Tuesday, Feb 03, 2009
Gulf News
Dubai: Private development company Omniyat Holdings is set to hand over its first three projects in the second quarter of this year.
Omniyat has a total portfolio spread across 15 projects worth a combined value of Dh28 billion. So far, nine of these projects have been launched with a combined value of Dh13.5 billion.
The three to be handed over in the second quarter include One Business Bay, Bayswater and The Square.
The announcement comes at a time when news of project delays is bringing down public confidence.
While 2009 may not be the year for further launches, senior officials say that they are aiming to complete three projects every year, starting now.
Ahead of the handovers, the company has created a subsidiary company, Omniyat Asset Management (OAM) meaning Omniyat will now have development profits and services income, according to Peter Walichnowski, chief executive of Omniyat Properties.
OAM is a service management company comprising three main areas. These are strata services, facilities management and property services, added Walichnowski.
The strata services will operate as per the strata law, relating to those buildings with more than one owner, such as apartment buildings and office blocks. The strata services include strata levy billing, accounting, insurance and maintenance.
Facilities management involves a building management system being present in the building. It is intended to reduce maintenance costs and operating costs.
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