Owners realise benefits of PM in Discovery Gardens

Owners realise benefits of PM in Discovery Gardens

Dubai-based Asteco property management (PM) dominates mixed-use development - portfolio of 14 buildings running at over 90% occupancy

Property owners using property management (PM) company Asteco, are now finding that professional property management can be cost effective, which is also paying dividends for Asteco.

Asteco now manages 14 buildings located in Discovery Gardens, by far one of the largest portfolios of any property firm in the development and at present the occupancy levels throughout their properties in Discovery Gardens is averaging between 90% to 95%.

“Whilst maintaining rental income and maintenance contracts for our single building owners we also manage a large number of individually owned units, some of whom reside abroad. The ability for them to have a trusted ‘partner’ to collect and manage all rent and expenditure day to day eases their burden and as such is extremely popular,” said John Stevens, Director – Property Management, Asteco,
Property management services on offer include a fully integrated service, coordinating each and every aspect from the handover and snagging, right through to the day to day operations of the buildings once fully leased
One clear advantage that Asteco has in Discovery Gardens is that is also the home of their property management head office. “Because of that we can seamlessly interact and coordinate with various Asteco departments, all onsite,” said Stevens.
This proved to be decisive during the initial handover of the buildings in Discovery gardens. Reports highlighting the snagging/defects of the buildings, was sent to the developer and Asteco ensured that all defects were attended to prior to accepting handover of the building from the developer.

Once the buildings were in an acceptable condition for handover Asteco arranged to take possession of the buildings on behalf of the owners and arranged all final payments to the developer.
“We simply could not have operated so efficiently if we did not have a consolidated presence onsite,” said Stevens.

Negotiations were then made on behalf of the owners for facilities management services such as security, cleaning, air-conditioning maintenance to ensure that the fabric of the building is well maintained in a cost-effective manner.
“A well presented and managed building always initially attracts a better quality of tenant and most importantly retains them longer,” said Stevens.
In the current economic climate, investors more now than ever need their properties to earn their keep, providing a continuous income stream and optimal return on investment.

“Through our leasing team we also manage contracts protecting the interests of the landlord and the tenant. We also provide ongoing reports with monthly income and expenditure reports, leasing status updates and maintenance updates.
Located adjacent to Ibn Battuta shopping mall and the impressive Ibn Battuta Gate complex which comprises offices, apartments and the soon-to-open five-star Moevenpick hotel, Discovery Gardens is rapidly gaining a reputation for value-for-money. Annual rental prices start from just AED 35,000 for studio apartments and up to AED 85,000 for two bedroom apartments.

Tenants also benefit from 24-hour security and round-the-clock maintenance support. Apartments come complete with branded white goods and rents are fully inclusive without any hidden extras. Some buildings also have small retail developments with conveniently located, supermarkets, pharmacies and dry cleaners.