Schön Properties

Schön Properties is a real estate developer which has delivered 1.6 million square feet in Dubai. 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.[1]

The company was 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 and those projects were put on hold.[1][2]

In 2015, the company successfully delivered 1.6 million square feet project called Schon Business Park, consisting of 72 retail outlets and 304 offices. [3]

In February 2017, Xanadu acquires 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 [4]

In June 2017, the company purchased the Multan Sultans franchise of Pakistan Super League for US$5.2 million per year for eight years, replacing Karachi Kings as the most expensive team in the league.[5] That month it also launched another project in the investment park called iSuites, in a joint venture with the Al Hamad Group.[2]

In August 2018, the Dubai agency cancelled two of Schon's projects, iSuites Smart Residences and Ava Residences.

In November 2018, Pakistan Cricket Board (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.[6][7]

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. [8]