Residents of Adriatic Building Return Following Restoration Works

Dubai, UAE – Asteco Property Management today announced that the owners of residential units in the Adriatic building have started moving back following the restoration works that took place on the 15-storey tower after a fire broke out in December 2016. The building remained uninhabitable, as the water used to douse the fire damaged the main electrical system.

The restoration, that commenced in April 2017 after receiving the police and fire investigation reports and confirmation from the insurers, lasted 16 months. During the works, the Oceana Owners Association also took the opportunity to repair damaged building systems including the access control system.

Six units were sold in Adriatic Building during the restoration, and new tenants also expressed interest in leasing apartments in the newly restored tower, located within Oceana Residences, a mixed-use luxury beachfront residential complex consisting of seven buildings comprising 644 units, located at the trunk of Palm Jumeirah.

Asteco Property Management offered advice to the Oceana Owners Association through one of the leading insurance companies, Orient Insurance, part of the Al-Futtaim Group, rated A by S&P Global. The Strata Insurance policy taken out by the association exceeded the minimum requirement stipulated by the local regulators and so the owners could not live in their units or rent them out. However, during the restoration period, they were not financially disadvantaged with the insurance policy paying for loss of rent or alternative accommodation, furniture storage and some service charges, dependent upon the individual situation.

Young Engineering Consultancy Services was awarded the project after the Oceana Owners Association board members completed the tender process. The board members, managers from Asteco Property Management, and the resident Emrill FM team and management were also on site following the fire incident. Asteco Property Management has supervised the entire restoration and handover of the project on site.

During the works, the Oceana Owners Association Board developed a risk strategy to replace the existing cladding on the building’s façade with new Dubai Civil Defense (DCD)-approved grade cladding in a bid to prevent similar accidents from occurring and to ensure the Oceana Residences community conforms to the highest international standards. The proposal was presented to the owners at the annual general meeting in 2017.

The cladding has been replaced with render in some areas of the Adriatic building. Work is shortly set to commence on replacing the cladding on the remaining six buildings – a project that is being funded by the Oceana Owners Association. This will see a substantial drop in the insurance premium, which had increased from AED860,000 to AED3,670,000 after the fire incident. Earlier in 2018, the premium dropped to AED2,572,500 after the render works proposal and the risk strategy had been presented to the insurance company.

Speaking on the restoration project, John Stevens, Managing Director of Asteco, said: “As one of the leading property services companies in the UAE, we take pride in our high level of customer care, always ensuring that the comfort and well-being of our residents comes first. While the incident that took place in December 2016 was very unfortunate, we were able to manage the fire effectively with support from DCD, and from the contractors during the subsequent restoration works. In line with the latest regulations set by Real Estate Regulatory Agency (RERA), the cladding has been replaced with render within some sections of the Adriatic building’s facade, and the Oceana Owners Association is planning to do the same for the other buildings at Oceana Residences.”

In addition to the Adriatic building, Oceana Residences consists of six towers – 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. With superior-quality finishes evident in the detailing of the ceiling, stone flooring and tiling, all bedrooms within the units of the luxury complex offer expansive and breath-taking panoramic views of Dubai Marina or Palm Jumeirah.

Furthermore, the mixed-use development includes DUKES DUBAI hotel that boasts a gigantic pool overlooking the beach and is home to the popular West 14^th steakhouse, a New York-style grill and bar with loft-inspired layout and views of the Arabian Gulf from its floor-to-ceiling windows.

Residents of the community also enjoy exclusive access to a gym, children’s play areas, a private beach and an infinity swimming pool. Each building has round-the-clock security services and CCTV monitoring of public areas.

Stevens added: “Asteco Property Management is honored to have collaborated with the Oceana Owners Association Board and the project team to ensure the completion of the works within 16 months.”

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About Asteco

Asteco, a major regional and international real estate firm and the largest property services company in the UAE, was founded in Dubai in 1985. Asteco offers independent market analysis, design development consultancy and valuation services, sales and leasing services, as well as asset and property management services.

For more details, please visit www.asteco.com

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© Press Release 2018