Speaking on the 'Benefits from the Relationship between Owner's Associations, Strata Management & Facilities Management' at the Facilities Management Conference, Mr Crogan noted that the property market in the region has entered a phase of proper regulatory frameworks and asset management protocols.
"The initial phase of the property boom in this region saw a high volume of investment flowing in and extensive and spectacular developments being launched. The sustainability of those investments and buildings is the key question now and this can only be guaranteed by the professional management of assets," said Mr Crogan.
Since strata management covers all common facilities shared by owners and occupiers such as parking, fire services, air conditioning, lifts, pools, gyms, walkways, gardens and other common property, this area of service is vital to maintaining a high quality living environment, the health and well-being of residents, as well as cordial stakeholder relations, explained Mr Crogan.
Dubai is expected to launch a strata law in the near future, as part of streamlining the local real estate market and adopting international best practices.
"Professional strata & facilities management services, administered through legally constituted Owners Associations, will help protect the value of buildings and the living environment for the benefit of developers, investors, building owners and residents, thus contributing to a more organized and sustainable property market," Mr Crogan added.
"It will also add to the overall quality of life simply because if all multiple owner developments, residential or commercial, adhere to high standards set by strata and facilities management, the overall quality of the City environment will be guaranteed."
BCS Strata Management Services is a joint venture between local developer National Properties and the Prudential Investment Company of Australia (PICA). BCS, the strata management arm of PICA is the seventh largest in the world and the largest in Australia.
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BCS predicts rising UAE quality of life with new strata law
- United Arab Emirates: Monday, November 26 - 2007 at 16:05
- PRESS RELEASE
Professionally executed strata and facilities management will enhance quality of life and investor confidence, thus providing more stability to the region's real estate market, Peter Crogan, Chief Executive Officer of BCS Strata Management Services has told a conference in Dubai.
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For further information, please contact:Jonathan Tudor/ Nizar Saab
ASDA'A Public Relations
Tel: +971-4-3344550,
Fax: +971-4-3344556
About BCS Strata Management Services
BCS - Strata Management Services is a joint venture between National Properties, the wholly owned real estate subsidiary of National Bonds Corporation, and the Prudential Investment Company of Australia (PICA). It is the most experienced specialist strata management company to enter the UAE market.
BCS - Strata Management Services aims to provide comprehensive strata and facilities management services of international standards to developers, home-owners and tenants both in the UAE and other strategic markets in the region. It draws on the expertise and extensive knowledge of BCS (Body Corporate Services), the strata management arm of PICA.
About National Properties
National Properties is a wholly owned, full-service real estate subsidiary of National Bonds Corporation, which offers distinctive homes and lifestyle options to the multinational UAE community. A Shari'a compliant entity, overseen by NBC's Fatwa & Shari'a Supervisory Board for all of its financial aspects including operations and investments, National Properties seeks to identify, develop and maintain unique opportunities in the property market for the prudent deployment the National Bonds Corporation investments earmarked for real estate developments. The development initiatives of National Properties will accord top priority to the needs of the local community while ensuring good returns for the National Bonds holders.
About Prudential Investment Company of Australia
The Prudential Investment Company of Australia (PICA) was established over 50 years ago and has had many interests in a wide range of businesses, its core being the Owners Association Services or Strata Management industry in which it is the market leader. PICA offers customers Owners Association or Strata Management, Financial Services, and Facilities Management products and services all supported by advice, technology and best industry practices. Its core being the Strata Management industry in which BCS (Body Corporate Services) Australia is the 7th largest strata management company in the world and a market leader in the Australian Body Corporate or Strata Management industry
PICA is a wholly owned subsidiary of FEXCO, a provider of global payment services and processing. Via its three core product groups - Global Corporate Payments, Global Consumer Payments and Business Services - FEXCO distributes millions of international payment transactions annually.
Posted by Lara Lynn Golden, News EditorMonday, November 26 - 2007 at 16:05 UAE local time (GMT+4)
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