Schön Properties is a

Dubai Dubai (, ; ar, دبي, translit=Dubayy, , ) is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, the most populated of the 7 emirates of the United Arab Emirates.The Government and Politics of ...

-based

real estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...

developer. The company generated a gross development value of over USD $ 2 billion. It was founded in 1971 in Singapore by the Schon family, which originated in Pakistan. The company has been involved in several development projects in Dubai, including the Schon Business Park project and Dubai Lagoons in Dubai Investment Park, which was started in 2005, but was hit hard by the

financial crisis of 2007–2008 Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fi ...

and those projects were put on hold. In 2015, the company successfully delivered 1.6 million square feet project called Schon Business Park, consisting of 72 retail outlets and 304 offices. In February 2017, Xanadu acquired Dubai Lagoon from Schon Properties for an undisclosed sum. The new developer Xanadu took over the project and purchased it with all its assets and liabilities, including the customers of Dubai Lagoon In August 2018, the Dubai agency cancelled two of Schon's projects, iSuites Smart Residences and Ava Residences. In August 2019, Schon Properties signed an agreement with its investors to complete Dubai Lagoon Lotus project. Schon commended the Real Estate Regulatory Authority officials for paving the way for completion of the Dubai Lagoon Lotus project along with their investors and contractors. The housing project comprises 442 units and is 500,000 square feet. In March 2022, it was reported that properties from the Dubai Lagoon project had been given to different developers in order to complete the development.

Pakistan Super League

In June 2017, the company purchased the

Multan Sultans Multan Sultans (Urdu: ) is a Pakistani professional Twenty20 franchise cricket team representing the city of Multan in southern Pakistan in the Pakistan Super League (PSL). The team was founded in 2017 as an additional sixth team added to the P ...

cricket franchise of the

Twenty20 Twenty20 (T20) is a shortened game format of cricket. At the professional level, it was introduced by the England and Wales Cricket Board (ECB) in 2003 for the inter-county competition. In a Twenty20 game, the two teams have a single inn ...

Pakistan Super League The Pakistan Super League (PSL) is a professional Twenty20 cricket league contested during February and March of every year by six teams representing six cities of Pakistan. The league was founded on 9 September 2015 with five teams by the Paki ...

for per year for eight years, replacing

Karachi Kings Karachi Kings ( ur, ; sd, ڪراچي ڪنگز) (abbreviated as KK) is a Pakistani professional franchise Twenty20 cricket team that competes in the Pakistan Super League (PSL). The team is based in Karachi, the provincial capital of Sindh, ...

as the most expensive team in the league. That month it also launched another project in the investment park called iSuites, in a joint venture with the Al Hamad Group. In November 2018,

Pakistan Cricket Board The Pakistan Cricket Board (PCB) is a sports governing body for cricket in Pakistan responsible for controlling and organising all tours and matches undertaken by the Pakistan national cricket team. A member of the International Cricket Counc ...

(PCB) along with Schon Properties mutually ended the eight-year ownership rights of Multan Sultans. A joint statement issued by Schon Properties and the PCB said that all rights in respect to the team have returned to the board.

Controversy

In August of 2018 Dubai Land Department seized assets of Schon properties alleging that the company had exploited its investors. The agency also directed its investors to make payments into escrow accounts, in order to protect investors while the agency prepared to bring legal proceedings against the company.

References

External links

* {{Official website, http://www.schonproperties.ae/ Real estate companies established in 1971 Multan Sultans