Asteco completes Seven-building 'Oceana Palm Jumeirah' pro-active cladding replacement project

Dubai: - Asteco Property Management has announced that new Civil Defense approved fire rated cladding panels have been installed across the seven-building mixed use integrated Oceana Palm Jumeirah community. The new cladding project was funded by the community’s Owners Association Reserve Fund and resulted in significant cost savings that reflected directly on annual service charges.  

The replacement project was first initiated after one of the community’s buildings, the Adriatic, was damaged due to a fire in December 2016, and caused community insurance fees to skyrocket by over 330%. By proactively and voluntarily replacing the cladding in the remaining six buildings, and part of the 7^th building, insurance premium was reduced year on year until it reached the pre-2016-2017 rate, increasing the community’s value and enhancing safety.

H.P Aengaar, CEO at Asteco, said, “The Oceana Owners Association was able to fund the entire project from the community’s reserve fund put aside every year for major renovations and unforeseen damage and avoided paying higher service charges. We are proud of our partnership with the Oceana Owners Association Board and the project team who together were able to make this initiative a resounding success.”

Inna Devani, who has been serving as Asteco’s General Manager at Oceana Palm Jumeirah since 2013, added, “The entire team at Asteco with the support of our partners, board members and subcontractors spared no effort to ensure we successfully complete this important project. Oceana Palm Jumeirah is today one of the safest communities in Dubai and Owners and Tenants can rest assured that their properties comply with the highest safety standards in line with the regulations set by Dubai’s Real Estate Regulatory Agency (RERA).”

Oceana Residences consists of seven towers – Adriatic, Pacific, Caribbean and Atlantic on the north side of the trunk of Palm Jumeirah, and Southern, Baltic and Aegean on the east side of the enclave. Approximately 90% of the community is occupied and 100% of the units have been sold.

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About Asteco:

Asteco is a major regional and international award-winning full-service real estate services company that was formed in 1985 and has gained enormous respect for consistently delivering high quality, professional, value-added real estate services in a transparent manner. The company is also widely recognised for its involvement with many of the projects that have defined the landscape and physical infrastructure of the United Arab Emirates.

The world-class company has a distinguished and important combination of local knowledge and international expertise and has been renowned for its application of the latest technological tools and innovations, its commitment to transparency, winning strategies and human expertise.

Undisputed Real Estate experts with a regional presence to serve its customers, Asteco proudly represents a significant number of the region’s top property Owners, Developers, and Investors.

Asteco offers a wide range of services and solutions to its clients from Sales & Leasing, Property Consultancy & Management, Owners’ Association Consultancy & Management and Clubhouse & Lifestyle Management to Building Consultancy, Retail Management, Valuation and Advisory as well as Franchising services. The company applies innovative solutions and cutting-edge technology to add tangible value for its clients at every stage of the property lifecycle and to continuously elevate customer experiences.

© Press Release 2021