Indigo Tower developer praised for Strata Law progress



DUBAI // Not all homeowners are frustrated by the strata law: at Indigo Tower in Jumeirah Lakes Towers, apartment owners cannot praise their developer enough.

Months before the law was passed, the developer hired an owners' association consultant to help it comply with the coming regulations.

In January, the developer of Indigo Tower invited owners to form an interim association. Soon after, the developer handed over effective control of building maintenance, and costs.

Adil Moos, a member of the owners' association, said: "They are straight as an arrow, totally above board."

He and other owners set to work quickly, holding meetings every Saturday to review costs, raise concerns, and find solutions. They managed to cut service fees from the proposed amount of Dh16 per square foot, to Dh12 per sq ft. They also negotiated down the insurance premium for the building, and dismissed the consultants whom the developer had hired.

Since the owners were not legally authorised to open a bank account and write cheques, they gave the money to the developer to do so for them.

The owners even oversee minor problems: when the gym equipment wore down, they arranged to have it repaired. When smokers kept dropping their ash around the pool area, one board member went out and bought heavy-duty ashtrays to keep the area tidier.

They and their developer are at the proactive end of the strata law spectrum. Michael Ryall, a director at Place Strata Management, which works with owners' associations, said some owners meet twice a month, others twice a year. "It comes down to the boards themselves."

Likewise, Mr Ryall said, "some developers are really good, and really let the owners get involved and are embracing the whole process.

"Others, not so," he said. "It really is a mix."

Many property owners have stopped paying service charges levied by developers, in part to protest what they consider outrageous rates, and in part because they do not trust how the money will be used.

Without the funds to pay for proper upkeep, their properties are losing value.

Adrian Quinn, the chairman of Essential Community Management, which advises owners’ associations, said: “The hardest part is trying to get money in from outstanding owners.”

Many associations refuse to pay, except into an independent bank account, which they cannot open until they win legal standing, he explained.
"The longer Rera delays their registration, the longer these buildings are running down."

In one building in the Marina, owners have had to chip in an extra Dh500,000 in fees to cover for their delinquent colleagues, said one owner who asked not to be named.

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Profile

Company name: Jaib

Started: January 2018

Co-founders: Fouad Jeryes and Sinan Taifour

Based: Jordan

Sector: FinTech

Total transactions: over $800,000 since January, 2018

Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups

Sukuk

An Islamic bond structured in a way to generate returns without violating Sharia strictures on prohibition of interest.

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Results

5pm: Wathba Stallions Cup Maiden (PA) Dh 70,000 (Dirt) 1,000m, Winner: Hazeem Al Raed, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)

5.30pm: Handicap (PA) Dh 85,000 (D) 1,000m, Winner: Ghazwan Al Khalediah, Hugo Lebouc, Helal Al Alawi

6pm: Maiden (PA) Dh 70,000 (D) 1,400m, Winner: Dinar Al Khalediah, Patrick Cosgrave, Helal Al Alawi.

6.30pm: Handicap (TB) Dh 70,000 (D) 1,600m, Winner: Faith And Fortune, Sandro Paiva, Ali Rashid Al Raihe.

7pm: Maiden (PA) Dh 70,000 (D) 1,600m, Winner: Only Smoke, Bernardo Pinheiro, Abdallah Al Hammadi.

7.30pm: Handicap (PA) Dh 70,000 (D) 1,600m, Winner: AF Ramz, Saif Al Balushi, Khalifa Al Neyadi.

8pm: Maiden (PA) Dh 70,000 (D) 2,000m, Winner: AF Mass, Tadhg O’Shea, Ernst Oertel.

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Abu Dhabi race card

5pm: Maiden (PA) | Dh80,000 | 1,600m
5.30pm: Maiden (PA) | ​​​​​​​Dh80,000 | 1,400m
6pm: Liwa Oasis (PA) Group 2 |​​​​​​​ Dh300,000 | 1,400m
6.30pm: Arabian Triple Crown Round-2 (PA) Group 3 | Dh300,000 | 2,200m
7pm: Wathba Stallions Cup (PA) Handicap | Dh70,000 | 1,600m
7.30pm: Maiden (TB) |​​​​​​​ Dh80,000 | 2,200m