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Drove by the site yesterday and one of the blocks has been painted. Fair play to them, they have got on with things in the past few months. That said, original completion date was September 2007 so let's not congratulate them too much.
 

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More delays.....

Fresh delays for troubled $817m Dubai Lagoon project

By Shane McGinley Monday, 7 February 2011 9:07 AM


Under construction buildings at Dubai Lagoon site, pictured in October 2010


Dubai Lagoon, the delayed AED3bn ($817m) real estate project, will fail to meet a February deadline for handover of its first residential units, the developer behind the plot has said.

Handover will be pushed back five months to July after delays in utility connections put the project behind schedule, the vice president of Schon Properties told Arabian Business.

“We are a little bit delayed because of infrastructure issues, which we are tackling now,” Danial Schon said.

Essential infrastructure, such as water and electricity substations, had proved slow, but the developer is “in the process of signing contracts,” he said.

Schon in October said eight buildings in the zone 1 of the project were nearing completion and that delivery would begin in February at a rate of two buildings a month.

Schon had previously pledged to work at “full speed” to meet the handover deadline. The development is currently more than four years behind schedule.

“We are facing AED3.5 to AED4m a month in overheads on the Dubai Lagoon project… Every day [delayed] that goes by we lose AED100,000 so it is not in our interest to delay,” Schon said last year.

Dubai Lagoon, which spans seven zones across a 5.7 million sq ft site, was among the dozens of real estate projects in Dubai that facing funding issues following the collapse of the emirate’s property market in 2008.

Hundreds of the project's 2,000 investors defaulted on their payments as construction on the site slowed to a crawl.

In April 2010, Schon asked investors to switch to a new construction-linked payment scheme, in a bid to fast-track building on the Dubai Lagoon site.

Buyers of flats in delayed buildings were also invited to swap into apartment blocks with confirmed completion dates.

In early 2010, Schon Properties suspended work on zones 5, 6 and 7 – covering 1,708 of the planned 3,826 apartments – to push through the construction of zones 1,2, 3 and 4.

“The entire project, all seven zones, could take up to five years [to deliver] but the first five zones, which is what is sold, those zones will be 2012,” Schon said last year.

Schon had initially forecast that all 442 units in zone 1 would be occupied by July 2011, but handover is now likely to be completed towards the end of the year.
Source
 

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I have deleted the post of a number of users in this thread as they are more about the companies involved, and not as much about the project. We respect and regret that you may have had bad experiences with either of the companies involved. But as these forums are here to share news and images about projects, I'd like to ask all to stick with that. I think there are better ways and places to share (and vent) your experiences. Thanks in advance.
 

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Paid a visit to the site today. One of Schon's "Relationship Managers" met us and said that work is only going to happen on C10 and C12 buildings. The contractor has not done any work for over a month due to lack of payments from Schon. When work commences (expected in the next couple of weeks), they will continue with C10 and C12. They're targeting handover for December.

Take with a bucket full of salt.. here's a few pictures I took. You be the judge whether this is ready for December handover.. if you ask me, it's more like December 2013 handover.

General site pictures:














 

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Building1 I assume you are joking. Even when Schon were in full swing on the site nothing happened that quickly. Where does your information come from, and if that is the case why havent Schon made any effort to contact their clients, or in fact announce anything?
They did. There was a big article in Property Weekly the other week. They have a new investor on board, who injected a good amount of money into the project. The plan is to finish building after building. The site will be busy again by month end. Zone 1 will be ready this year. Zone 3 will be ready in 2015 and Zone 2&4 will be ready in 2016.
 

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Developer of Dubai Lagoon assures completion after delays With funding in place, Schon Properties to start Zone 1 handover in H2 2014

The developer of Dubai Lagoon project in Dubai Investment Park has confirmed funding is in place to expedite the completion of the master development.

“We have finalised funding for the project and the project will be built on a funding and off-plan sales model,” a spokesperson for Schon Properties, the developer, told Emirates 24|7.

“After the previous [property] crash, we will not rely solely on off-plan sales going forward to build the development, and have arranged partial funding for completion of the project,” he revealed.

The company will soon be disclosing details on funding ventures and new tie-ups.

Dubai Lagoon is a master development comprising over 3,800 apartments in 52 low-rise buildings divided into seven zones, retail components, plus a community-catered shopping mall.

