ASWAQ Management & Services (AMS) sets up dedicated residential and commercial property division and starts to market several mixed use property developments
Posted onTuesday, 16 October 2007
Industry SectorReal Estate
CountryUnited Arab Emirates
Press Release Content
Abu Dhabi-based ASWAQ Management & Services (AMS), an Emirati-French joint venture, today announced the establishment of a dedicated division to manage consultancy, sales and leasing services for residential and commercial (office-space) projects.
The addition of the residential and office-space business makes AMS the leading integrated property services company in the region, with its decade-old, retail property consultancy, sales and leasing management experience.
The announcement was made to coincide with AMS' participation at Cityscape - Dubai, the international property development event taking place 16-18 October, 2007 in Dubai.
According to market data, the demand for new office space in the UAE has been growing significantly. Additional office space expected to be brought on to the market in Abu Dhabi is estimated to go up ten-fold to reach 153,000 square metres by 2009, from just about 15,000 square metres in 2005. In Dubai, the figure is expected to increase four-fold, from 5 million square metres in 2005, to 19 million by 2009.
Meanwhile, via its Bahrain affiliate, Gulf Management & Services, AMS has started sales of apartments in Tower B of its ‘Villamar at the Harbour' project in Bahrain, consisting of 227 super-luxury apartments with prices ranging upwards of BD 1,500 per square metre (over 4 000 US $ /SQM). Over 80 of these units have already been sold since marketing commenced a few weeks ago and prospective buyers showing active interest in these prime properties will allow to sell all remaining apartments within the following months
AMS is also under assignment to manage Property Consultancy, Sales and Leasing and Management for the massive Bani Yas mixed-use project that will consist of a large shopping mall, upwards of 340 apartments and 125+ villas. AMS announced that they are now starting to lease the Shopping Center premeises and that the first phase of the residential component of the project is expected to go on sale by the end of this year.
"For AMS, the setting up of the residential and commercial division is a strategic expansion to position itself as an integrated property services company. The market in the region has accelerated its preference for mixed-use projects over the last 6-8 months and AMS, with its international collaboration and regional experience, is well-placed to expand into the sector", said H. E Nasser Al Nowais, Chairman of AMS.
Damian Hill, an industry veteran with two decades of residential and commercial property sales and leasing experience in Australia and in the Middle East, has been appointed as the Director of the new Residential & Commercial Division at AMS. "I look forward to strengthening AMS' industry positioning and client portfolio", said Hill.
In keeping with AMS' established credentials, the company continues to add to its portfolio of prestigious projects in the retail property management domain. The latest contract win for AMS is the retail component of the iconic Etihad Towers that is being constructed opposite the Emirates Palace in Abu Dhabi. The retail section of this development includes a 10,000 square metre shopping gallery that will feature high-end brands, a large supermarket and a mix of fine dining outlets and coffee shops.
AMS is also managing the 35,000 GLA (gross leasable area) shopping mall that is part of the AED 700 million Wahat Hili project in Al Ain, expected to be completed in the first quarter of 2010. Wahat Hili will also include 192 hotel apartments branded Hili Rotana Suites operated by the Rotana Group.
AMS has now officially started to lease the Retail Premises of the Wahat Hili Mall;
Recently, AMS was awarded an exclusive contract by Manazel, for the retail component of the AED 5 billion Building Material City. Building Materials City comprises 49 commercial and residential towers and is expected to include, by decree of the UAE government, the first official building materials stock exchange in the region and the leasing of the Shopping Center has already started with wellknown Anchors and Key retail operators.
AMS has also bagged a contract to manage the leasing of the 'Bawabat Ajman' shopping mall which is part of the Emirates City project in Ajman. In addition, AMS will manage the sales and leasing of commercial offices for 'Bawabat Ajman'.
AMS and its regional affiliates in the GCC-Levant region already manage 17 major property projects, covering a combined Gross Leasable and Sellable Area (GLA and GSA) of over 5 million square metres. AMS' affiliates in the region include AMS-Dubai, Gulf Management & Services in Bahrain, Beirut Real Estate Management & Services s.a.l in Lebanon and Amman Real Estate & Management Services in Jordan through strategic Alliances with prestigious and corporate partners such as Solidere, Al Abdali Investment and Gulf Holding Company;
AMS and its affiliates are targeting revenues of AED 30 million in 2008 generated by their Property Consultancy, Sales & Leasing and Management services. Across the region, the company employs the expertise of over 60 highly trained staff including Consultants, Sales, Leasing, Financial and Legal specialists as well as Architects, Designers and Engineers who have a thorough understanding of the Property Industry;
Notes and contacts
About Aswaq Management & Services
Aswaq Management & Services (AMS) originally represents French company Société des Centres Commerciaux (SCC) in the GCC area. It was established in Abu Dhabi in 1999 as a joint venture between H.H. Sheikh Mohammed Bin Suroor Al Nahyan, H.E. Nasser Mohammed Al Nowais and SCC.
SCC was established in 1962 and is involved in over 70 projects in Europe. Now, AMS and its affiliates with the support of SCC's 400 employees, experience and network as well as with their local expertise, represent a formidable task force with considerable means in the consultancy, sales & leasing and management of Mixed-Use Properties.