Largest Dubai landlord successfully launches new line of business
Dubai, UAE; 27 November 2011: wasl properties LLC, the property management arm of wasl Asset Management Group ('wasl'), the largest real estate management company in Dubai, today announced it has been awarded a contract by ETA Star Property Developers appointing them as the owner association manager of Al Manara Tower in the Business Bay area.
Mohammed Yahya, Sr. Director Commercial & Owner Association Management, wasl properties said: "This is a very significant contract representing wasl's first move into the freehold owner association market. The freehold market represents a major area of growth for wasl. For over 30 years we have set the benchmark in Dubai for property and facilities management service delivery. Now we are able to offer a comprehensive service to owners associations drawing on our market leadership in the leasehold market and our deep knowledge of local laws."
The contract comprises a large number of services including the snagging and rectification works necessary for the handover of the units to their respective owners on behalf of the developer; the formation of the Owners Association; and the tendering for the building's service providers.
Al Manara Tower, which is fully sold, is a 31 story commercial and office complex building constructed by ETA Star Property Developers located on the Dubai Creek extension at Business Bay. The tower block includes a fully serviced business centre, conference /auditorium facility and a leisure deck combining health spa and swimming pool.
Mohamed Ali, Managing Director, ETA Star Property Developers said: "We are delighted to partner with wasl, who have demonstrated strength across all areas of the mandate. Our collaboration with such a well-established organisation, that has unrivalled experience of the Dubai real estate market, will prove extremely beneficial for us and our investors. In addition to the professional handling of day-to-day requirements and the long-term maintenance of the building, such association will strengthen the positioning of Al Manara as one of Dubai's premier developments."
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About wasl LLC (www.wasl.ae)
wasl LLC, an asset management group, was established by Dubai Real Estate Corporation (DREC) in 2008 to manage its various operations and its investments in the real estate and business sectors. The group currently encompasses three subsidiaries including wasl properties, wasl hospitality and Dubai Golf.
Set up to strengthen Dubai's success and to actively secure its future growth objectives for, wasl Asset Management pursues a vision 'to value and be valued by our stakeholders'. The group aim is to achieve this objective by creating a legacy of trust and respect, acting as a responsible corporate entity, and as a platform for innovation in asset management.
The word 'wasl', which means 'connection' in Arabic, is symbolic of the strong relationship the group shares with its stakeholders. wasl was the original name for historic Dubai and represents its profound link to the past, its present rapid evolution as a strategically located global hub and vision for the future.
wasl properties manages wasl's extensive residential and commercial asset portfolio of over 25,000 residential and commercial properties within the Emirate of Dubai. wasl Properties provides a full range of property management, facilities management and call centre operations providing CRM services to tenants.
wasl hospitality's portfolio currently comprises seven hotels with over 2,200 rooms. These hotels currently managed by Starwood and the Hyatt include prime center city hotels and residential apartments such as the Hyatt Regency, the Grand Hyatt, Le Meridien Dubai and The Fairway and the resort and spa properties such as The Park Hyatt Dubai, Le Meridien Mina Siyahi Beach Resort and Marina and The Westin Mina Seyahi Beach Resort and Marina.
Dubai Golf (www.dubaigolf.com) manages the UAE's two leading international golf destinations - Emirates Golf Club and Dubai Creek Golf & Yacht Club. Together, these golf clubs boast three championship golf courses including the famed Majlis the venue of the Dubai Desert Classic Championship. In addition, Dubai Golf offers professionally run golf academies, a luxury marina, nine internationally renowned restaurants and a host of recreational facilities.
For further information, please visit our website (www.wasl.ae), or contact:
Ahmed Ali Al Sheryani
Director General: Marketing & Corporate Communication Department
wasl Asset Management Group
Tel: +971 4 3139211
Fax: +971 4 3983938
Mob: +971 50 632 4432
Email: alsheryani@wasl.ae
Dina Samhout
Brunswick Group
Tel: +971 4 446 6283
wasl@brunswickgroup.com
© Press Release 2011
