Schon Properties has signed a Dh500 million ($136 million) contract with Bin Sabt Building Contracting for the Dubai Lagoon project.

The contract covers the construction of remaining zones - four and seven, said a statement.

Schon Properties is confident that through the appointment of Bin Sabt, progress on the project will be stepped up significantly, said Asher H Schon, vice president of Schon Properties.

Joining Powerline Gulf and Belhasa Engineering Contracting Company, which are already working within other zones on site, Bin Sabt will be the third and final construction contractor for the large-scale residential project, which will begin unit deliveries at the end of 2009.

Due to begin mobilising on-site in late February, Bin Sabt will first prepare for construction by facilitating all enabling works across zones four and seven, which is expected to take around two months.

Zone Four consists of 497 apartments and Zone Seven 490 apartments as well as a shopping mall with a built-up area of 109,263 sq ft. Completion on both areas is pegged for 2011, at which time the entire Dubai Lagoon community will be completed.

Ahmed Suliman, managing director of Bin Sabt., said: “We are looking forward to working with Schon Properties to realise our common goal of completing and delivering Dubai Lagoon to the highest standards, backed by our experience in the region and commitment to each and every project”.

Once completed, Dubai Lagoon will be one of the city’s most picturesque and fully integrated residential communities, close to New Dubai and the upcoming Al Maktoum International Airport.

Set around the glittering waters of a central lagoon, fringed with meticulously designed landscaping and interlacing pathways, the community will feature family friendly facilities such as parks, children’s play areas, swimming pools and a charming community retail and café district, where residents can shop for a variety of products or simply stop in for a coffee with neighbours. 

One of the most affordable residential offerings in Dubai today, Dubai Lagoon’s favourable payment plans allow easier access to property ownership for many would be end-users who are looking for a mid to long term investment, said the statement.

With zones four and seven about to commence construction, Schon Properties has released 80  units within these zones, which are now available for purchase, it said. – TradeArabia News Service