A number of investors have claimed delays in completion of the project, having raised the issue with Real Estate Regulatory Agency (Rera), the regulatory arm of Dubai Land Department.

The project, they claimed, was expected to be completed in 2008.

When asked if old investors were still continuing with the project, the spokesperson said: “Nearly 97 per cent of our investors have continued with us.

“We have faced three per cent default from purchasers who had purchased at high prices.

“We have offered investors discounts of up to 40 per cent on outstanding invoices through the downturn and co-operated with existing buyers by shifting them to earlier completion zones.”

Schon Properties denies investor claims on work stopping on the project.

Citing numerous reasons for delays, the spokesperson said: “There were many factors for the delay of the Dubai Lagoon project, despite our best efforts to avoid them.

“The project was launched on January 2006, but a hold on the building permit was issued on March 2006 because of the Road and Transport Authority’s Purple Line of the Metro being incorporated in master plan.

“After the new affection plan, given by Dubai Municipality and a new building permit was awarded in November 2007, the real estate market crashed in October 2008, decreasing sales by 98 per cent and decreasing collections by 95 per cent.”

He added that since 2008 until September 2012, the project was being built, albeit at a slower pace with almost Dh75 million being spent on construction for Zones 1, 2, 3 and 4 in that period.

“During this period, the collection from existing buyers nearly stopped.

“Since then, the collections from existing buyers have improved and with Expo 2020, the project is on track for expedited completion.”

It was in October 2012, Rera implemented a building-by-building completion policy, with work starting on building C12, the spokesperson said.

The developer claims that work on the Zone 1 is nearly completed and handover is in the second half of 2014. The entire master development is expected to be completed by 2016.

Asked what guarantees have been giving for completion to Rera and buyers, the spokesperson said that the company has offered penalty clauses on delays to existing and new buyers to compensate them for delay and to guarantee them completion of the project.
 

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Schon says deal signed to complete delayed Dubai Lagoon

The company behind the troubled Dubai Lagoon project said on Wednesday that it has secured AED339 million ($92.2 million) to enable the much delayed scheme to be completed.
Schön Properties described the deal as a "turning point" for the development which has been dogged by delays for years.
Dubai Lagoon, which spans seven zones across a 5.7m sq ft site, was among dozens of real estate projects in Dubai impacted by funding issues following the collapse of the Emirate’s property market in 2008.
The resort, which was meant to house the region’s first crystalline lagoon, suffered delays after hundreds of the project's investors defaulted on their payments in the wake of the financial crisis.

On Wednesday, the developer said it has signed an agreement with Xanadu Real Estate Development to complete the project and has subsequently awarded a AED678 million construction contract to PGS Gulf Contracting Company.
Danial H Schon, vice president of Schon Properties, said: "This is a turning point for Dubai Lagoon project and we are pleased to tie-up with Xanadu Real Estate Development to complete construction of the project.
"The funds are being utilised for the completion of Dubai Lagoon project, which also includes the Juma Masjid located within the residential project. Schon-Xanadu have instructed PGS Gulf Contracting to enhance the finishing of the project by including the highest quality items.
"Given its location and quality construction, Dubai Lagoon is poised to be one of the best master development communities in Dubai."
Speaking on behalf of Xanadu Real Estate Development, Adel A AlBreiki, managing director, said: "Xanadu is one of the few developers to have consistently delivered projects through the downturn of the real estate market.
"The prospects of the location are excellent, with the EXPO site in close proximity and huge appreciation can be expected in coming years. We are excited to partner with Schon Properties to deliver this project."
PGS Gulf Contracting Company said work was slated to complete in December 2016 with mobilisation works already starting on site.
 

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Which month end are you referring to?

June has ended, as have July and August.............the site is anything but busy. I would treat any statement that begins 'Danial Schon said', with the greatest of suspicion.






They did. There was a big article in Property Weekly the other week. They have a new investor on board, who injected a good amount of money into the project. The plan is to finish building after building. The site will be busy again by month end. Zone 1 will be ready this year. Zone 3 will be ready in 2015 and Zone 2&4 will be ready in 2016.
 

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Been past a few times lately. There doesn't look like there is much activity on site, although it is not completely deserted. Nothing is going to be 'ready this year' although there is one building that seems like it might be ahead of the others.
 
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