Tameer Holding Investment LLC, a leading property developer in the Middle East held its first Interim Owners Association meeting on the 4th of August for owners of units in Palace Towers, its landmark mixed-use development in Dubai Silicon Oasis. The aim of the interim is to elect a temporary Owners Association Board and to commence an open and transparent dialogue with owners to ensure a smooth transition period following the introduction of the regulations of Dubai's Jointly Owned Property Law No 27 of 2007 (commonly referred to as Strata Law) which came into effect in April 2010.
Commenting on TAMEER's pro-active efforts in adopting and implementing the regulations, Federico Tauber, President of Tameer Holding Investment LLC said, "Dubai has always been at the forefront when it comes to the real estate and property sector. The new regulatory framework redefines the responsibilities and obligations of all parties, and strengthens and extends the rights of owners. At TAMEER, we have always strived to achieve the highest standards in customer satisfaction, and these new guidelines will help compliment our efforts. We are proud to be amongst the first developers to embrace the new framework."
The objectives of the meeting were successfully accomplished and included the election of the Interim Owners Association Board. TAMEER and Strata Global will now begin educating the Interim Board and Owners in the management of the project, the creation and registration within the next two months of the Jointly Owned Property Declaration, including the review of budgets, supply agreements for presentation to the First Owners General Assembly and any other relevant matters pertaining to the management of Palace Towers moving forward. The recent meeting also provided the opportunity to review matters related to maintenance of the common property as well as other general Owners Association administrative issues", added Tauber.
The meeting held at Palace Towers was attended by owners and senior members from TAMEER in addition to Strata Global who, as experienced international Consultants and Owners Association Managers, will ensure experienced and quality management is available to owners for the successful implementation of the Strata Regulations and the seamless handover from the current management of Palace Towers to the Owners Association once registered.
