Master developer & RERA agree new budgets
Reductions to be backdated
Dubai, UAE, 22 June 2009: Dubai master developer Nakheel today announced a new, lower service charge budget for its Discovery Gardens community, following a detailed review of scope and suppliers. The new rate has been formally agreed with the Dubai property market regulator, RERA, and will mean a reduction of approximately AED 5 per square foot in service changes for homeowners.
The new lower service charge rates will be backdated to 1st January, 2009, with any rebates for householders being credited against next year's service charges effective from 1st October, 2009.
Abdulrahman Kalantar, Managing Director of Nakheel Asset Management and Design (NAMAD), said:
"When we first set the service charges for Discovery Gardens, they were based on our best estimates for this new Nakheel community. Following a lengthy review, we have been able to take advantage of recent reductions in the cost of goods and services, which has in turn reduced our overall service charge budgets. We're now delighted to pass on these cost savings to every homeowner at Discovery Gardens."
Presently across Nakheel's developments, including Discovery Gardens, service charges are budgeted according to projected costs and all accounts are independently audited to ensure accuracy and transparency for homeowners. Nakheel works with RERA, residents and suppliers to ensure that the charges are in line with market averages.
Following the introduction of Strata Law in April 2008, Nakheel made the necessary preparations to register the Owners' Association with RERA once the regulations are finalized by the Dubai Land Department (DLD). As master developer, Nakheel will ensure that the owner associations are established in a timely manner, together with the creation of an owner's committee which will empower residents to actively participate in the management of their building.
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About Nakheel
Nakheel is one of the world's largest privately held real estate developers, and a key player in realising the vision of Dubai for the 21st century: creating a world class destination for living, business and tourism.
Nakheel is developing an iconic portfolio of innovative landmark projects in Dubai, and now in key markets around the globe, across a range of sectors - residential, commercial, hotels, retail, and leisure. Nakheel's projects are conservatively estimated to be worth US$80 billion. Upon completion, Nakheel's waterfront projects will have added more than 1,000km of shoreline to Dubai's coastline.
Nakheel's Dubai portfolio includes Palm Jumeirah, Palm Jebel Ali, Palm Deira, The World, Waterfront, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Ibn Battuta Mall, Al Furjan, International City and Dragon Mart.
Nakheel is a key entity within Dubai World. Dubai World is one of the world's largest holding companies and supervises a portfolio of businesses and projects for the Dubai Government across five continents and more than 100 countries.
Further information can be found at www.nakheelmediacentre.com
For more information please contact:
Four Communications
Margaret Flanagan or Becki Willis at Four Communications
Nakheel@fourcommunications.com
tel: +971 55 985 3378/ +971 55 980 1125
Nakheel
Anna McGovern,
Senior PR & Communications Executive
+971 4 375 9963 / +971 (0)50 457 5892
anna.mcgovern@nakheel.com
© Press Release 2009
