OWNERS ASSOCIATION CAPABILITY STATEMENT | 1
YEARSIN THE MIDDLE EAST
OVER
OWNERS ASSOCIATION CAPABILITY STATEMENT 2018
2 | OWNERS ASSOCIATION CAPABILITY STATEMENT
Our property services cover all land use categories/market sectors including:
THE CREDIBLE BRAND | THE TRUSTED BRAND | THE STRONG BRAND | THE REPUTABLE BRAND
As a truly integrated property services company the core business lines Asteco conducts from its offices throughout the Middle East are listed below. All of these are headed up by highly qualified Directors with decades of local and international experience in their respective fields:
Asset ManagementSalesLeasingValuation & AdvisorySales ManagementOwners AssociationLicensing
• Residential •Offices • Retail • Industrial • Land
Asteco | The property expert
YEARSIN THE MIDDLE EAST
OVER
5TOP REASONS why you should get Asteco to Sell or Lease your Commercial property
EXPERIENCED
COMPLIANT
TRACK RECORD
REPUTABLE
BESPOKE
Jordan
AMMAN
United ArabEmirates
Ras Al Khaimah
Umm Al Quwain
Ajman
SHARJAH
DUBAI
ABU DHABI
AL AIN
KSARIYADH
OWNERS ASSOCIATION CAPABILITY STATEMENT | 3
Core competency and achievements
Asteco strive to set the benchmark of international best practice through our experienced staff providing valuable insight and expertise to achieve effective management solution using our established operating procedures.
Asteco have successfully managed projects such as Oceana/DUKES on The Palm and Al Bateen Residences/Hilton Hotel in JBR, from their inception from the initial feasibility studies through Sales, and handover to Owners and set up of the Owners Association and onwards.
The Department is proud of its ability to transition projects into fully operational communities. We prioritise close attention and flexibility to Clients which has resulted in our extremely high Client retention.
Our philosophy of management differs from other companies. Asteco provide high quality bespoke management with effective resource allocation influenced by the requirements of the property, not what price level has been set without reference to need.
Being able to resource the project adequately ensures there is substantial support and capability at all times, maintaining quality in response and communication. Up to the minute reporting ability and closer supervision results in immediate decision making which assists in reducing inefficiency and costs.
Our robust accounting ability has placed Asteco as the go to company by RERA to test Escrow banking process and procedure for OAs. This resulted in Asteco being the first manager to set up an OA Escrow bank account directly dedicated to an Owners Association.
6.5milsq.ft. under management
7500+units under management
10 yearsexperience of managing Dubai jointly owned property
95%+units annual collection rates
4 | OWNERS ASSOCIATION CAPABILITY STATEMENT
Functions of Owners Association
Community Management Our approach to management is driven by our goal of maintaining and enhancing the asset value of the community through our tailored approach of working with and engaging the Management Board on the key management and enhancement areas of a building.
•Mastercommunityupdates • Regular newsletters •Charitydonations •Gettogetherevents •Resident’ssurvey
Financial Management Owners Associations managed by Asteco achieve a 95% - 98% service charge collection rate on an annual basis.
•DedicatedandindustryspecificqualifiedOA AccountsDepartment •Annualbudgetpreparation •Servicechargecollectionrate95-98% •ReserveFundandGeneralFundallocation •Monthlyreportingonexpenditurevsbudget
Facility Management
We look to form strong partnerships with quality companies to provide best value facility solutions.
These strategic partnerships allow for collaboration to enhance operations, resulting in improved efficiencies.
•Qualityassurance •Tenderingprocessforselectingserviceproviders •WeeklymeetingswithFacilityManagementTeam •Regularsitevisitsandinspections •Proactivepropertymanagement
Energy Management
Initiatives for residential and commercial buildings to reduce utility charges which are typically 40% of a property’s expenditure.
