Sunday, January 29, 2012

Palm Jumeirah Dubai: RERA approves Oceana community service charge



RERA approves Oceana community service charge

Stakeholders of Oceana Residence agree after a thorough internal process and commitment to transparency - AED17.50 per square foot


As issues concerning the transparency and breakdown of service charges across the emirate’s property market continue to fuel debate amongst owners and developers, Asteco Property Management reports that Dubai’s Real Estate Regulatory Authority (RERA) has approved the 2012 service charge budget for its Oceana residential and resort community on The Palm Jumeirah, Dubai.

Commenting on the announcement, John Stevens, Director, Asteco Property Management, said: “This is not the first complex in the city to receive approval, but as a mixed-use resort community with multiple facets, naturally we are pleased to conclude this issue with the full cooperation and involvement of the Interim Owners Association Board.

“In order to reach the final budget figure we had to detail the expenses for all of the buildings within the development, calculate the applicable fees for the communal areas and also the proportion of services utilised by the hotel and commercial elements, compared to the residential units,” he added.

To ensure that owners across the different asset classes of the community are being treated with parity, Asteco Property Management retendered all building services, which included detailed negotiations with the relevant sub-contracted companies, in order to present a mutually acceptable budget figure of AED17.50 per square foot. Compared to the previous figure there is a 30% reduction and the budget figure is in line with similar developments on the Palm Jumeirah.

“Our commitment to supporting transparency across the emirate’s real estate sector, particularly in the high profile area of service charges, saw us engage with Oceana’s developer, the Interim Owners Association and building management group through each stage of this comprehensive exercise,” said Stevens.
“The meticulous Asteco budgetary process is in line with the stringent requirements and spirit of the jointly owned property law, and is a model that we apply throughout our property portfolio,” he added.

About Asteco

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 management and property management services.

About Oceana

Oceana is a mixed use beachfront hotel, commercial and residential resort community with 644 residences, centrally located on the trunk of The Palm with private beach access. The development also offers the popular West 14th New York style steakhouse.

1 comment:

  1. ROYAL BAY AT THE PALM JUMEIRAH BY AZIZI DEVELOPMENTS


    ROYAL BAY, a sumptuous collection of fully serviced residential apartments situated on the crescent of Dubai’s iconic Palm Jumeirah, offers home buyers a unique chance to secure a place in one of the few remaining developments on the Eighth Wonder of the World.
    Cleverly angled at 45 degrees with spectacular views of the city’s skyline, the Atlantis Hotel and the Arabian sea, ROYAL BAY was designed to maximize light and provide stunning views from every room. The property enjoys the unique privilege of having direct access to a private beach.
    A world-renowned man-made landmark and a triumph of human ingenuity. A series of artificial archipelagos in the shape of a stylised palm tree, often referred to as the Eighth Wonder of the World. Palm Jumeirah is a hub for prime residential properties and high-end hotels, as well as a venue for sport events, concerts, entertainment and festivities like New Year’s Eve fireworks.
    • A self-contained residential district with retail, dining, services and leisure facilities
    • Safe and enjoyable environment for families
    • Access to a range of world class recreational activities and attractions
    • Unrivaled views of the Dubai skyline
    • A monorail runs along the trunk of the Palm connecting it to the mainland
    • Located only 30 minutes from Dubai International Airport
    • High return on investment
    We Would Love to Hear From You
    “We believe, Just one phenomenal customer experience can make a world of difference.”
    Call now to know more
    +971 55 8089889

    www.aziziroyalbay.com
    www.royalbaypalm
    Like us on Facebook: Facebook Page

    ReplyDelete