Schon Properties is set to increase its UAE portfolio to Dh.8bn towards end of 2008, says Danial Schon, the Company Vice-President.
Schon Properties already owns three developments in the UAE, with its focus on Dubai. According to Schon, the reason behind its focus on Dubai is because it is The Manhattan of the Middle East” and Dubai has a legal framework in place. The portfolio of the company includes Schon Business Park worth Dh.750mn, apart from Schon Residences and Schon Dubai Lagoon, worth Dh.3bn.
The Dubai Lagoons have a total of 4100 apartments spread out between 52 buildings over 40 acres. The Phase One is due for completion in February 2009, while phase two will be complete in mid-2010. The project is progressing on-tract for scheduled completion.
Schon Suites will be launched towards end of April, followed by Schon Residences II in May and hotel and commercial development in June.
Towards end of the year, the total portfolio of the company in Dubai will touch Dh.8bn.
“We have a big landbank, and if we use all of it, we can cross Dh.20bn,” said Schon.
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