Asteco were earlier this year re-appointed for a third term by the Interim Management Board of the MAG 214 to work with them managing the Owners Association and Common Areas and Facilities of the Tower.
Asteco has been working with the owners and developers of various projects in Dubai to assist them in forming their Interim Owners Associations and Management Boards in preparation for the October 13th Real Estate Regularity Authority (RERA) deadline, with several towers appointing their Interim Management Boards.
RERA announced recently that there would be no extension to yesterday's October 13th deadline and that Developers must take the necessary steps to register Owners Association for their projects. Board Members are actively participating in the day to day operations of their buildings and preparing for the transition of full control and management once the Owners Association registration process is completed.
Asteco fully supports RERA and agrees that Developers must prioritize the registration of Owners Association in order to promote much needed transparency for Owners and Investors.
The interim Annual General Assembly for the Oceana – The Palm is scheduled to occur shortly with the number one priority being to elect a Management Board of Owners to work with Asteco in managing the common areas and shared facilities.
The involvement of Owners and the formation of the Owner Management Boards are essential to successfully transitioning the control and management of Jointly Owned Property from the Developer to the Owners Association once registered. Asteco will continue to work closely with RERA, Owners and Developers in achieving their goals and complying with the Dubai Jointly Owned Property Law, Regulations and Directions.
