Goldcrest Views 2 @Jlt

ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY SALES MANAGEMENT OWNERS ASSOCIATION

April 2015 | Newsletter GOLDCREST VIEWS 2 @JLT

NEWS UPDATE - ISSUE 11

We assure you of our best services at all times! The GCV2 OA Board

DUBAI | ABU DHABI | AL AIN | SHARJAH © Asteco Property Management, 2015 asteco.com Customer Services: 600 54 7773 Goldcrest Views 2 ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY SALES MANAGEMENT OWNERS ASSOCIATION

ANTHONY PETER

CHAIRMAN’S COLUMN

Greetings!

On behalf of the OA (Owners Association) Board, let me first As the JLT community continues to grow and the real estate scene thank each and everyone of you for the strong support and seems to mature, there has been new requirement that has been cooperation in helping the OA team and the support companies mandated by RERA (Real Estate Regulatory Authority) as well as - OA Management Company (ASTECO) and the Facility DMCC (Dubai Multi Commodity Center), the master developer, to Management Company (AL THURIAH) in doing their job in an make the community a secure and better place to live. efficient manner. As you may be aware, our tower is in operation from mid-2010. Some of the new requirement s is to have a common security Over the years, the tower has undergone many changes since it personnel appointed by DMCC. Further, RERA mandates that all has been handed over by the developer. Long term residents who the towers should conduct: have been staying here will understand the huge metamorphosis 1/ Building Audit (for infrastructure check) that has taken place which has made our tower one of the most 2/ Insurance re-valuation sought- after for renting in JLT. 3/ Installation of CCTV on all floors 4/ Reserve Fund study Apart from the continuous improvements that are initiated, we have embarked on a Green Project to be the 1st tower in JLT to Needless to mention, the new regulations puts a stress on the seek LEED certification. Obtaining this certification will help us financial and our budgets need to be re-visited. contribute to the society and also, make our tower a more desirable place to stay. As the time of another AGA (Annual General Assembly) draws near (3rd May 2015), we will have a good opportunity to meet As a representative of the owners, we have always strived to keep the owners at a single gathering where we will table the the expenses minimal as well as ensured that the tower’s achievements, challenges and the way forward for the betterment infrastructure maintenance is well taken care of. of our tower.

The maintenance charges has been reduced from the time it was Trust you will continue to provide the same support and handed over to us by the developer and is still maintained at a cooperation that makes GCV2 an exciting place to stay. lower rate than when we started. Sincerely, Perhaps, we may be one of the very few towers in JLT to have such a low maintenance charges.

DUBAI | ABU DHABI | AL AIN | SHARJAH © Asteco Property Management, 2015 asteco.com Customer Services: 600 54 7773 Goldcrest Views 2 ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY SALES MANAGEMENT OWNERS ASSOCIATION

BUILDING UPDATES

The Owners’ Association Board is conscientiously making efforts to provide the best living environment to residents and best value to their property for all stakeholders.

Beautification is a consistent mandate of the Board to guarantee prestige and grandeur of the building. Recently, damaged gym floors was replaced to preserve the classic wood aesthetic of the flooring and ensure the safety of gym users.

The common area corridors was repainted to help areas hold up under normal wear and tear and basically to put back its brand new appeal.

The annual maintenance of swimming pool was also recently completed. Apart from the essential check of water quality and safety done by the Facility Management, the Board carry out the responsibility to warrant that annual intensive cleaning and repair are done without fail by specialized company to make sure that the pool is safe, sanitized and algae free so you can have worry free swim anytime!

RESIDENT’S SATISFACTION SURVEY

How satisﬁed are you with residing in Goldcrest Views 2?

Unsatisﬁed 12345678910 Highly Satisﬁed 6% 3% 6% 14% 34% 26% 11%

91% Of the total respondents,

89% are satisﬁed with the responsiveness and helpfulness of the maintenance and security staff.

90% of them are satisﬁed with the maintenance and cleanliness of the leisure facilities provided in the building.

91% is satisﬁed with the overall cleanliness of the common areas.

