Dubai: Schon Properties, developer of the Dh3 billion Dubai Lagoon project, has confirmed that full refunds will be given to all investors that purchased units scheduled for completion by December 2007.

The refund policy has been extended by Schon as an act of goodwill after confusion amongst some investors in regards to the project phases and revised completion dates, the company said in a statement yesterday.

Delays in completion of Dubai Lagoon have been the direct result of unanticipated civic and transportation infrastructure alterations, which have set back construction and produced scheduling issues, the company said.

"We at Schon Properties applaud and fully support the efforts of RTA [Roads and Transport Authority] and other government agencies to make Dubai a better place and we have re-designed our project to accommodate mandatory infrastructure developments imposed subsequent to the launch of the Dubai Lagoon," said Nasser Hussain, co-chairman of Schon Properties.

Gulfnews: Schon offers refunds on delayed projects