New corporate home for Asteco
Real estate services market leader unites its six business units under one roof with move to Rolex Tower as Dubai-headquartered firm readies for launch of new licensing services division and gears up for 30th anniversary
Asteco, the Middle East’s largest independent full service real estate company, has announced that it has a new corporate home in Dubai’s prestigious Rolex Tower, as the 30-year property leader consolidates its core business units in one dedicated location.
Established in Dubai in 1985, with a 30-year pedigree and high profile client list covering asset management, sales, leasing, valuation and advisory, sales management and owner associations, Asteco has registered a number of notable commercial milestones during almost three decades as a market leader.
“With Asteco set to celebrate 30 years of business in the Middle East in 2015, this was a calculated move designed to bring the team together under one roof as we embark on our next phase of development with the imminent launch of our franchise model in the region,” said John Stevens, Managing Director, Asteco.
“Since 1985 we have held asset management responsibility for over 5,000 buildings, notched up total project sales of AED12.3 billion and successfully handed over 3,194 units, as well as leasing more than 10,500 homes,” he added.
Located on Sheikh Zayed Road, the city’s main business artery, the 60-storey mixed-use Rolex Tower is a premier building and has been managed by Asteco since its completion in 2010.
The company currently manages a total of 350 developments with 7,500 units in three countries and has sold 13 million square feet of projects, which accounts for an impressive 6,814 units purchased by 91 nationalities.
“Our network of regional offices in Abu Dhabi, Al Ain, Dubai, Sharjah, Jordan and Qatar are populated by an incredible international team of industry professionals, and this is one of our fundamental strengths as a leader in the real estate sector as evidenced by our solid performance over the years and long term relationships with investors, developers and tenants across all asset classes,” said Stevens.
Asteco’s six business units, led by its senior management team, have a noteworthy track record. Its valuation and advisory team, under the directorship of John Allen, registered a single valuation topping AED 31 billion in 2011/12, and a combined market valuation for its Abu Dhabi and Dubai properties of AED105 billion for the same period.
Its Sales Management unit has handled over 5.6-million square feet of residential and commercial space to date, with a total value of AED6.25 billion. “The development of the UAE’s real estate regulatory environment has also been something that we, as a team, keep a constant handle on, and with 1,490 DLD registrations to our credit, we are well placed to serve our growing client base,” noted Stevens.
Asteco has also been at the coalface of industry change with its role in the establishment of owner associations in the UAE. “Nicholas White and the Association Management team have six years’ experience in administering this sensitive area of real estate management, and we are proud to say that we have a 100% retention rate and over 90% service charge collection rate across our instructed portfolio,” he remarked.
Next for the company is the launch of its new licensing services and franchise option. This has been created to offer real estate companies and independent realtors as well as regional entrepreneurs looking to diversify their existing businesses, or launch a start-up, access to Asteco’s 30-year brand pedigree and its successful business model.
For more information, please call +971 600 54 7773 or visit www.asteco.com
Asteco, a major regional and international real estate services firm and the largest property services company in the United Arab Emirates, was founded in Dubai in 1985. Asteco offers independent market analysis, design development consultancy and valuation services, sales and leasing services, as well as asset and property management services.