Schon assigns entire Dubai Lagoon project
Schon agrees $136m deal with Bin Sabt for project's remaining zones
Schon Properties, developer of the US $817 million (AED 3 billion) Dubai Lagoon project, has assigned the entire project for construction after agreeing a $136 million deal with Bin Sabt Building Contracting LLC.
Bin Sabt will handle the construction of the flagship project’s remaining two zones – four and seven – with work due to start this month.
“We have been intensely deliberating over the search for a competent and efficient contractor to handle the remaining areas of Dubai Lagoon and are thrilled to be joining forces with Bin Sabt,” said Asher H Schon, vice president of Schon Properties.
“Now that the entire project has been assigned for construction, we are re-doubling our efforts to ensure we fulfill our commitments to investors in the best possible time.”
Schon Properties expects to be able to deliver the first available units by the end of this year. Site work started on the first of Dubai Lagoon’s seven zones in the first half of 2007.
Bin Sabt is the third and final contractor for the development. It joins Powerline Gulf and Belhasa Engineering Contracting Company, which are already in progress within other zones on site.
The contractor will first prepare for construction by facilitating all enabling works across zones four and seven, which is expected to take around two months.
Construction will start on zone four, which consists of 497 apartments, followed by zone seven, which will include 490 apartments as well as a shopping mall. Completion on both areas is pegged for 2011, at which time the entire Dubai Lagoon community will be completed.
Zones one and two, which were delayed due to infrastructure alterations and the increase cost of building materials, will now be completed in the last quarter of this year. Site work started on zones three and six in October and is due to be fully operational by September 2010.
The development will cover a 162,000 m2 area and will comprise 4,166 units and 51 buildings.