The replacement project was first initiated after the Adriatic tower was damaged in a blaze five years ago
The seven buildings that make up the Oceana Palm Jumeirah mixed-use project have been outfitted with new UAE Civil Defence-approved fire-rated cladding panels, Asteco Property Management has announced.
According to a statement, the new cladding project was funded by the community’s Owners Association Reserve Fund and resulted in significant cost savings that reflected directly on annual service charges. Oceana Residences consists of seven towers – Adriatic, Pacific, Caribbean and Atlantic on the north side of the trunk of Palm Jumeirah, and Southern, Baltic and Aegean on the east side of the enclave.
Approximately 90% of the community is occupied and 100% of the units have been sold, the statement explained. The replacement project was first initiated after the Adriatic tower was damaged in a blaze five years ago, which led to a massive hike in community insurance fees by over 330%, according to Asteco
CEO HP Aengaar said, “The Oceana Owners Association was able to fund the entire project from the community’s reserve fund put aside every year for major renovations and unforeseen damage and avoided paying higher service charges. We are proud of our partnership with the Oceana Owners Association Board and the project team who together were able to make this initiative a resounding success.”
By proactively and voluntarily replacing the cladding in the remaining six buildings, and part of the seventh building, the insurance premium was reduced year-on-year until it reached the pre-2016-2017 rate, increasing the community’s value and enhancing safety, the statement noted.
Inna Devani, who has been serving as Asteco’s general manager at Oceana Palm Jumeirah since 2013 remarked, “The entire team at Asteco with the support of our partners, board members and subcontractors spared no effort to ensure we successfully complete this important project. Oceana Palm Jumeirah is today one of the safest communities in Dubai and Owners and Tenants can rest assured that their properties comply with the highest safety standards in line with the regulations set by Dubai’s Real Estate Regulatory Agency (RERA).”