Dubai Real Estate Authority Announces Decision to Seize Land Properties Registered to Schon Properties.
Sochon Stopped Working
Dubai real estate authority announces the decision to seize properties and lands registered to Schon Properties.
This decision was made by Dubai land department on Thursday. The real estate authority posted a tweet to announce the decision to seize properties and land plots registered to the developer, including funds that were deposited in the company’s escrow account.
An ‘escrow’ is an account which is established by a broker in order to hold funds on behalf of the broker’s principal or some other person until the consummation or termination of a transaction.
The Dubai Public Prosecution said that the decision was made to “complete legal procedures to secure the rights of all investors and other parties”.
The developer made $870 million iSuites project in Dubai investment parks.
Dubai civil engineering is part of Al Hamad group of companies, they began a new project that involved the building of 2,550 hotel apartment suites, 52 restaurants, outdoor cafes and 125,000 square feet shopping mall.
The site of the project rests amidst a manmade beach and lagoon which is spread over 5 acres which are to be completed ahead of the Expo 2020, Schon had informed through a statement at the time.
Dubai government makes sure to have transparency in the market in order to attract more investors and also in order to safeguard the interests of their clients, especially not the real estate sector through regulation from government agencies such as RERA (Real Estate Regulatory Agency) and the Dubai Land Department (DLD).