that the infrastructure will be built in stages, with a total of three months allocated for each stage, in line with its aims to finish the infrastructure works according to schedule and deliver the project’s zones within their stipulated deadlines. Sinergo is currently working on the complete network design for the supply of electricity, water, drainage, storm water, street lighting, chilled water, irrigation, telephone and LPG across the entire ‘Dubai Lagoon’ project. In addition, the company is also in charge of the project’s hard features such as fountains, water features and other architectural and sculptural accents, as well as its soft features, which include extensive green areas, flowering annuals, perennials and trees. Furthermore, Sinergo has also been tasked to work on the project’s leisure facilities including the lagoon and its surrounding design, sandy beaches and other common areas.

“The infrastructure design of the ‘Dubai Lagoon’ project is a critical element to the success of the development; therefore, we have ensured that this vital phase will be handled by a company with the highest regard for quality benchmarks,” said Asher H. Schön, Vice President, Schön Properties. “We have made a decision to partner with Sinergo for their excellent track record and extensive experience in working in projects with the same massive scale and scope as ‘Dubai Lagoon’. We are working closely with them to ensure that all quality guidelines are met within the pre-determined deadlines specified for each stage, and we are looking forward to starting the construction phase within the next few months.”

Established as a result of a merger of reputable names in engineering services – Sinergo Engineering Srl and Elettrostudio SpA, Sinergo SpA combines the two companies’ respective capabilities in the fields of civil and structural engineering and technical systems and energy. By leveraging the added value of multidisciplinary engineering developed through constant exchange and contact between different technical cultures, the company offers solutions that meet the customer's requirements in the infrastructure, services, healthcare and research, industrial and energy sectors. Headquartered in Maerne di Martellago, Venice, the company has been involved in the construction of several iconic projects in the UAE, through its offices in Dubai and Abu Dhabi.

“We have built a reputation for unique uncompromising quality design works within the regional construction sector by keeping a firm commitment to ensuring highest construction standards for the design implementation of some of the biggest landmark project across the UAE. In doing so, we are guided by an internal multidisciplinary approach that allows for an integrated assessment of all the requirements, and our focus on consolidating relationships with various partners to develop global integrated engineering services and gain excellence in project designing solutions. For this project, our priority is to ensure that the infrastructure design of the ‘Dubai Lagoon’ will contribute towards achieving its goal of creating a new architectural landmark in Dubai,” concluded Achraf Ibrahim, Managing Director, Middle East Branch - Sinergo.

In addition to the infrastructure design agreement with Sinergo, Schön Properties has also previously awarded several multimillion-dirham contracts for the project, including a recent AED 82.25 million construction deal to Abu Dhabi-based Commodore Contracting. At present, the company is reporting fast-paced progress on Zones 2 and 4, with structural works for Zone 1 already completed and the MEP (Mechanical, Electrical & Plumbing) contractor is almost on board to execute the MEP required works and the other finishing works that are currently under process. The structure of Zone 3 is set to be completed by contractor Belhasa at the end of this year, while the structure for Zones 2 and 4 are expected to be completed within 18 months.


About Schön Properties
Established in 2004, Schön Properties are one of Dubai's leading private developers. The company has several prestigious projects to their credit, including Schön Business Park, Schön Suites and their flagship development Dubai Lagoon.

It has been the company's driving ambition to continuously grow, succeed and become prominent in every field of business it chooses to engage in. Schön's senior management brings a rich equity of diverse experience in real estate, finance and various other industries. This coupled with traditional family values of fairness and honesty in every aspect of the business, ensure maximum value to its customers and partners.

The company's unique combination of experience and expertise, maintains the equality between the brand's promise, and the resulting experience.

Schön Properties completes AED 48 million ‘Dubai Lagoon substation’

Schön Properties completes AED 48 million ‘Dubai Lagoon substation’

132-11 kVA substation to ensure uninterrupted power supply within master community

May 25, 2010

Schön Properties, a leading regional property developer, has announced that the 132-11 kVA ‘Dubai Lagoon’ substation, for which the developer had invested a total sum of AED 48 million, has been completed by DEWA and is ready to be commissioned. Built to ensure uninterrupted electricity supply for the massive community project, the substation is part of the developer’s commitment towards the prompt completion of all infrastructure that will facilitate the delivery of a major public utility among the tenants, leading up to the scheduled handover of the project, with Zone 1 slated for the end of 2010.

