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FINANCIAL NEWS
Schon Properties signs contracts for Dubai Lagoon project
11 Jun 2014
(MENAFN) Schon Properties said it could secure a USD68.009 million investment to construct Dubai Lagoon project, according to the Emirates 24/7.
The company has signed an agreement with Xanadu Real Estate Development LLC at the Lands Department on Monday June 2.
Also the company has signed an agreement with PGS Gulf Contracting Company at USD136.01 million worth for the project.
Danial H. Schon, Vice-President of Schon Properties, said, “This is a turning point for Dubai Lagoon project and we are pleased to tie-up with Xanadu Real Estate Development to complete construction of the project. The funds are being utilized for the completion of Dubai Lagoon project, which also includes the Juma Masjid located within the residential project. Schon-Xanadu have instructed PGS Gulf Contracting to enhance the finishing of the project by including the highest quality items. Given its location and quality construction, Dubai Lagoon is poised to be one of the best master development communities in Dubai.”
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