Schon Properties to raise UAE portfolio to Dh8b

Dubai: Schon Properties, is set to increase its portfolio in the UAE to Dh8 billion by the end of 2008, according to Danial Schon, the company's vice-president.

Schon Properties has three developments in the UAE, and will continue to focus on Dubai. "We are focusing on Dubai because it's the Manhattan of the Middle East and there is a solid legal framework in place," said Schon.

The company's portfolio comprises Schon Business Park, valued at Dh750 million on 290,000 square feet of land, Schon Residences in Downtown Jebel Ali and Schon's Dubai Lagoons, valued at Dh3 billion.

Dubai Lagoons comprises 4,100 apartments, spread between 52 buildings over 40 acres. Schon said phase one is due for completion in February 2009 and phase two in mid-2010.

Dubai Lagoons project is on track, due for completion in mid-2010.

"Construction is underway on the first thirteen blocks and we're up to about the second or third floors," said Schon.

Schon Suites will be launched at the end of April followed by Schon Residences II in May and a hotel/commercial development in June.

By the end of the year, Schon said the company's portfolio in Dubai will be worth around Dh8 billion.

"We have a very big landbank and if we can use it all, we can reach over Dh20 billion," said Schon.