Dubai Electricity and Water Authority (DEWA) and Schön Properties have anticipated the extent of power required for a master community such as ‘Dubai Lagoon’ to reach 65 to 70 megawatts (MW). However, the substation has been constructed with a total capacity of 108 MW in order to accommodate any additional requirements, and was completed by DEWA in a span of 20 to 24 months. The completion of the substation is an indication of the developer’s desire to ensure investors receive quality finished apartments in addition to amenities, particularly electricity, which is a cause for concern within certain areas of the UAE.

“The completion of a dedicated substation for the exclusive use of ‘Dubai Lagoon’ underlines our commitment to satisfy the energy needs of our tenants,” said Danial Schön, Vice President, Schön Properties. “DEWA has been most supportive in helping us in our goal to provide uninterrupted electricity to homes and offices, which will ensure convenience and security for all our investors. This excellent development also underscores our unwavering focus on the delivery of the ‘Dubai Lagoon’ project, which encompass not only the residential and commercial spaces but also the facilities that make it a complete self-sustaining master development.”

In addition to the completion of the DEWA substation, other latest updates on the project include the completion of the superstructure and the on-going block works on Zone 1. In addition, the main contractor for Zones 2 and 4 has already commenced work on Zone 2 and is gearing up to start with Zone 4 in a month’s time, with structure and block work estimated to be finished by end of 2011 and total completion and handover of the zone by end of 2012. Furthermore, construction on the structure of Zone 3 has reached the third floor slab, with the zone’s main contractor aiming to complete the project by the end of 2011.

“The continuous construction milestones we are achieving for the ‘Dubai Lagoon’ project reflects our dedication to deliver the project to our valued customers. In addition to this, we have taken a number of initiatives in the recent months, including the new RERA-approved construction plan, the discount offers and flexible payment terms for pending payments, the waving of zonal transfer fees, and a three-month grace period for completion of additional required payments, in an effort to extend assistance to our investors and encourage cooperation, which we believe will fuel the completion of this project,” concluded Danial Schön.


About Schön Properties
Established in 2004, Schön Properties are one of Dubai's leading private developers. The company has several prestigious projects to their credit, including Schön Business Park, Schön Suites and their flagship development Dubai Lagoon.

It has been the company's driving ambition to continuously grow, succeed and become prominent in every field of business it chooses to engage in. Schön's senior management brings a rich equity of diverse experience in real estate, finance and various other industries. This coupled with traditional family values of fairness and honesty in every aspect of the business, ensure maximum value to its customers and partners.

The company's unique combination of experience and expertise, maintains the equality between the brand's promise, and the resulting experience.

Schön Properties awards AED 82.25 million construction contract to Commodore Contracting LLC

Schön Properties awards AED 82.25 million construction contract to Commodore Contracting LLC

Developer aims to accelerate construction within Zone 2 and 4 of AED 3 billion ‘Dubai Lagoon’ project

May 09, 2010

Schön Properties, a leading regional property developer, has announced that it has awarded an AED 82.25 million construction contract to Commodore Contracting LLC, in line with its aims to accelerate construction within Zones 2 and 4 of the AED 3 billion ‘Dubai Lagoon’ project. This new agreement, which will involve all concrete & block works, double basement, superstructure, water proofing and related works for both zones with a combined built up area of 1,412,648 square feet, will pave the way for more streamlined development of the site. Commodore Contracting joins the project’s existing contractors, Bin Sabt Building Contracting Company, which has almost completed the structure of Zone 1 and Belhasa Contracting and Engineering Company (BHECC), who are already on site with an intensified construction program planned for Zone 3.

With building permits already issued and mobilization of cranes already started for Zone 2, actual construction is expected to start within three weeks and the ground floor will be hit by mid-September, according to the schedule set by the contractor. At present, Commodore Contracting is setting up its offices on site, and is scheduled to commence concrete pouring in Zone 2 by the third week of May, with Zone 4 to follow after a month. Other deadlines set under the contract are the 15-month allocation for the superstructure, block work and water proofing, which will start from date of transfer of building permit, and a 4 to 5-month deadline for the double basement. More than 30 engineers, foremen and executive staff will be working on the project, along with approximately 300 labourers for each of the zones, to ensure the completion by the end of 2012.