DUBAI | ABU DHABI | AL AIN | SHARJAH © Asteco Property Management, 2015 asteco.com Customer Services: 600 54 7773 Goldcrest Views 2 ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY SALES MANAGEMENT OWNERS ASSOCIATION

BUILDING UPDATES

REPLACEMENT OF DAMAGED WOODEN FLOORS FOR THE GYMNASIUM

DUBAI | ABU DHABI | AL AIN | SHARJAH © Asteco Property Management, 2015 asteco.com Customer Services: 600 54 7773 Goldcrest Views 2 ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY SALES MANAGEMENT OWNERS ASSOCIATION

BUILDING UPDATES

REPAINTING OF CORRIDORS AND STAIRWELLS

DUBAI | ABU DHABI | AL AIN | SHARJAH © Asteco Property Management, 2015 asteco.com Customer Services: 600 54 7773 Goldcrest Views 2 ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY SALES MANAGEMENT OWNERS ASSOCIATION

BUILDING UPDATES

CLEANING AND MAINTENANCE OF SWIMMING POOL

DUBAI | ABU DHABI | AL AIN | SHARJAH © Asteco Property Management, 2015 asteco.com Customer Services: 600 54 7773 Goldcrest Views 2 ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY SALES MANAGEMENT OWNERS ASSOCIATION

SERVICE CHARGE COLLECTION

AS AT MARCH 2015

Quarter % Collected

Older than Q4 2014 97.95% Q4 2014 95.11% Q1 2015 93.44% Total 97.46%

THIS IS WHERE THE BIGGEST PORTION OF YOUR SERVICE CHARGE GOES...

Utilities - Electricity (common area) 17.15% Utilities - District Cooling (common area) 16.51% Master Community 15.67%

DUBAI | ABU DHABI | AL AIN | SHARJAH © Asteco Property Management, 2015 asteco.com Customer Services: 600 54 7773 Goldcrest Views 2 ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY SALES MANAGEMENT OWNERS ASSOCIATION

GREEN PROJECT

• In the Annual General Assembly held last year on 23rd April • The prerequisite for obtaining LEED certificate are as follows: 2014 the Owners Association communicated that it intends to apply for Leadership in Energy and Environmental Design 1. Electricity and water consumption(DEWA) from (LEED) certification for GCV2 during the following year. A individual tenants. mandate was issued same day at the Assembly to proceed 2. Electricity and Water consumption(DEWA)for the with this project. common area. • Upon achieving LEED, GCV2 will be the first residential 3. Chilled water (EMPOWER)consumption data from building to obtain this kind of Certification. Living in a Green individual tenants. Building not only helps reduce the Global pollution and 4. Chilled water(EMPOWER) consumption data for environmental degradation, but also has benefits for common area usage occupiers itself. The building tenants will see: Out of the above, we have the data for points (b) and (d) - Efficiently use of energy, water and other resources, which respectively. To obtain data from individual owners, DEWA/ results in lower bills. EMPOWER, has requested us to obtain an NOC from all - Increase level of indoor air quality and cleanliness, which owners so that they can provide the information from their results in healthier environments. database instead of each owner providing the requested information. This will save us time and efforts. In this • For this purpose we have partnered with Middle East Centre connection, we kindly request the owners to provide an NOC for Sustainable Development (MECSD), an organization (format attached) to help us approach DEWA/EMPOWER for established jointly by Environment Health and Safety (EHS) the required data. and Pacific Control Systems LLC (PCS) to assist applicants achieve a LEED certification under the guidelines set forth by The NOC for this project is needed for the previous 2 years certifying authorities. and following 3 years as an ongoing process to monitor the • We have formed a ‘Green Committee’ comprising of progress of our energy consumption. enthusiastic volunteers made up of owners and tenants to take us through this process. • As LEED helps owners/tenants in promoting high living and sustainable society, there will be few such requirements that will come up during the course of the project which we may need further assistance and support.

OA would like to thank you for your support and cooperation extended so far in all the building improvements, and we look forward to receive the same support for LEED Certiﬁcation which will be a benchmark for existing residential buildings in UAE.

DUBAI | ABU DHABI | AL AIN | SHARJAH © Asteco Property Management, 2015 asteco.com Customer Services: 600 54 7773 Goldcrest Views 2 ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY SALES MANAGEMENT OWNERS ASSOCIATION

The New Year’s Party was a success! Residents ﬂocked to the pool NEW YEAR’S PARTY deck for some party time with their neighbors. See you all in our next festivities!

DUBAI | ABU DHABI | AL AIN | SHARJAH © Asteco Property Management, 2015 asteco.com Customer Services: 600 54 7773 Goldcrest Views 2 ASSET MANAGEMENT SALES LEASING UAE ANNUAL REPORT 2014 VALUATION & ADVISORY SALES MANAGEMENT OWNERS ASSOCIATION Dubai REAL ESTATE INFO

Dubai 2014 Highlights

• Following two years of strong growth for Dubai’s residential sales, 2014 was

D\HDURIVWDELOLVDWLRQZLWKPRGHUDWHJURZWKGXULQJWKHʐUVWWZRTXDUWHUV

this was followed by a decline in prices during the second half of the year.

