Emaar Properties has brought together its entire property management services portfolio under the Hamptons International brand, which will now serve as a one-stop shop for product sales, letting and advisory services of Emaar and non-Emaar properties in an international arena.
The Hamptons name replaces Emaar Property Services (EPS) and EPS staff and product portfolio becomes part of Hamptons.
In August, 2006, Emaar acquired Hamptons International, the UK-based premier realtor with over 130 years of real estate expertise, to expand the company’s product sale competencies across the Western hemisphere. Subsequently, EPS joined hands with Hamptons to share strengths in operations, service support and product sales.
“Hamptons is an internationally recognized real estate consultant, and the integration of EPS under the Hamptons International brand will help Emaar to leverage on the opportunities offered across a wider market, including Europe, faster and more effectively,” said Mr Mohamed Ali Alabbar, Chairman, Emaar Properties.
He added: “With Hamptons, Emaar is also taking a step forward in our horizontal integration in the region by offering property management services on non-Emaar properties. This will complement Dubai’s existing property management services and further strengthen the real estate sector by assuring quality-backed services.”
Emaar’s acquisition covered Hamptons’ UK offices and its joint venture with CB Richard Ellis Hamptons International in the UK and Hamptons International in Oman. Hamptons has more than 1,000 staff and sells, lets and manages over 15,000 properties every year in the UK and overseas. With Emaar’s current residential portfolio of over 14, 500 homes, the Hamptons property base has doubled.
Hamptons International will cover the entire Emaar roster of projects in the UAE, its already-existing clients in the UK and Oman as well as several other projects in the UAE. “The large portfolio of projects will make Hamptons the true leader in real estate services in the region,” said Mr Christopher Steel of Hamptons International.
“Hamptons International will serve as a two-way gateway: Potential investors in the Western hemisphere can obtain value-added information about UAE properties through Hamptons offices there, while residents here can gain first-hand insight into a number of international properties from Hamptons in Dubai,” added Mr Steel.
Hamptons, with a strong sales network globally, is headquartered in Grosvenor Square, London. It plans to expand the office network from 60 to 120 by 2009.
“Emaar is bringing in the vast experience of Hamptons to Dubai, and thus offering international standards in buying, selling, leasing and mortgage brokerage to our clients here,” said Mr Alabbar. “Hamptons will deliver property valuation, management and development services that are in line with international best practices.”
Emaar had earlier acquired the second largest private home builder in the US, John Laing Homes. The acquisition of John Laing Homes and Hamptons are strategic steps by Emaar as it expands globally in line with its Vision 2010 to become one of the most valuable companies in the world.
Emaar has already expanded into Saudi Arabia, Egypt, Morocco, Tunisia, Jordan, Turkey, Syria, India, Libya and Pakistan. Emaar also joined hands with The Turner Corporation, a leading building services provider, to form Turner International Middle East Ltd, to tap regional growth opportunities.