“With the appointment of Commodore Contracting, we are confident that progress on the project will be stepped up significantly. With accelerated mobilisation, construction will proceed on both zones with a one month lag between the two zones,” said Khizer H. Schön, Executive Director, Schön Properties. “Our single focus is on delivery, and we are collaborating with our new partner Commodore Contracting, as well as our project consultant Mazaya to ensure that all deadlines and quality reassurance criteria are met.”

Established in the UAE in 1976, Commodore Contracting commenced its operations in Abu Dhabi by successfully being entrusted to build a number of projects such as ‘Sama Tower’, ‘Seba Tower’ and the new headquarters for the ‘International Petroleum Investment Company (IPIC)’. The company’s operations in Dubai have been producing equally bespoke and prestigious projects, including ‘Prism Tower’, ‘Sharjah Residential Tower’, with continuing works being undertaken for Jumeirah Towers in the Dubai Marina area and Fujairah Resort Hotel. Today, the ISO-certified contractor continues to progressively expand its operations in Beirut, Doha, Tehran, Rabat and Berlin.

“Our unquestionable track record of efficiency has returned superb results in the delivery of major projects, and we are confident that our proven competence will play a crucial role in the completion of the remaining zones of this project. With reciprocal trust and the best endeavours, Commodore Contracting, Schön Properties and Mazaya Engineers should prove an excellent team with a pragmatic working relationship providing the impetus for all parties to meet the implemented deadlines,” said Amin Hesdin, Chief Operating Officer and Senior Vice President, Commodore Contracting Company.

Schön Properties has been reviewing different ways to expedite construction of its flagship 6 million square foot development, with the recent launch of a RERA-approved construction-linked payment plan being the latest initiative to fast track the delivery of the community development. According to latest status reports monitored by RERA and project consultant Mazaya, Zone 1 of the project is recording the highest percentage of progress, with almost all building structures and block works complete, while construction within Zone 3 is complete up to the second floor slab. In order to improve the customer services and prompt response to queries, the developer has also assigned a dedicated ‘Relationship Manager’ (RM) for each investor, to handle every detail of their investment with the developer. Once complete, Dubai Lagoon will be one of the city’s most picturesque and fully integrated residential communities, offering 4,166 units within 53 low-rise apartment buildings spread over an area spanning 1.75 million square feet.

“The initial response towards the RERA-approved payment plan has been positive, which indicate our investors’ understanding of the initiatives we have taken to ensure the delivery of the project. We continue to assert our efforts to ensure the fulfilment of our commitments to investors in the best possible time and to the highest attainable quality, and we would like to thanks our investors for their support and understanding,” concluded Khizer H. Schön.

About Schön Properties
Established in 2004, Schön Properties are one of Dubai's leading private developers. The company has several prestigious projects to their credit, including Schön Business Park, Schön Suites and their flagship 5.7 million square foot development Dubai Lagoon.

It has been the company's driving ambition to continuously grow, succeed and become prominent in every field of business it chooses to engage in. Schön's senior management brings a rich equity of diverse experience in real estate, finance and various other industries. This coupled with traditional family values of fairness and honesty in every aspect of the business, ensure maximum value to its customers and partners.

The company's unique combination of experience and expertise, maintains the equality between the brand's promise, and the resulting experience.

Schön Properties announces construction-linked RERA-approved payment plan for AED 3 billion ‘Dubai Lagoon’

Schön Properties announces construction-linked RERA-approved payment plan for AED 3 billion ‘Dubai Lagoon’



RERA to monitor and ensure payments are made based upon completion of the project phases



April 24, 2010



Schön Properties has announced the launch of a construction-linked payment plan, which has been approved by the Real Estate Regulatory Agency (RERA) for the AED 3 billion ‘Dubai Lagoon’ project in Dubai Investment Park (DIP). The newly-introduced scheme will ensure that payments will be made based only upon completion of the project phases, which will be monitored through a ‘Joint Monitoring System’ between RERA and developer Schön Properties. The announcement is in line with the developer’s plans to fast track construction of the project despite the global downturn, which has negatively impacted the real estate sector in the region.



