Biography of Nasir Schon: Co-Founder of Schon Group involved in Real Estate,Textile, Financial Services
Biography of Nasir Schon:
Early Life and Background
Syed Nasir Hussain Schon was born on 28 November 1957 in
Karachi, Pakistan. His father, Captain Ather Schon Hussain, served as a pilot
for Pakistan International Airlines. Nasir studied at New York University,
gaining an educational foundation that later helped him lead large business
ventures. He has two children, Asher and Khizar Schon, and his brother is Syed
Tahir Hussain.
Formation of Schon Group & Initial Business Moves
Schon Group was established by Nasir Schon in 1982. Over
time, the group acquired various assets such as Pak-China Fertilizers, Schon
Textiles, Schon Bank and National Fibers. Together with his brother Tahir,
Nasir also expanded into real estate, especially in Dubai, co-founding Schon
Properties in 2007.
Real Estate Ventures & Project Highlights
Some of the key projects by Schon Properties include:
- Dubai
Lagoon: A large residential and mixed-use development launched in 2005
in Dubai Investment Park (DIP). It was proposed to have multiple zones,
nearly 4,000 apartments, and a central lagoon.
- Schon
Business Park: A commercial development with 410 offices accommodating
around 4,000 employees, located near Jebel Ali.
- iSuites:
A joint hospitality-oriented project with Al Hamad Group, involving
hotel-apartment suites, a retail promenade, and leisure amenities.
Ongoing Delays, Investor Concerns & Regulatory
Intervention
Delays & Deferrals
The Dubai Lagoon project has been significantly delayed.
Promised handovers, originally slated long ago, have been missed. Some zones
(5, 6, 7) were deferred, while constructions in zones 1-4 are proceeding,
albeit slowly. Investors have expressed frustration over the lack of timelines
and inconsistent communication from the developer.
Biography of Nasir Schon:Founder of Schon Group involved in Real Estate,Textile, age#net worth#investor#Pakistan/ Investor /businessman &entreprenur
Regulatory Oversight & Escrow Seizure
Because of delays and concerns about fund management,
authorities in Dubai have intervened. The Dubai Land Department (DLD) has
seized properties, land, and escrow funds linked to Schon Properties registered
under the Dubai Lagoon project to protect investors’ rights. The Real Estate
Regulatory Agency (RERA) has also been involved in approving new payment plans,
monitoring progress, and auditing finances.
New Payment Plan
Schon Properties, with RERA’s approval, introduced a
construction-linked payment plan. Under this, payments are tied to construction
milestones (e.g. enabling works, basement slab, floor slabs, etc.). Investors
who switch from older extended payment plans are offered discounts. Investors
of deferred zones have been given the option to shift to zones with
construction underway under the new scheme.
Major Recent Development: Transfer to Xanadu & New
Contractor
Schon has signed a deal with Xanadu Real Estate
Development to help complete parts of Dubai Lagoon. Under this deal, some
phases of the project (three out of seven zones, involving ~1,300 apartments)
will be handled by Xanadu. A construction contract worth AED 678 million has
been awarded to PGS Gulf Contracting for finishing works. The aim is to
accelerate delivery and regain investor confidence.
Project Status & Forecast
- The Schon
Business Park is reported to be over 70% completed, with handovers
expected to happen in the second quarter of a recent year.
- For Dubai
Lagoon, work is being resumed (particularly in initial zones), with
plans to hand over buildings in building-by-building fashion.
- The
project is still officially marked “under cancellation” by the Dubai Land
Department in some records, creating confusion among investors. However,
legal proceedings are ongoing to determine whether the project will be
transferred to another developer or refunds will be issued.
Successes Amid the Turmoil
- iSuites
has managed to sell out its first phase (i3), which is positioned as a
4-star hotel-apartment venture. This is a positive development amid
concerns over Dubai Lagoon.
- Schon
remains active, with strategic shifts (like focusing more on hospitality
projects) and efforts to maintain investor communication and regulatory
compliance.
Investor Sentiment & Challenges
Investors remain anxious. Many have paid large portions of
purchase price, some as much as 75-90%, and are still waiting for handovers.
Some are unresolved even after many years. The financial burden of waiting is
often compounded by carrying costs or renting elsewhere. The lack of firm
completion dates and changes in payment plans have led to dispute and petitions
to regulatory bodies.
Conclusion: Current Standing (2025)
Nasir Schon and Schon Properties are currently navigating a complex real estate crisis. The ambitious Dubai Lagoon project has been beset with long delays, investor backlash, legal and regulatory intervention, and partial project reassignment. While newer projects (like iSuites) and updated payment plans offer glimmers of hope, the completion of Dubai Lagoon remains uncertain, with timelines still fluid. The developer must balance project delivery, transparency, finances, and legal obligations to rebuild trust.
