The first phase of Dubai Lagoon comprising 21 low-rise residential buildings will be handed over by the year-end, a senior executive said.
"The first phase is getting ready and we will hand over 1,750 apartments by end of the year," Danial Schon, Director, Schon Properties, told Emirates Business.
Ownership of Dubai Lagoon, which was launched in 2006, continues to remain with Town Center Management, which is part of Schon Group, he said.
The group launched Schon Properties in June 2007, followed by another subsidiary in the brokerage business.
"Town Center Management was always the registered developer and continues to be owner of Dubai Lagoon. There has been no change in the management or the financial strength of the company. There are about 3,200 investors in Dubai Lagoon and only three per cent of them came back with clarifications regarding our name change. But there were no issues," he said.
Currently, Schon Properties Broker is the marketing and leasing agent for Dubai Lagoon, which was previously being handled by Better Homes. However, Schon Investments, another subsidiary, owns land for its subsequent development such as Schon Business Park and Schon Suites.
According to Schon, total realty investments have reached Dh4.5 billion till date, while the firm has achieved sales of Dh2.5bn in 2007. "We expect to double sales this year," Schon said.
On its recent venture Schon Suites, the developer has worked out a new business hotel concept. "The return for investors on Schon Suites is expected at Dh550 per foot per annum and that is the revenue earned per square foot as an investor. However, the investor will get this return only after five to six years of completion of the project," Schon said.
The current selling rate in the project is in the range of Dh2,500 to Dh3000 a square foot. Schon Suites is a 196-room hotel apartment consisting of standard, executive and deluxe rooms and will located close to Maktoum International Airport in Jebel Ali. It is expected to be completed by end of 2010.
Meanwhile, excavation works are completed for Schon Business Park, while enabling works are under way. "A tender has been issued and we are waiting for a letter of acceptance."
Schon Properties will focus on projects around the new Jebel Ali airport.
Projects under way
- Schon Residences, a Dh400 million twin-tower residential development, was launched in April 2008. The project will come up on Sheikh Zayed Road, just after the Jebel Ali Free Zone.
- Dubai Lagoon, a flagship project of Schon Properties, has been planned around a sapphire lagoon. It has 52 buildings and more than 4,000 apartments.
- Schon Business Park is the developer's first commercial venture with high-tech facilities and retail spaces. The project is likely to be completed by mid-2009.