At present, construction of the first four phases of ‘Dubai Lagoon’ are continuing albeit at a pace slower than planned, with Zone 1 recording the highest percentage of progress, with all building structures and block works complete. Zones 2 and 4 have reached the completion of each of their enabling works, while construction within Zone 3 is complete up to the second floor slab. In order to expedite and deliver elements of the project by the end of the current calendar year, the RERA-approved plan has scheduled payments, which will be linked to construction milestones in the following instalments: 30 per cent as an initial deposit, and 10 per cent upon every completion of enabling works, basement floor slab, ground floor slab, second floor slab, fourth floor slab, and sixth floor slab. A final 10 percent will be due upon completion and handover of the project.



“The ‘Dubai Lagoon’ is a mega-project, and this fact motivates us to partner with RERA to ensure that its completion will be fast-tracked,” said Sonia H. Schön, Executive Director, Schön Properties. “At present, RERA is taking major steps to manage the payments associated with the project and monitoring the construction status and has also met with investors, whom they have advised to shift to the construction-linked RERA-approved payment plan. This will allow them to pay only when they see actual progress being made, in order to protect their interest. However, all buyers still have the right to stick to their original contract without anyone forcing them to change. In addition, we are working very closely with our contractors to monitor construction progress and our fervent appeal is for investors to retain their confidence, as we maintain ours, that the project will be completed and delivered to them.”



Both RERA and the Dubai Land Department have expressed their endorsement of the new payment plan for ‘Dubai Lagoon’, which will not only speed up the delivery of the project, but also ensure increased transparency for the developer, investors, contractors and all associated parties. Customers who are already on a 7-year payment plan are set to receive a discount from their selling price upon shifting to the construction-linked RERA approved payment plan. Furthermore, all zonal transfers will follow the RERA approved construction linked payment plan and can be accommodated based on availability to an earlier completion zone. Schön has also stated that investors affected by their decision to defer construction of Zones 5, 6, and 7, can be shifted into Zones 1, 2, 3 and 4 with the new construction linked payment plan, free of any transfer fees up till next 3 months.



“Protecting investor interests has always been a priority at Schön Properties and in line with this, we believe that the timely introduction of this construction-linked payment plan is a win-win situation for investors and us. The move guarantees that the construction of the project continues unhindered and thereby ensuring that investors can take delivery of their units in the shortest possible time. Whilst it is not mandatory for investors to transfer to this plan, transparency is the key to this RERA-approved payment plan in which investors are assured that the money they pay is used to fund the construction of their own unit,” added Sonia H. Schön.



Schön Properties is asserting its efforts to ensure they fulfill their commitments to investors in the best possible time and to the highest attainable quality. In order to improve the customer services and prompt response to queries, the developer has assigned a dedicated ‘Relationship Manager’ (RM) for each investor, to handle every detail of their investment with the developer. Mazaya, the project consultant, has also increased the size of its team to ensure better monitoring of each apartment and will also liaison with the contractors and Schön Properties, thereby ensuring construction pace is maintained and decision making is quicker. Upon completion, Dubai Lagoon will be one of the city's most picturesque and fully integrated residential communities.



About Schön Properties

Established in 2004, Schon Properties are one of Dubai's leading private developers. The company has several prestigious projects to their credit, including Schon Business Park, Schon Suites and their flagship 5.7 million square foot development Dubai Lagoon.



It has been the company's driving ambition to continuously grow, succeed and become prominent in every field of business it chooses to engage in. Schon's senior management brings a rich equity of diverse experience in real estate, finance and various other industries. This coupled with traditional family values of fairness and honesty in every aspect of the business, ensure maximum value to its customers and partners.



The company's unique combination of experience and expertise, maintains the equality between the brand's promise, and the resulting experience.

