Schon Properties a major UAE property developer today announces the transfer of 2.33 Million Square Feet Developments at Dubai Lagoon to Xanadu Real Estate Development LLC – a landmark move in the overall development of the Dh7 billion master-planned mixed-use project.
The agreement involves the development of 2.33 million square feet development of three phases of Dubai Lagoon including Rowan Lilly and Winterberry developments. The announcement marks a major turning point in the history of Dubai Lagoon – which will now be developed by Xanadu Real Estate Development – a Dubai-based private developer.
Due to the site’s close proximity to the Dubai Expo 2020 site and the new metro line – Expo Link passing by the site the development’s market price started to gain. As a result
Xanadu has decided to increase its investment to acquire the residential component of Dubai Lagoon and build the project with its own resources.
The deal price remains undisclosed but marks a significant development in project execution where multiple investors and developers could join hands to develop different components of the master-planned community and hand over to the buyers in time – that will boost investor confidence in real estate.
Noorul Asif says the deal will enable Schon Properties to focus on developing iSuites – a massive home-grown hospitality portfolio that will see the development of 2
550 hotel apartments. Additionally Schon has committed its focus towards hospitality and this further proves their commitment toward the sector.