• As a result of strong price growth, transactional activity slowed down

VLJQLʐFDQWO\GXULQJWKHVHFRQGKDOIRIDVQHZVXSSO\ZDVGHOLYHUHGWR

the market and low global oil prices impacted key source markets such as

the CIS and GCC countries.

• Strong rental rate growth of 18% and 13% year-on-year was witnessed

since Q4 2011 for apartments and villas respectively. RESIDENTIAL

Number of Residential transactions in 2014 down by 25% -25% TRANSACTIONS compared to 2013

Source: Reidin

Sales Leasing

RESIDENTIAL • Prices peaked in Q2 2014 from the low point in Q4 2011, • Rental rates were 7% higher than in Q4 2013, and as KEY TRENDS recording an overall increase of 75% and 60% for apart- such many tenants were faced with an increase or no ments and villas respectively. change in rates rather than a reduction when leases • The second half of 2014, however witnessed a moderate were renewed. reduction in sales prices as sellers were more willing to match buyer’s expectations.

TRANSACTION • 7KHVORZGRZQLQWUDQVDFWLRQDODFWLYLW\ZDVVLJQLȴFDQWZLWK • 2014 witnessed a slowdown in leasing activity as rental ACTIVITY 25% less transactions for villas and apartments, combined, rates stabilised and many tenants remained in their ex- for the year compared with 2013, according to Reidin. isting accommodation rather than relocate. • The slowdown was mostly felt in the second half of the year as Q4 transactions levels were down by 40% compared with the same period last year. • 2΍SODQ VDOHV VORZHG DV EX\HUV KDG D ZLGHU FKRLFH RI completed products to choose from.

POPULAR • Dubai Marina and JBR, International City, Downtown Du- • In addition to the popular freehold areas, apartments DEVELOPMENTS bai, and Jumeirah Lake Towers were the areas that had for rent in areas such as Bur Dubai and Deira were in / AREAS the most sales transactions for apartments in 2014. GHPDQG GXH WR WKH D΍RUGDELOLW\ RI SURSHUWLHV DQG WKH • The most popular villa developments were Meadows, general convenience of these locations. Springs and Arabian Ranches accounting for 50% of all • Villas in the Umm Suqeim and Jumeirah areas were in villa sales. demand. However, most of the supply consisted of old- HURUYHU\ODUJHYLOODVDQGDVVXFKWKHR΍HULQJWDUJHWLQJ H[SDWULDWHIDPLOLHVIRUVPDOOHUQHZYLOODVZDVLQVXɝFLHQW

OFFICES • 'HPDQGIRURɝFHVZDVPLQLPDOE\FRPSDULVRQDVRɝFH • 2ɝFHOHDVLQJLQLPSURYHGJUDGXDOO\RYHUWKH\HDU transactions represented less than 10% of all property with the last quarter being the most active in terms of transactions in Dubai, according to Reidin. completed transactions. • Buyers are typically smaller-sized businesses looking for • The type of tenants were small-sized companies setting their own space in strata-owned buildings. XS D VPDOO RɝFH IRU WUDGH OLFHQVH SXUSRVHV DV ZHOO DV • %XVLQHVV%D\ZDVWKHPRVWWUDQVDFWHGRɝFHDUHDIROORZHG large local and international companies expanding or by Jumeirah Lake Towers. consolidating their business with requirements of +/- 10,000 to 15,000 square feet. • 6LPLODUWRUHFHQW\HDUVȴWWHGRɝFHVSDFHZDVWKHPRVWLQ demand, with buildings well connected to the transporta- tion network performing best.

Annual Growth in 2014

Rents: +7% +4% +12%

Apartments Villas Ofﬁces

Sales: +4% +1% +9% Apartments Villas Ofﬁces

Supply Delivered In 2014: Apartments: 7,000 Units Villas: 650 Units Ofﬁces: 300,000 mɕ of GLA

Dubai 2015 Outlook

• Sales values are largely underwritten by cash buyers and despite the small

correction in values in the second half of 2014, the level of interest in the Dubai

market remains strong.

• ,QIDFWWKHUHDUHWZRFRPSOHWHO\GLʏHUHQWPDUNHWVWKHOHDVLQJPDUNHWZKLFKUHDFWV

UHODWLYHO\TXLFNO\WRFKDQJHVLQVXSSO\DQGFRXOGWKHUHIRUHVRIWHQLQDV

new supply enters the market and the sales market driven by cash buyers and

general market sentiment.

