Some investors in Dubai Lagoon have had their request for a refund turned down in spite of construction work being frozen since May this year, The National has reported.

In a note sent to an investor, developer Schon Properties said that refund is granted only for those who invested earlier than 2006.

The company has blamed soaring cost of cement and steel as well as the planned motorway through the Dubai Investment Park as Dubai Roads and Transport Authority froze all developments in the area.

Dubai Lagoon investors seek refund | Real Estate