Schön Properties, a leading regional developer, has signed a deal with Xanadu Real Estate Development to secure Dh339 million ($92.2 million) funding for its Dubai Lagoon project, set to be one of the best master development communities in Dubai.

Schön also signed another deal awarding PGS Gulf Contracting Company the construction contract worth Dh678 million for its Dubai Lagoon project, reported the Emirates 24/7.

Danial H. Schon, the VP of Schon Properties described the deals as a turning point for Dubai Lagoon project.

"The funds are being utilized for the completion of Dubai Lagoon project, which also includes the Juma Masjid located within the residential project. Schon-Xanadu have instructed PGS Gulf Contracting to enhance the finishing of the project by including the highest quality items," the report quoted him as saying.

Xanadu Real Estate Development managing director Adel A Al Breiki said it was one of the few developers to have consistently delivered projects through the downturn of the real estate market.

The prospects of the location are excellent, with the Expo site in close proximity and huge appreciation can be expected in coming years. We are excited to partner with Schon Properties to deliver this project," he added.