FINANCIAL NEWS

Dubai Lagoon project witnesses 5 months delay

07 Feb 2011

(MENAFN) The Vice President of Schon Properties, Danial Schon, said that Dubai Lagoon project was delayed 5 months to July 2011 as a result of delays in utility connections and infrastructure issues, reported Arabian Business.

Schon said that the USD817 real estate project was expected to be completed in February 2011 and had a deadline to tender its first residential units.

Schon had previously said that 8 buildings in the zone 1 of the project were almost completed and should be delivered in February at a rate of two buildings a month.

The vice president said in 2010 that the entire project including all 7 zones, might need around five years to be completed, but the first five zones would be done in 2012. However, after the delay the development is currently more than 4 years behind schedule, added Schon.

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