Posted by Neil King
A construction-linked payment plan has been approved for the Dubai Lagoon project in Dubai Investment Park.
The plan, which was agreed between the developer Schon Properties and the Real Estate Regulatory Agency (RERA), will ensure that payments are made upon completion of the project phases, which will be checked through a 'Joint Monitoring System'.
Sonia H. Schon, executive director of Schon Properties, said: "The Dubai Lagoon is a mega-project, and this fact motivates us to partner with RERA to ensure that its completion will be fast-tracked.
"At present, RERA is taking major steps to manage the payments associated with the project and monitoring the construction status and has also met with investors, whom they have advised to shift to the construction-linked RERA-approved payment plan."
In addition, the firm said that the payment plan would ensure increased transparency for the developer, investors, contractors and all associated parties.
It is hoped that upon completion, Dubai Lagoon will be a particularly picturesque, fully integrated residential community for the emirate.