Provided by 7DAYS.ae
A developer has been forced to allay the fears of investors who are worried they may lose their money in an ill-fated property project.
The investors, who signed up for apartments at Dubai Lagoon, say they are still being forced to pay - even though work on the site ground to a halt months ago.Launched in 2005, Dubai Lagoon is a dhs3 billion affordable housing development from Schon Properties, in Dubai Investment Park.Yesterday, Schon issued a statement saying work on the 49 buildings would still go ahead.eC[pounds sterling]Delays in completion of Dubai Lagoon have been the result of unanticipated civic and transportation infrastructure alterations,eC[yen] it said.eC[pounds sterling]A down payment of dhs107 million has been paid and the first zone is now set for completion within 13 months.Aa eC[pounds sterling]We are in negotiations with other contracting companies to handle the remaining zones of the project and expect to make an appointment shortly.eC[yen]Work on the first eight homes, which make up zone one, was supposed to be completed by December.Some investors now say they are worried they may lose both their money and apartments.Jemal Sirhi, a Lebanese investor, said: eC[pounds sterling]Since we do not know when construction will happen we want to stop our payments, but Schon said 'no'.eC[pounds sterling]If someone does not pay, Schon will cancel the contract and they will lose their money. We do not get a refund and will be taken to court if we stop our payments.
eC[pounds sterling]I'm putting all my money in this project and it may not happen now.eC[yen]Sirhi said he has paid 35 per cent so far - about dhs500,000 - and that his last payment will be next year.Another investor said: eC[pounds sterling]This is not an ethical way of conducting business. The site is deserted. There is nothing going on there. eC[pounds sterling]Schon areneCOt delivering what was in the contract and IeCOve been having sleepless nights - it's turning into a nightmare.eC[yen]
Sirhi added: eC[pounds sterling]Schon may be making a loss but why should we also suffer ;eC[yen]Schon says it is working with the Real Estate Regulatory Authority and is, eC[pounds sterling]in full compliance with all new regulatory lawseC[yen].paul.mclennan@7days.ae
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