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The 1.6-million-sq-ft Schön Business Park office complex in Dubai Investments Park (DIP) is finally ready for companies and their employees to fill it with life.
“It was hard work to get this done,” says Walid Ahmed, Projects Development Director at Schön Properties, during the project’s ribbon-cutting ceremony in December.
Launched in summer 2007, the project had been hit by the economic downturn like many others, but the developer continued to work on it. It’s perseverance has paid off as the office complex readies to welcome tenants in its 304 open-plan offices and over 72 retail and food and beverage outlets, set in a contemporary environment and flooded by skylights.
The project also includes an underground parking for 1,300 vehicles. Axiom Telecom, Aster Pharmacy and convenience store 7-Eleven are among those moving into the project, which has space for some 5,000 employees. The office development is close to Jebel Ali Port, Al Maktoum International Airport and the World Expo 2020 site, which is expected to drive up prices in the area.
“Completing this project, one of the largest commercial developments in DIP, is a dream come true,” said Firas Hassan, CEO of Schön Properties. “Many of our buyers came before the Expo announcement, so it came as a reward to the investors.
“We sold more than 80 per cent and kept the remaining 20 per cent to generate income. There is a lot of demand. Small businesses are always interested to lease. We are ready. Buyers or tenants can do their own fit-out now and start operation whenever they are finished.”
The developer is also completing its residential project, Dubai Lagoon, which was launched in 2005. A mere 1.5km from the Business Park, Dubai Lagoon has been progressing with more apartment buildings filling the skyline than two years ago.
The developer signed an investment agreement in June 2014 with Xanadu Real Estate/PGS Gulf Contracting, and announced that handovers would start this March.
“There were technical reasons for the delay but now it’s just a matter of final snagging. There are around 400-500 units at the last stage to be delivered in a few months’ time, [and] the water will come zone by zone,” Hassan explained.
“There are a lot of plans for that project. Amlak is financing units now, but I rather not talk about it right now. The opening of the Business Park is one achievement, which helps making another achievement.”
Source: Nicole Walter, Special to Property Weekly