Dubai Land Department seizes properties of UAE developer
Dubai Land Department seizes assets of developer Schon Properties
Dubai real estate authority announces decision to seize properties and land plots registered to Schon Properties
The Dubai Land Department (DLD) has issued a decision to seize the properties and land plots registered to UAE-based developer Schon Properties and also its funds deposited in Escrow account until the Dubai Public Prosecution and Dubai Courts complete legal procedures for the recovery of all investor rights and securing the rights of other parties.
"The step is aimed at protecting the rights of investors in light of Schon Properties’ actions of exploiting investors by refraining from depositing their money in Escrow (guarantee) account," said a statement from the DLD.
The department also appealed to all investors to deposit their money in Escrow accounts and transfer payments to developers as per the percentage of completion in the projects.
"This is the only way investors can preserve their money and ensure their rights are protected," it stated.
The DLD also cautioned the investors and buyers against making payments to developers outside Escrow accounts.
These initiatives are all part of the department's efforts to effectively contribute to sustaining a well-regulated and transparent investment environment that provides necessary protection for all parties and safeguard their rights.
"The step is aimed at protecting the rights of investors in light of Schon Properties’ actions of exploiting investors by refraining from depositing their money in Escrow (guarantee) account," said a statement from the DLD.
and also its funds deposited in Escrow account until the Dubai Public Prosecution and Dubai Courts complete legal procedures for the recovery of all investor rights and securing the rights of other parties.
Last year, the developer broke ground on its $870 million iSuites project in Dubai Investments Park.
It said the main contractor, Dubai Civil Engineering, part of Al Hamad Group of Companies, has started work on the project to build 2,550 hotel apartment suites, 52 restaurants, outdoor cafes and 125,000 square feet shopping mall.
The development is all surrounded by a manmade beach and a lagoon spread over 5 acres – to be completed ahead of the Expo 2020, Schon said in a statement at the time.
Ref : Property Report
