Schon announces final schedule for Lagoon project

Dubai: Schon Properties have come up with a final, comprehensive schedule about their Dh4 billion Dubai Lagoon project, in an effort to calm frustrated investors.

This comes after investors contacted Gulf News, saying there was a distinct lack of refunds being given despite promises, leaving many out of funds.

One investor has bought four properties since 2005 yet none is ready, so she is still paying rent.

"Three years is a long time to wait for an apartment, even in Europe. My family needs somewhere to live and we just want to stop wasting money on rent when we own four non-existent apartments," she told Gulf News.

Another investor who bought an entire floor in phase seven, Quartet in Dubai Lagoons is also suffering.

Around 51 investors out of a total 2,400 in the Lagoon project have applied for refunds, a letter from Nasir Husain, co-chairman of Schon Properties, to Dubai's Real Estate Regulatory Authority (Rera) said.

The refunded amount totals just over Dh11 million.

So far, two have been fully refunded and five have retracted applications.

Escrow account

Husain said a maximum of 15 per cent of the project value has been paid by investors into the escrow account to date.

According to Husain, the Lagoon project will be completely finished by the first quarter of 2011.

The schedule shows zone one with 442 apartments will be finished by September 2009 and zone two with 491 apartments will be completed by April 2009.

Zone three with 688 apartments will be finished by September 2010, zones four and five with a total of 837 apartments will be finished by January 2011.