Wednesday, May 26, 2010

Schön Properties completes AED 48 million ‘Dubai Lagoon substation’

Schön Properties completes AED 48 million ‘Dubai Lagoon substation’

132-11 kVA substation to ensure uninterrupted power supply within master community

May 25, 2010

Schön Properties, a leading regional property developer, has announced that the 132-11 kVA ‘Dubai Lagoon’ substation, for which the developer had invested a total sum of AED 48 million, has been completed by DEWA and is ready to be commissioned. Built to ensure uninterrupted electricity supply for the massive community project, the substation is part of the developer’s commitment towards the prompt completion of all infrastructure that will facilitate the delivery of a major public utility among the tenants, leading up to the scheduled handover of the project, with Zone 1 slated for the end of 2010.

Dubai Electricity and Water Authority (DEWA) and Schön Properties have anticipated the extent of power required for a master community such as ‘Dubai Lagoon’ to reach 65 to 70 megawatts (MW). However, the substation has been constructed with a total capacity of 108 MW in order to accommodate any additional requirements, and was completed by DEWA in a span of 20 to 24 months. The completion of the substation is an indication of the developer’s desire to ensure investors receive quality finished apartments in addition to amenities, particularly electricity, which is a cause for concern within certain areas of the UAE.

“The completion of a dedicated substation for the exclusive use of ‘Dubai Lagoon’ underlines our commitment to satisfy the energy needs of our tenants,” said Danial Schön, Vice President, Schön Properties. “DEWA has been most supportive in helping us in our goal to provide uninterrupted electricity to homes and offices, which will ensure convenience and security for all our investors. This excellent development also underscores our unwavering focus on the delivery of the ‘Dubai Lagoon’ project, which encompass not only the residential and commercial spaces but also the facilities that make it a complete self-sustaining master development.”

In addition to the completion of the DEWA substation, other latest updates on the project include the completion of the superstructure and the on-going block works on Zone 1. In addition, the main contractor for Zones 2 and 4 has already commenced work on Zone 2 and is gearing up to start with Zone 4 in a month’s time, with structure and block work estimated to be finished by end of 2011 and total completion and handover of the zone by end of 2012. Furthermore, construction on the structure of Zone 3 has reached the third floor slab, with the zone’s main contractor aiming to complete the project by the end of 2011.

“The continuous construction milestones we are achieving for the ‘Dubai Lagoon’ project reflects our dedication to deliver the project to our valued customers. In addition to this, we have taken a number of initiatives in the recent months, including the new RERA-approved construction plan, the discount offers and flexible payment terms for pending payments, the waving of zonal transfer fees, and a three-month grace period for completion of additional required payments, in an effort to extend assistance to our investors and encourage cooperation, which we believe will fuel the completion of this project,” concluded Danial Schön.

About Schön Properties
Established in 2004, Schön Properties are one of Dubai's leading private developers. The company has several prestigious projects to their credit, including Schön Business Park, Schön Suites and their flagship development Dubai Lagoon.

It has been the company's driving ambition to continuously grow, succeed and become prominent in every field of business it chooses to engage in. Schön's senior management brings a rich equity of diverse experience in real estate, finance and various other industries. This coupled with traditional family values of fairness and honesty in every aspect of the business, ensure maximum value to its customers and partners.

The company's unique combination of experience and expertise, maintains the equality between the brand's promise, and the resulting experience.

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