Dubai-based developer Schön Properties yesterday insisted it was going ahead with all current projects in its portfolio, despite the market slowdown, and would deliver the first eight buildings of the Dubai Lagoon community in the fourth quarter of next year.

The company, which had previously found itself in hot water with some Dubai Lagoon investors - who had originally hoped to be handed the keys to their units by the end of last year - accepted that a reduction in sales was “inevitable in the short term” but envisaged no “major impact on business activity”.

“We see the current situation as a blessing in disguise, an opportunity to consolidate our current portfolio and concentrate on completion and delivery,” said Danial H Schon, vice president of Schön Properties.

“We believe this correction is ultimately healthy for the Dubai real estate market as it slows the speed of growth, not stops it, which is beneficial for the long-term sustainability of the market,” he added.
Stressing the company’s sound financial position, Schon said there was “no borrowing and zero liability both in Schön Properties and Schön Group”, adding that the majority of its projects were 75 per cent pre-sold.

Other developments, such as Schön Business Park, Schön Residences, Schön Suites and Libertas are continuing as scheduled, the company said