Dubai: Tenants at the Schon Business Park — featuring 398 offices and 90 retail units — in Dubai Investments Park (DIP) can start on their basic fitouts, the developer has confirmed. The project handover is scheduled for April next.
“We are optimistic about the value appreciation expected in DIP and the demand expected for office space in the area,” xSakhr Awaysheh, the operations manager at Schon, said. “We are expecting rents to increase by 20 per cent within the next six months and capital appreciation of 30 per cent in the same period.”
The park is located within the same area as the Al Maktoum International Airport, which commenced passenger flights early this week. This will generate its own demand for new residential and commercial space in DIP.
Construction of the Schon project has gone past the 70 per cent mark. Spread out across 1.1 million square feet, it will have two underground parking levels. The Schon cluster allows investors to rent units for up to 60 years and renewable for another 60 years, while the norm at Dubai Investment Park is only 30 years.
With over 700,000 square feet of office space in the building, the wider fitout contract has been awarded to Al Dewan General Maintenance.
“Schon Business Park will be ideal for investors who are looking for a strategically located business environment, with easy access to three main highways — Shaikh Zayed Road, Mohammad Bin Zayed Road and Al Khail Road,” Awaysheh said.