Nass Group announces creation of new joint venture to serve growing Bahraini real estate market
Nass Group, the leading industrial and commercial organisation, has announced the creation of a new joint venture with Body Corporate Services (BCS) of Australia creating the new entity “BCS – Bahrain”. This joint venture will introduce a unique and essential service to the growing Bahraini real estate market: strata management.
Strata management is defined as the subdivision of real estate lots into “strata” allowing the full ownership and transfer of ownership of these subdivided units by the owners, but represented by the ‘owners’ corporation’. This form of ownership is welcomed by both owners and investors because they are provided with the title deed to their unit, but are removed from the daily responsibilities of maintenance, insurance and legislation.
“The concept of Strata is very easy to understand. If an owner buys a unit within a strata schemed building or development, whether it is a residential, commercial, retail, resort, apartment or a mixed use unit, that owner takes possession of his title deed, becoming a member of that property’s owners’ corporation. What BCS – Bahrain will provide, in effect, is the strata management element of this fiduciary relationship,” said Greg Hayood, CEO BCS.
Strata managing agents become the delegate of the owners’ corporation, and would therefore be responsible for exercising certain day-to-day functions. These include but are not limited to secretarial duties such as producing, distributing, and archiving by-laws; accounting duties including collection, banking and accounting of all levies; the provision of strata certificates and other statutory information; enforcement of property by-laws; assessment and proposals for maintenance and insurance; and advising the owner’s corporation on procedures and legislative requirements.
“The strata management model defies the common model wherein there is a separation of functions and duties, bringing two basic groups together: the secretarial/fiduciary management and the building/janitorial management. The general principle that applies to strata agents is to act as secretary and treasurer of the owners’ corporation, as well as the acting agent in exercising these functions on behalf of the owners’ corporation,” said Adel Abdulla Nass, director of finance for Nass Group.
“Facility management is a critical service needed when developing new communities, and BCS – Bahrain will provide those services in addition to the unique and vital concept of strata management services, a first for Bahrain,” concluded Adel.
BCS is Australia’s premier strata and facility management company as well as the seventh largest in the world. The company manages over 100,000 units throughout Australia and its unique services model has been benchmarked around the world. The company’s proprietary software systems have been developed in house for many decades, building on its experience and compounding those systems’ effectiveness over time.