Dubai Properties Appoints Salwan to Manage Executive Towers at Business Bay

Property Management Company to Levy AED15.38 per Sq Feet as Service Charge for Landmark Development

Dubai: 04 July, 2009 – Dubai Properties LLC today announced the appointment of Salwan LLC, both subsidiaries of Dubai Properties Group (DPG), to provide comprehensive property management services to the AED3 billion Executive Towers development at Business Bay.

Salwan Property Management will be responsible for managing the 8.7 million sq feet self-contained development at the 12 towers comprising ten residential, a freehold boutique office tower known as Aspect Tower, and the 303-room Business Bay Hotel. In addition to offering advanced property management solutions, Salwan is also mandated by Dubai Properties to extend leasehold options for the units at Executive Towers.

Salwan will levy AED15.38 per sq ft as service charges for maintaining the common areas, as well as the indoor car-park, landscaped areas, district cooling plant and infrastructure works within the development.

An official spokesperson for Dubai Properties, said:

In our committed endeavour to provide competitive services for offering a niche lifestyle experience, we have appointed Salwan Property Management to manage the Executive Towers that is quickly moving towards its handover phase. The distinct development in the heart of Dubai’s central business district and the upcoming Business Bay comprises extensive common areas and community amenities, which require a competent entity to oversee the day-to-day operations. We believe Salwan has the expertise, the capabilities and the resources to provide premium services to the Executive Towers community and ensure the sustainable maintenance of the development.

The residential component of Executive Towers will boast a range of units including studios, loft apartments, four-bedroom terrace apartments, garden apartments, and one-to-four bedroom apartments.

The 58-storeyed Aspect Tower (with 185 suites) will accommodate around 2,151 individual apartments in all, 60 residential villas on the plaza level, eight boutique office villas, two spa and health clubs, a retail mall with 184 units, and a three-level podium that offers parking bays for 4,500 vehicles.

Saeed Bushalat, CEO of Salwan, said:

As one of the leading property management companies, we are pleased to extend our offerings to Executive Towers. Our value added services are designed to exceed client expectations while ensuring the long term plans and sustainability of the development. We look forward to a fruitful relationship with the property owners and retailers at the development.

Over the past year, Salwan has enhanced and increased the scope of our offering to best suit clients’ expectations. Consequently, our services cater to investors as well as individuals and range from the management of residential towers to leasing and selling of individual properties. As part of our commitment to delivering services on par with global standards, we will continuously explore ways to raise our benchmarks while delivering optimum results.

The Executive Towers is the first project for Dubai Properties in Business Bay and the second major freehold project to be handed over following the successful release of Jumeirah Beach Residence (JBR).

With a growing portfolio of properties around Dubai, Salwan currently offers a wide selection of residential and commercial space for lease. It currently owns and manages more than 18,000 residential and commercial units in different localities around Dubai including Jumeirah Beach Residence (JBR), Cordoba Villas, Al Khail Gate, The 558 Community, The Villa, and Office Park at Dubai Internet City.

Notes to Editors

About Salwan Property Management LLC

Salwan Property Management, a subsidiary of Dubai Properties Group and a member of Dubai Holding, is a leading provider of innovative leasing and property management solutions and the introducers of the strata management system to the region. Established in 2008, Salwan offers a full spectrum of enabling services to residential and commercial stakeholders. Its service portfolio includes property auctions through Mazad Auction House, property management, leasing, third party leasing, hotel apartments, and a real estate advisory service.

Salwan also offers a complete range of construction supervision and administrative services ranging from contract negotiations and build-out to leasing and risk management. The company currently offers premium real estate services to more than 18,000 properties around Dubai including Jumeirah Beach Residence (JBR), Cordoba Villas, Al Quoz Community Housing, Al Razi Residence, The 558 Community at Dubailand, Al Khail Gate,  and Office Park at Dubai Internet City.

About Dubai Properties LLC

Dubai Properties LLC is a member of Dubai Properties Group and operates with the express aim of conceiving and delivering to the market unique communities that add value for the customer and contribute towards the growth of Dubai. The portfolio of projects handled by Dubai Properties is diverse and represents the highest quality of real estate in the region. Dubai Properties offers mixed-use master developments catering to diverse lifestyles including Jumeirah Beach Residence, Business Bay, The Villa, Culture Village, Al Waha, Tijara Town, Mudon and Mohamed Bin Rashed Gardens

For more information, please contact:

Muhannad Al Badri
Jiwin
Tel: +971 4 3613572
Mob: +971 50 8559907
E-mail: muhannad.albadri@jiwin.ae

Or

Jan Dabrowa
JiWin
Tel: +971 4 3613333
Fax: + 971 4 3688001
Mob: +971 50 4824185
E-mail: jan.dabrowa@jiwin.ae

Or

Sheetal Khan
Dubai Properties
Tel: +971 4 3694202
Fax: + 971 4 4351200
Mob: +971 50 3547738
E-mail: sheetal.harris@dubai-properties.ae