The company was founded in 1971 in Singapore by the Schon family, which originated in Pakistan. In February 2017, Xanadu acquired Dubai Lagoon from Schon Properties for an undisclosed sum. The new developer Xanadu took over the project and purchased it with all its assets and liabilities, including the customers of Dubai Lagoon In August 2018, the Dubai agency cancelled two of Schon's projects, iSuites Smart Residences and Ava Residences. In August 2019, Schon Properties signed an agreement with its investors to complete Dubai Lagoon Lotus project. The housing project comprises 442 units and is 500,000 square feet. In March 2022, it was reported that properties from the Dubai Lagoon project had been given to different developers in order to complete the development.
Pakistan Super League 2017 In June 2017, the company purchased the
Multan Sultans cricket franchise of the
Twenty20 Pakistan Super League for per year for eight years, replacing
Karachi Kings as the most expensive team in the league. That month it also launched another project in the investment park called iSuites, in a joint venture with the Al Hamad Group. ==Controversy==