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FINANCIAL NEWS
Dubai’s Schon Business Park set for 2014 completion
09 Dec 2013
(MENAFN) Dubai’s much-delayed Schon Business Park commercial development will be completed in the second quarter of next year, according to the company behind the project, Arabian Business reported.
The development, which includes 398 offices and 90 retail units across one million square feet of Dubai Investments Park, was one of the victim’s of the emirate’s real estate bust five years ago, halting construction. Launched in 2007, the development was originally slated for completion in 2010.
Schon Properties is also the firm behind another major project that suffered endless delays, Dubai Lagoon. Announced in 2005, the USD817 million mixed-use development was originally scheduled to be handed over to buyers in 2008. The most recent delivery date for that project is 2017, with investors reporting that little construction work is ongoing at the site.
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