•Conditionassessment •Utilitycostanalysis •Reviewofenergysavingstrategies •Implementationofcostsavingplans •Energyandsustainabilityaudit
OWNERS ASSOCIATION CAPABILITY STATEMENT | 5
Team structure behind the successful operation
ManagingDirector/ Director-AssetServicesJohnStevens
AssociateDirector OwnersAssociationNicholasWhite
OwnersAssociationManagers andAdministrationstaff
HeadofficesupportFacilityServices|Accounts|Administration|Management
OwnersAssociationBoard
FacilityManagementserviceprovider Specialistserviceprovider
6 | OWNERS ASSOCIATION CAPABILITY STATEMENT
Owners Association managed by Asteco
Gold Crest Views 2 |JLTDubaiClient: Nakheel
Tiffany Tower | JLT DubaiClient:TheTiffanyGroup
MAG 214 | JLT DubaiClient:MAGGroup
Swiss Tower | JLTDubaiClient:DubaiProjects
Al Bateen Residences |Dubai MarinaClient:AlAinProperties
Index Tower |DIFC DubaiClient:UnionProperties
V3 Tower |JLT Dubai Client:Sh.SuroorBMAlNahayan
MAG 218 | Dubai Marina Client:MAGGroup
Churchill Tower |BusinessBayDubai Client:EmiratesNationalInvestment
Al Seef Tower |JLT Dubai Client:EmiratesNationalInvestment
Oceana Palm Jumeirah |Dubai Client:SevenTidesLimited
Syann park 1 |Dubai Client:SyannParkILimited
OWNERS ASSOCIATION CAPABILITY STATEMENT | 7
Jointly Owned Property Management services •Financialservices
•Insurance
• Meetings
•Administration
•Serviceprovidersupervision
•Halfyearlypreventativemaintenanceaudits
•Dedicatedsoftwareandonlinecommunityportal
•Customisedfeedbacksurveys
•Preparationofcommunityspecificservicestandards
•Fitoutandalterationcoordination
•Billingofutilities
•Procurementandevaluationofserviceproviders
•AdvisoryofJOPlaw.
•ExcellentcontactandrelationswithRERAand authorities
•BankingandEscrowaccounting
•MaturedrelationshipswithMasterCommunitiesand localauthorities
Services of Asteco’s Owners Association
Consultancy and Advisory service •Projectstructuringgeneralplanning,workshopsand strategydevelopment
•CreationofdocumentssuchasBuilding ManagementStatementandJointlyOwnedProperty Declaration
•Surveyingandplans
•ReserveFundanalysisandmaintenance
•TenderofCommonAreaserviceandspecialist provider
•Servicechargemodellingandbudget
8 | OWNERS ASSOCIATION CAPABILITY STATEMENT
DUBAI (HEAD OFFICE)Address: 3rd Floor, Rolex Tower, Sheikh Zayed Road, PO Box 65361 DUBAI, UAETelephone: +971 4 4037777Fax: +971 4 4037778
ABU DHABIAddress: SJ Tower, Level 8, Office 804-805, Airport Road, PO Box 45640, Abu Dhabi, UAETelephone: +971 2 6260068Fax: +971 2 6261923
SHARJAHAddress: Dar Al Majaz Building, 1st Floor, Jamal Abdul Nasser, PO Box 60696, Sharjah, UAETelephone: +971 6 5533400Fax: +971 6 5533104
AL AINAddress: National Bank Building, 1st Floor, Clock Tower Roundabout, Opposite New Post Office, PO Box 14443, Al Ain, UAETelephone: +971 3 7666097Fax: +971 3 7666092
JORDANAddress: Astra Plaza Office, Wadi Saqra Street, Astra Plaza, PO Box 3707, Amman 11821, JordanTelephone: +962 6 464 0011
KSAAddress: 617 Makkah Road, Riyadh 11461, PO Box 2889, Kingdom of Saudi ArabiaTelephone: +966 11 436 6564Fax: +966 11 491 4236
IN THE MIDDLE EAST FOR OVER 30 YEARS © Asteco Property Management, 2018 | asteco.com | Customer services: 600 54 7773
Disclaimer: The information contained in this report has been obtained from and is based upon sources that Asteco Property Management LLC (“Asteco”) believes to be reliable, however, no warranty or representation, expressed or implied, is made to the accuracy or completeness of the.information contained in this report, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. Asteco will not be held responsible for any third-party contributions
.All opinions and estimates included in this report constitute Asteco’s judgment, as of the date of this report and are subject to change without notice
Figures contained in this report are derived from a basket of locations highlighted in this report and therefore represent a snapshot of the real estate market. Due care and attention has been used in the preparation of forecast information. However, actual results may vary from forecasts and.any variation may be materially positive or negative. Forecasts, by their very nature, involve risk and uncertainty because they relate to future events and circumstances which are beyond Asteco’s control
.For a full in-depth study of the market, please contact Asteco’s Research team
Asteco Property Management LLC. Commercial Licence No. 218551. Paid-up Capital AED4,000,000 | ORN 180