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Schon Properties Announces Construction-Linked RERA-Approved Payment Plan For AED 3 Billion ’Dubai Lagoon’
(24 April 2010)

 

 

 

 

Schön Properties has announced the launch of a construction-linked payment plan, which has been approved by the Real Estate Regulatory Agency (RERA) for the AED 3 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 developer Schön Properties. The announcement is in line with the developer’s plans to fast track construction of the project despite the global downturn, which has negatively impacted the real estate sector in the region.

At present, construction of the first four phases of ’Dubai Lagoon’ are continuing albeit 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 percent will be due upon completion and handover of the project.

"The ’Dubai Lagoon’ is a mega-project, and this fact motivates us to partner with RERA to ensure that its completion will be fast-tracked," said Sonia H. Schön, Executive Director, Schön Properties. "At present, RERA is taking major steps to manage the payments associated with the project and monitoring the construction status and has also met with investors, whom they have advised to shift to the construction-linked RERA-approved payment plan. This will allow them to pay only when they see actual progress being made, in order to protect their interest. However, all buyers still have the right to stick to their original contract without anyone forcing them to change. In addition, we are working very closely with our contractors to monitor construction progress and our fervent appeal is for investors to retain their confidence, as we maintain ours, that the project will be completed and delivered to them."

Both RERA and the Dubai Land Department have expressed their endorsement of the new payment plan for ’Dubai Lagoon’, which will not only speed up the delivery of the project, but also ensure increased transparency for the developer, investors, contractors and all associated parties. Customers who are already on a 7-year payment plan are set to receive a discount from their selling price upon shifting to the construction-linked RERA approved payment plan. Furthermore, all zonal transfers will follow the RERA approved construction linked payment plan and can be accommodated based on availability to an earlier completion zone. Schön has also stated that investors affected by their decision to defer construction of Zones 5, 6, and 7, can be shifted into Zones 1, 2, 3 and 4 with the new construction linked payment plan, free of any transfer fees up till next 3 months.

"Protecting investor interests has always been a priority at Schön Properties and in line with this, we believe that the timely introduction of this construction-linked payment plan is a win-win situation for investors and us. The move guarantees that the construction of the project continues unhindered and thereby ensuring that investors can take delivery of their units in the shortest possible time. Whilst it is not mandatory for investors to transfer to this plan, transparency is the key to this RERA-approved payment plan in which investors are assured that the money they pay is used to fund the construction of their own unit," added Sonia H. Schön.

Schön Properties is asserting its efforts to ensure they fulfill their commitments to investors in the best possible time and to the highest attainable quality. In order to improve the customer services and prompt response to queries, the developer has assigned a dedicated ’Relationship Manager’ (RM) for each investor, to handle every detail of their investment with the developer. Mazaya, the project consultant, has also increased the size of its team to ensure better monitoring of each apartment and will also liaison with the contractors and Schön Properties, thereby ensuring construction pace is maintained and decision making is quicker. Upon completion, Dubai Lagoon will be one of the city’s most picturesque and fully integrated residential communities.

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