National Properties launches joint venture with Australian strata & facilities management firm |
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New venture is first company of its kind in the UAE
It will address market need for world-class strata & facilities management
Dubai, September 11, 2007 - National Properties, the wholly owned real estate subsidiary of National Bonds CorporationNational Bonds Corporation
, has announced a joint venture with Prudential Investment Company of Australia (PICA) to launch the first strata & facilities management company for developers, home owners and tenants in the UAE.The joint venture called BCS - Strata Management Services, marks a watershed in the fast evolving UAE real estate sector as it addresses the increasing demand for comprehensive strata & facilities management services of international standards. The Strata Management market in the UAE is currently estimated at over US$600 million.
Strata Management refers to the day to day running and upkeep of a building or a group of buildings in a development, particularly common areas and facilities often owned and managed by authorised Owners Associations (also known as 'body corporates').
BCS (Body Corporate Services), the strata management subsidiary of PICA launched in 1972, is Australia's largest in this sector and the seventh largest in the world. BCS - Strata Management Company will draw on the expertise and extensive knowledge of BCS in providing pioneering, cutting-edge services to property owners in the UAE and other strategic markets in the region.
Commenting on the joint venture, Adel Ahmed Lootah, CEO of National Properties said BCS was an obvious choice for a partner as it is one of the best providers in a very specialised sector.
"A differentiator in the growth of UAE real estate has been that many have realised the dream of owning their own home or place of work. But as we develop and grow it is becoming increasingly important to maintain professionally the properties we already have for the benefit of owners, tenants and the country as a whole," he said.
"Buying a home or office is just the first step in ownership. Having proper management so that it retains its desirable status for years to come is equally important. This is why we have forged this joint venture with one of the best in the business," added Lootah.
John Nagle, Managing Director of FEXCO, added: "A dynamic, maturing property market like the UAE needs excellent strata management protocols to ensure sustainability and good relations between tenants and landlords. Strata management also helps owners by protecting property value, while for tenants it ensures a properly maintained living environment."
The joint venture has seen a prime time launch as residential, retail as well as office space in the region is going through a phase of exponential growth. "Recent studies have shown that Dubai alone will have approximately 175,000 new residential units and per capita gross leasable retail space of 25 sq.ft by 2010. In addition, 27 million sq. ft. of commercial office space is currently under construction in the emirate, which is double the existing central business district space," concluded Lootah.
-Ends-
About National Properties
National Properties is a wholly owned, full-service real estate subsidiary of National Bonds CorporationNational Bonds Corporation, which offers distinctive homes and lifestyle options to the multinational UAE community. A Shari'a compliant entity, overseen by NBC's Fatwa & Shari'a Supervisory Board for all of its financial aspects including operations and investments, National Properties seeks to identify, develop and maintain unique opportunities in the property market for the prudent deployment the National Bonds CorporationNational Bonds Corporation investments earmarked for real estate developments. The development initiatives of National Properties will accord top priority to the needs of the local community while ensuring good returns for the National Bonds holders.
About Prudential Investment Company of Australia
The Prudential Investment Company of Australia (PICA) was established over 50 years ago and has had many interests in a wide range of businesses, its core being the Owners Association Services or Strata Management industry in which it is the market leader. PICA offers customers Owners Association or Strata Management, Financial Services, and Facilities Management products and services all supported by advice, technology and best industry practices. Its core being the Strata Management industry in which BCS (Body Corporate Services) Australia is the 7th largest strata management company in the world and a market leader in the Australian Body Corporate or Strata Management industry
PICA is a wholly owned subsidiary of FEXCO, a provider of global payment services and processing. Via its three core product groups - Global Corporate Payments, Global Consumer Payments and Business Services - FEXCO distributes millions of international payment transactions annually.
About National Bonds CorporationA private shareholding company, National Bonds CorporationNational Bonds Corporation
is a Dubai-based entity that was launched in March 2006. The government of Dubai holds a 50% ownership in the company with the rest being held by Dubai Bank, Dubai Holding and Emaar Properties. National Bonds CorporationNational Bonds Corporation is Shari'a compliant, with a dedicated Shari'a Board to oversee all financial aspects including product-related operations and investments. Since its launch in 2006, National Bonds has come up with various successful initiatives in community development. In December 2006, it launched "Skycourts", the elegant and affordable freehold residential community in the heart of Dubailand Residence Complex and earlier this year, National Bonds launched 'National Properties', a wholly owned, full-service real estate subsidiary that offers distinctive homes and lifestyle options to the multinational UAE community. They also launched 'Madaares PJSC', an initiative aimed at raising quality standards in the region's education sector. Madaares has acquired Taaleem and its associate Beacon Education, a leading provider of high-end primary and secondary education in the Gulf region consolidate its position in the fast-growing education sector.
For further information, please contact:
Jonathan Tudor/ Nizar Saab
ASDA'A Public Relations
Tel: +971-4-3344550,
Fax: +971-4-3344556
E-Mail: j.tudor@asdaa.com / n.saab@asdaa.com
© Press Release 2007
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