Schön Properties announces construction-linked RERA-approved payment plan for AED 3 billion ‘Dubai Lagoon’

Schön Properties announces construction-linked RERA-approved payment plan for AED 3 billion ‘Dubai Lagoon’

RERA to monitor and ensure payments are made based upon completion of the project phases

April 24, 2010

Schön Properties has announced the launch of a construction-linked payment plan, which has been approved by the Real Estate Regulatory Agency (RERA) for the AED 3 billion ‘Dubai Lagoon’ project in Dubai Investment Park (DIP). The newly-introduced scheme will ensure that payments will be made based only upon completion of the project phases, which will be monitored through a ‘Joint Monitoring System’ between RERA and developer Schön Properties. The announcement is in line with the developer’s plans to fast track construction of the project despite the global downturn, which has negatively impacted the real estate sector in the region.

At present, construction of the first four phases of ‘Dubai Lagoon’ are continuing albeit at a pace slower than planned, with Zone 1 recording the highest percentage of progress, with all building structures and block works complete. Zones 2 and 4 have reached the completion of each of their enabling works, while construction within Zone 3 is complete up to the second floor slab. In order to expedite and deliver elements of the project by the end of the current calendar year, the RERA-approved plan has scheduled payments, which will be linked to construction milestones in the following instalments: 30 per cent as an initial deposit, and 10 per cent upon every completion of enabling works, basement floor slab, ground floor slab, second floor slab, fourth floor slab, and sixth floor slab. A final 10 percent will be due upon completion and handover of the project.

“The ‘Dubai Lagoon’ is a mega-project, and this fact motivates us to partner with RERA to ensure that its completion will be fast-tracked,” said Sonia H. Schön, Executive Director, Schön Properties. “At present, RERA is taking major steps to manage the payments associated with the project and monitoring the construction status and has also met with investors, whom they have advised to shift to the construction-linked RERA-approved payment plan. This will allow them to pay only when they see actual progress being made, in order to protect their interest. However, all buyers still have the right to stick to their original contract without anyone forcing them to change. In addition, we are working very closely with our contractors to monitor construction progress and our fervent appeal is for investors to retain their confidence, as we maintain ours, that the project will be completed and delivered to them.”

Both RERA and the Dubai Land Department have expressed their endorsement of the new payment plan for ‘Dubai Lagoon’, which will not only speed up the delivery of the project, but also ensure increased transparency for the developer, investors, contractors and all associated parties. Customers who are already on a 7-year payment plan are set to receive a discount from their selling price upon shifting to the construction-linked RERA approved payment plan. Furthermore, all zonal transfers will follow the RERA approved construction linked payment plan and can be accommodated based on availability to an earlier completion zone. Schön has also stated that investors affected by their decision to defer construction of Zones 5, 6, and 7, can be shifted into Zones 1, 2, 3 and 4 with the new construction linked payment plan, free of any transfer fees up till next 3 months.

“Protecting investor interests has always been a priority at Schön Properties and in line with this, we believe that the timely introduction of this construction-linked payment plan is a win-win situation for investors and us. The move guarantees that the construction of the project continues unhindered and thereby ensuring that investors can take delivery of their units in the shortest possible time. Whilst it is not mandatory for investors to transfer to this plan, transparency is the key to this RERA-approved payment plan in which investors are assured that the money they pay is used to fund the construction of their own unit,” added Sonia H. Schön.

Schön Properties is asserting its efforts to ensure they fulfill their commitments to investors in the best possible time and to the highest attainable quality. In order to improve the customer services and prompt response to queries, the developer has assigned a dedicated ‘Relationship Manager’ (RM) for each investor, to handle every detail of their investment with the developer. Mazaya, the project consultant, has also increased the size of its team to ensure better monitoring of each apartment and will also liaison with the contractors and Schön Properties, thereby ensuring construction pace is maintained and decision making is quicker. Upon completion, Dubai Lagoon will be one of the city's most picturesque and fully integrated residential communities.

About Schön Properties
Established in 2004, Schon Properties are one of Dubai's leading private developers. The company has several prestigious projects to their credit, including Schon Business Park, Schon Suites and their flagship 5.7 million square foot development Dubai Lagoon.

It has been the company's driving ambition to continuously grow, succeed and become prominent in every field of business it chooses to engage in. Schon's senior management brings a rich equity of diverse experience in real estate, finance and various other industries. This coupled with traditional family values of fairness and honesty in every aspect of the business, ensure maximum value to its customers and partners.

The company's unique combination of experience and expertise, maintains the equality between the brand's promise, and the resulting experience.