:K\EX\RǉSODQ"

໫ Ability to purchase property at a discount compared to completed developments. 7KLVLVHVSHFLDOO\EHQHʐFLDOLQZHOOHVWDEOLVKHGDUHDV ໫ 'HYHORSHUVSURYLGLQJDWWUDFWLYHʐQDQFLQJIRURʏSODQSURSHUWLHVDQGEDQNVOHQGLQJ XSWRUHGXFHVWKHEX\HUşVʐQDQFLDOEXUGHQ ໫ 5XOHV DQG UHJXODWLRQV IRU RʏSODQ SURMHFWV DUH LQ SODFH LQ 'XEDL WR SURWHFW WKH buyer’s investment.

7LSVRQEX\LQJRǉSODQ

໫ Property should be viewed as a medium to long term investment. The potential for capital appreciation is generally maximised at completion and ideally a couple of years down the line. ໫ Ensure the contractor is already mobilised on site and all RERA approvals are in place. ໫ Conduct proper due diligence such as checking the developer’s track record from the Lands Department. ໫ 5HVHDUFKWKHDUHDWRʐQGRXWZKDWDQGZKHQDGGLWLRQDOVXSSO\ZLOOFRPHXSLQWKH same vicinity.

Sales Leasing

APARTMENTS • We expect transaction activity to reduce across the mar- • If all the supply is delivered to the market as per current ket as buyers become more cautious, especially when projections, Asteco anticipates a reduction in rental rates purchasing property for lease, as pressure on rents and over the year, potentially leading to tenant movement in yields may increase in light of upcoming supply. the market and therefore increased transactional activity • A continuation of low oil prices as well as sanctions im- as new developments are released. SRVHG RQ YDULRXV FRXQWULHV PD\ KDYH DQ H΍HFW RQ GH - mand for high-end luxury properties, which could lead to a potential reduction in transactional activity as well as a moderate reduction in sales prices. • The overall sales prices of units in sought after communities are likely to see relative stability in sales prices, whilst secondary communities, with limited facilities and amenities are likely to be faced with declining values.

VILLAS • :LWKDVXEVWDQWLDOQXPEHURIR΍SODQVFKHPHVODXQFKHG • Villa rental rates are anticipated to remain stable in the in 2014, 2015 is likely to see a reduction in sales prices most desirable areas, whilst marginal declines in less de- IRUR΍SODQYLOODVDQGVHHPRUHDWWUDFWLYHSD\PHQWSODQV sirable areas can be expected. EHLQJ R΍HUHG E\ GHYHORSHUV • Prices for completed villas are anticipated to remain sta- • $PRUHVLJQLȴFDQWGURSLQUHQWDOUDWHVFRXOGEHZLWQHVVHG ble throughout the year, and communities with minimal in 2016 and beyond as the large number of projects an- facilities and amenities could witness a drop in value. nounced in 2013/2014 are completed.

OFFICES • :LWKFXUUHQWVDOHVUDWHVVWDELOLVLQJDQGRɝFHUHQWDOUDWHV • Rental rates appeared to have reached an equilibrium ZLWQHVVLQJSRWHQWLDOLQFUHDVHVLQWKHPHGLXPWHUPRɝFH in 2014. If landlords remain reasonable in their asking yields are expected to improve and as such, purchasing rates, we expect transactional activity to improve during RɝFHVSDFHPD\EHFRPHDQLQFUHDVLQJO\DWWUDFWLYHRSWLRQ 2015. in 2015. • Certain buildings, especially single owned, good quality properties could potentially see some rental increases in 2015.

Total Supply Delivery Anticipated in 2015

APARTMENTS 12,000 Units

VILLAS 2,000 Units

OFFICES 350,000 mɕ of GLA

Major Project Launches in 2015 Marina Arcade – Dubai Marina Reef Residence – Jumeirah Village

DUBAI | ABU DHABI | AL AIN | SHARJAH © Asteco Property Management, 2015 asteco.com Customer Services: 600 54 7773 Goldcrest Views 2 ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY SALES MANAGEMENT OWNERS ASSOCIATION

GCV2 INTERIM OWNERS’ ASSOCIATION ANNUAL GENERAL ASSEMBLY 2015

When: 3 May 2015, 10:00 am Where: Bloomsbury Meeting Room, Bonnington Hotel, Jumeirah Lakes Towers

SEE YOU THERE!

DUBAI | ABU DHABI | AL AIN | SHARJAH © Asteco Property Management, 2015 asteco.com Customer Services: 600 54 7773 Goldcrest Views 2