Asteco Property Management has announced that new Civil Defence approved fire-rated cladding panels have been installed across the seven-building mixed-use integrated Oceana Palm Jumeirah community. The new cladding project was funded by the community’s Owners Association Reserve Fund and resulted in significant cost savings that reflected directly on annual service charges.
The replacement project was first initiated after one of the community’s buildings, the Adriatic, was damaged due to a fire in December 2016, and caused community insurance fees to skyrocket by over 330%. By proactively and voluntarily replacing the cladding in the remaining six buildings, and part of the seventh building, insurance premium was reduced year on year until it reached the pre-2016-2017 rate, increasing the community’s value and enhancing safety.
“Oceana Palm Jumeirah is today one of the safest communities in Dubai and owners and tenants can rest assured that their properties comply with the highest safety standards”
H.P Aengaar, CEO at Asteco, said: “The Oceana Owners Association was able to fund the entire project from the community’s reserve fund put aside every year for major renovations and unforeseen damage andavoided paying higher service charges. We are proud of our partnership with the Oceana Owners Association Board and the project team who together were able to make this initiative a resounding success.”
Inna Devani, who has been serving as Asteco’s General Manager at Oceana Palm Jumeirah since 2013, added: “The entire team at Asteco, with the support of our partners, board members and subcontractors spared no effort to ensure we successfully complete this important project. Oceana Palm Jumeirah is today one of the safest communities in Dubai and owners and tenants can rest assured that their properties comply with the highest safety standards in line with the regulations set by Dubai’s Real Estate Regulatory Agency (RERA).”
Oceana Residences consists of seven towers – Adriatic, Pacific, Caribbean and Atlantic on the north side of the trunk of Palm Jumeirah, and Southern, Baltic and Aegean on the east side of the enclave. Approximately 90% of the community is occupied, and 100% of the units have been sold.