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The three bodies are set to enhance community management services in compliance with RERA’s guidelines
May 20, 2024 | Staff Reporter | UAE | Community Management
Luxury Owners Association Management Services LLC, LOAMS, the community management arm of DAMAC Properties has signed a Memorandum of Understanding with RealPoint & Zee Matrix to provide consultancy services for their portfolio in line with recent circulars from RERA related to the update of assets on Mollak and mandatory Reserve Fund studies.
Dubai-based Zee-Matrix is authorised to provide thorough real estate inspections according to UAE and global standards, completely adhering to local regulations, as well as the standards and laws of the Dubai Land Department (DLD), Real Estate Regulatory Authority (RERA), Dubai Municipality, Dubai Civil Defense, and DEWA.
Located in UAE, RealPoint is a Regulated Royal Institution of Chartered Surveyors (RICS) firm, and is one of the first Dubai RERA-licensed real estate inspection firms, delivering property inspection services, with international and Middle East inspection experience.
The two entities will provide consultancy services related to third-party validation reports required by RERA for the reserve fund asset registration in Mollak and other property observer technical reports.
“The collaboration between LOAMS and RERA-approved auditors will ensure that our (LOAMS-managed) properties are safe and fully insured as per the agreement. The agreement will streamline the process for the best benefits of the jointly owned properties managed by LOAMS, in line with their ISO standards, assuring the best quality of services provided to our customers.”
Ziad Haddad, Senior Vice President-Facilities Management of DAMAC Properties
The Memorandum of Understanding (MOU) between LOAMS and RERA-accredited property observers aims to facilitate cooperation, enabling the parties to achieve their objectives in line with recently issued circulars by the Real Estate Regulatory Agency (RERA). These circulars pertain to the 'Mechanism of Disbursement from the Reserve Fund Account' and 'Instructions for affected real estate units of jointly owned properties due to non-performance of repair and maintenance works
“The collaboration between LOAMS and RERA-approved auditors will ensure that our (LOAMS-managed) properties are safe and fully insured as per the agreement. The agreement will streamline the process for the best benefits of the jointly owned properties managed by LOAMS, in line with their ISO standards, assuring the best quality of services provided to our customers,” said Ziad Haddad, Senior Vice President-Facilities Management of DAMAC Properties.
