The move comes as Asteco takes over property management responsibilities for a significant new stock of 1,200 apartments soon to be handed over by sub-developers working on the Porto Arabia precinct of The Pearl-Qatar, the country’s flagship development.
The Pearl, in which Qatar offered its first freehold properties, is a US$10 billion development on a man-made island off the coast of Doha with more than 40 kilometres of new coastline that will eventually offer a total of 16,000 villas and 25,000 apartments.
Asteco Qatar LLC, is a joint venture partnership with United Development Company (UDC), master developers of The Pearl-Qatar; Commercial Bank of Qatar; and Qatar Insurance Company. UDC is Qatar’s largest private sector shareholding company.
Asteco has been appointed by UDC as the lead property management, or strata, consultant within The Pearl-Qatar master development and delegated to carry out the responsibilities of the co-owner’s association management. The appointment covers multi-ownership plots within the Porto Arabia, Viva Bariyah, Qanat Quartier and Giadarno Villas – a mix of UDC and sub-developer properties.
“Our instructions are ongoing while development work takes place within the master development. Future instructions could arise as owners of single ownership plots divest through unit sales and co-owner associations are established,”
explained Jed Wolfe Regional Associate Director for Asteco in Saudi Arabia, Qatar and Bahrain.
“What is certain, however, is that with all the new, higher quality property coming onto the market, those living and working in Qatar will have more choice than ever in 2010.”
In a recent report on Qatar, Asteco said property leasing is expected to see continued activity in 2010 as projects reach completion and the gas, oil, infrastructure and logistics industries continue to attract investment.
In support of its position as number one agent for sales, leasing and property management on The Pearl-Qatar and its increasing presence in wider Qatar market, Asteco has recruited a number of industry experts for key strategic posts including Don Caslick as General Manager; David Zlatarich as Head of Property Management; and Faris Wail as Head of Sales and Leasing.
Veteran Caslick has over 24 years of experience in strata management in Australia and the Middle East and has worked with many of the biggest names in the industry. “The opportunity to be involved with the ongoing management and operation of the home owners associations on the pearl-Qatar presented me with a challenge that I could not resist,” said Caslick.
David Zlatarich, who is the new manager of leasing and property management, is another veteran with nearly 20 years’ experience. His vast knowledge of commercial, residential and hospitality property management will ensure that operations will be managed using highest international standards and codes of practice.
“The Asteco name is synonymous with high quality service and professionalism and Don, David and Faris will bring these core capabilities to our growing customer base in Qatar. Certainly The Pearl-Qatar will be in safe hands,” Wolfe said.
Asteco, a major regional and international real estate services firm and the largest property services company in the United Arab Emirates, was founded in 1985. The company is currently expanding in the region with a focus on the Saudi Arabia, Qatar and Bahrain markets. Asteco offers independent market analysis, design development consultancy and valuation services, sales and leasing services, as well as asset and property management services.