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.”