Schon Properties has announced the launch of a construction-linked payment plan, which has been approved by the Real Estate Regulatory Agency (Rera) for the Dh3 billion Dubai Lagoon project in Dubai Investment Park (DIP).
The newly-introduced scheme will ensure that payments will be made based only upon completion of the project phases, which will be monitored through a joint monitoring system between Rera and Schon Properties, said a statement.
At present, construction of the first four phases of Dubai Lagoon are continuing although at a pace slower than planned, with Zone 1 recording the highest percentage of progress, with all building structures and block works complete. Zones 2 and 4 have reached the completion of each of their enabling works, while construction within Zone 3 is complete up to the second floor slab.
In order to expedite and deliver elements of the project by the end of the current calendar year, the Rera-approved plan has scheduled payments, which will be linked to construction milestones in the following instalments: 30 per cent as an initial deposit, and 10 per cent upon every completion of enabling works, basement floor slab, ground floor slab, second floor slab, fourth floor slab, and sixth floor slab. A final 10 per cent will be due upon completion and handover of the project.
By Staff Writer
Emirates Business 24/7 2010
