28th November 2011

Wasl wins its first freehold market association management contract

Wasl LLC, the property management arm of 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 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.”