Schon Properties Affirms Refunds |
|
Developers Finalising Contract for Remaining Zones with Leading Contractor
Dubai, UAE, 20 August, 2008; Schon PropertiesSchon Properties
, developer of the AED 3 billion Dubai Lagoon project, has confirmed that full refunds will be given to all investors that purchased units scheduled for completion by December 2007. The refund policy has been extended by SchonSchon
as an act of goodwill after confusion amongst some investors in regards to the project phases and revised completion dates.
Delays in completion of Dubai Lagoon have been the direct result of unanticipated civic and transportation infrastructure alterations, which have set back construction and produced scheduling issues. "We at Sch?n Properties applaud and fully support the efforts of RTA and other government agencies to make Dubai a better place and we have re-designed our project to accommodate mandatory infrastructure developments imposed subsequent to the launch of the Dubai Lagoon," said Nasir Husain, Co-Chairman of Schon PropertiesSchon Properties
.
SchonSchon
has been in discussions with RERARERA
to clarify the situation and reach a fair solution for all parties. Whilst not common practice in the UAE, the revised refund policy was approved by SchonSchon
Board of Directors during a board meeting held on Tuesday 19th August, to accommodate investors and demonstrate good faith. Investors, who purchased units with a completion date of December 2007, are eligible for a full refund and are directed to apply for this prior to September 15th 2008.
In a recent statement about Schon PropertiesSchon Properties
and the Dubai Lagoon, Marwan Bin Ghalaita, CEO of RERARERA
, characterized the objections of some investors as "a misunderstanding". He said, "Schon [Properties]Schon [Properties]
is a registered developer with us and they have an open trust account and all the money from the Dubai Lagoon [project] is in trust account handled by the Land Department and RERARERA
. Furthermore, RERARERA
issued a press release earlier this week dismissing reports that the project had been cancelled and pledging continued involvement and monitoring of construction works.
SchonSchon
has also confirmed that the agreement with the original contractors Powerline Gulf has been renegotiated to include the first two zones and construction is due resume in the coming weeks. The first zone is now set for completion within 13 months and the second zone is set for completion within 18 months as of July 28th. Negotiations with another leading contractor to handle the remaining zones are currently being finalised of which official appointments by SchonSchon
will be announced shortly.
"While certain investors are understandably frustrated and upset by the delays, the vast majority have demonstrated great understanding and patience and have expressed confidence in Schon PropertiesSchon Properties
and support for the Dubai Lagoon project. It is not in the best interest of any parties involved with the project, including developers to delay construction, as material costs are exponentially rising. Therefore we are aiming to deliver the project in the timeliest manner given the unforeseen circumstances," concluded Husain.
-Ends-
For More Information, please contact:
Mohamed Osman
Media Coordinator
Schon PropertiesSchon Properties
Limited,
Telephone: +971 4 321 9503
Fax: +971 3 3219507
pr@schonproperties.com
Mahmoud Fansa
Account Manager
TRACCS Public Relations
Telephone: +971 4 3672530
Fax: +971 4 3672531
mahmoud.fansa@traccs.net
© Press Release 2008
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Stories
Companies
| Company Name | Country | Industry |
| Consolidated Contractors Company | Overseas | Construction and Design |
| Saudi Binladin Group | Saudi Arabia | Construction and Design |
| Saudi Telecom | Saudi Arabia | Telecommunications Services |
| Nissan Motor Egypt | Egypt | Transportation Products |
| KIA Motors Saudi Arabia | Saudi Arabia | Transportation Products |
| Ministry of Health - Saudi Arabia | Saudi Arabia | Ministries and Municipalities |
| Al Rashid Trading and Contracting Company | Saudi Arabia | Construction and Design |
| Al Azizia Panda United Company | Saudi Arabia | General Retailers |
| Dodsal Engineering and Construction | UAE | Construction and Design |
| Saudi Arabian Oil Company | Saudi Arabia | Oil |
Projects
| Project Name | Country | Sector |
| Ras Girtas Power Company - Ras Girtas IWPP | Qatar | Power and Water |
| IGD - Gasco - Habshan 5 Gas Processing Plant | UAE | Oil and Gas |
| Emirates Aluminium (EMAL) - Smelter Complex | UAE | Industry |
| SATORP - Jubail Refinery and Petrochemical Complex | Saudi Arabia | Oil and Gas |
| Takreer - Ruwais Refinery Expansion | UAE | Oil and Gas |
| Qatar Foundation - Sidra Medical and Research Center | Qatar | Real Estate |
| Aramco/Dow Chemical - Ras Tanura Integrated Refinery and Petrochemicals Complex | Saudi Arabia | Oil and Gas |
| Dubai RTA - Dubai Metro | UAE | Infrastructure |
| Abu Dhabi Ports Company - Khalifa Port and Industrial Zone (KPIZ) | UAE | Infrastructure |
| SATORP- Jubail Refinery and Petrochemical Complex - Conversion Unit and Sulphur Package (Part 2) | Saudi Arabia | Oil and Gas |





Loading ...