The agreement involves the development of 2.33 million sq. ft development of three phases of Dubai Lagoon, including the Rowan, Lilly and Winterberry developments. The announcement marks a major turning point in the history of Dubai Lagoon, which will now be developed by Xanadu Real Estate Development.
“This is a historic moment for all of us as well as the real estate fraternity and the deal signifies the strength of partnership in developing large projects,” Noorul Asif, COO, Schon Properties, said. “We are confident with Xanadu’s track record, they are the perfect partner to acquire the projects and deliver Dubai Lagoon to the buyers.”
Due to the site’s close proximity to the Dubai Expo 2020 site and the new Metro line – Expo Link – passing by the site, the development’s market price started to gain. As a result, Xanadu has decided to increase its investment to acquire the residential component of Dubai Lagoon and build the project with its own resources.
The deal price remains undisclosed but marks a significant development in project execution where multiple investors and developers could join hands to develop different components of the master planned community and hand over to the buyers in time, that will boost investor confidence in real estate.