Schön Properties was a Dubai-based real estate developer owned by the Schon family, which originated in Pakistan. The company had been involved in several development projects in Dubai, including the Schon Business Park project and Dubai Lagoons in Dubai Investment Park, which was started in 2005, but was hit hard by the financial crisis of 2007–2008.[1][2] In 2015, the company delivered a 1.6 million square feet project called Schon Business Park, consisting of 72 retail outlets and 304 offices.[3]
| Company type | Private company |
|---|---|
| Industry | Real estate |
| Founded | 1971 in Singapore |
| Founder | Schon family |
| Defunct | 2024 |
| Fate | Unknown |
| Headquarters | , |
Area served | Dubai |
| Products | Real estate development |
| Owner | Schon family |
| Website | www Archived |
In August of 2018 Dubai Land Department seized assets of Schon properties alleging that the company had exploited its investors.[2] As of 2024[update], the company's website was no longer active.
History
editThe company was founded in 1971 in Singapore by the Schon family, which originated in Pakistan.[1]
In February 2017, Xanadu acquired Dubai Lagoon from Schon Properties for an undisclosed sum. The new developer Xanadu took over the project and purchased it with all its assets and liabilities, including the customers of Dubai Lagoon [4]
In August 2018, the Dubai agency cancelled two of Schon's projects, iSuites Smart Residences and Ava Residences. In August 2019, Schon Properties signed an agreement with its investors to complete Dubai Lagoon Lotus project. The housing project comprises 442 units and is 500,000 square feet.[5]
In March 2022, it was reported that properties from the Dubai Lagoon project had been given to different developers in order to complete the development.[6]
Pakistan Super League 2017
editIn June 2017, the company purchased the Multan Sultans cricket franchise of the Twenty20 Pakistan Super League for US$5.2 million per year for eight years, replacing Karachi Kings as the most expensive team in the league.[7] That month it also launched another project in the investment park called iSuites, in a joint venture with the Al Hamad Group.[2]
In November 2018, Pakistan Cricket Board (PCB) along with Schon Properties mutually ended the eight-year ownership rights of Multan Sultans. A joint statement issued by Schon Properties and the PCB said that all rights in respect to the team have returned to the board.[8][9]
Controversy
editIn August of 2018 Dubai Land Department seized assets of Schon properties alleging that the company had exploited its investors.[2] The agency also directed its investors to make payments into escrow accounts, in order to protect investors while the agency prepared to bring legal proceedings against the company.[10]
References
edit- ^ a b "Schon Properties plans strategic expansion". ArabianBusiness.com. 22 March 2017.
- ^ a b c d Anderson, Robert (2 August 2018). "Dubai Land Department seizes land, real estate of developer". Gulf Business.
- ^ "Schon Properties Delivers 1.6 million sq ft Schon Business Park Project". Lookup.ae. 17 December 2015.
- ^ "Xanadu Acquires Dubai Lagoon from Schon Properties". Cnbme.com. 12 March 2017.
- ^ "Schon Properties Signs Agreement to Complete Dubai Lagoon Lotus Project". Thenews.com.pk. 8 August 2019.
- ^ "Dubai Lagoon by Schon: After 15 years, the first building will soon be ready for handover". Gulf News. March 3, 2022. Retrieved August 26, 2022.
- ^ Zeeshan Ahmed (1 June 2017). "PSL's newest team is Multan, worth $41.6 million". DAWN. Retrieved 6 August 2017.
- ^ Farooq, Umar (10 November 2018). "PCB repossesses Multan Sultans after payment failure". ESPNcricinfo.
- ^ "PCB terminates franchise agreement with Schon Group for Multan Sultans". Dawn. November 11, 2018.
- ^ Badam, Ramola Talwar (August 2, 2018). "Schon property and funds seized over failure to deliver Dubai Lagoon development". The National.