GOLDCREST VIEWS 2 @JLT...achievements, challenges and the way forward for the betterment of our tower. Trust you will continue to provide the same support and cooperation that makes

ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY SALES MANAGEMENT OWNERS ASSOCIATION

DUBAI | ABU DHABI | AL AIN | SHARJAH

© Asteco Property Management, 2015 asteco.com Customer Services: 600 54 7773 Goldcrest Views 2

GOLDCREST VIEWS 2

@JLT

April 2015 | Newsletter

NEWS UPDATE - ISSUE 11

We assure you of our best services at all times!

The GCV2 OA Board





ANTHONY PETER

CHAIRMAN’S COLUMN

Greetings!

On behalf of the OA (Owners Association) Board, let me first

thank each and everyone of you for the strong support and

cooperation in helping the OA team and the support companies

- OA Management Company (ASTECO) and the Facility

Management Company (AL THURIAH) in doing their job in an

efficient manner.

As you may be aware, our tower is in operation from mid-2010.

Over the years, the tower has undergone many changes since it

has been handed over by the developer. Long term residents who

have been staying here will understand the huge metamorphosis

that has taken place which has made our tower one of the most

sought- after for renting in JLT.

Apart from the continuous improvements that are initiated, we

have embarked on a Green Project to be the 1st tower in JLT to

seek LEED certification. Obtaining this certification will help us

contribute to the society and also, make our tower a more

desirable place to stay.

As a representative of the owners, we have always strived to keep

the expenses minimal as well as ensured that the tower’s

infrastructure maintenance is well taken care of.

The maintenance charges has been reduced from the time it was

handed over to us by the developer and is still maintained at a

lower rate than when we started.

Perhaps, we may be one of the very few towers in JLT to have

such a low maintenance charges.

As the JLT community continues to grow and the real estate scene

seems to mature, there has been new requirement that has been

mandated by RERA (Real Estate Regulatory Authority) as well as

DMCC (Dubai Multi Commodity Center), the master developer, to

make the community a secure and better place to live.

Some of the new requirement s is to have a common security

personnel appointed by DMCC. Further, RERA mandates that all

the towers should conduct:

1/ Building Audit (for infrastructure check)

2/ Insurance re-valuation

3/ Installation of CCTV on all floors

4/ Reserve Fund study

Needless to mention, the new regulations puts a stress on the

financial and our budgets need to be re-visited.

As the time of another AGA (Annual General Assembly) draws

near (3rd May 2015), we will have a good opportunity to meet

the owners at a single gathering where we will table the

achievements, challenges and the way forward for the betterment

of our tower.

Trust you will continue to provide the same support and

cooperation that makes GCV2 an exciting place to stay.

Sincerely,





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

91%

How satisfied are you with residing in Goldcrest Views 2?

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.

Unsatisfied Highly Satisfied1 2 3 4 5 6 7 8 9 10

6% 3% 6% 14% 34% 26% 11%





BUILDING UPDATES

REPLACEMENT OF DAMAGED WOODEN FLOORS FOR THE GYMNASIUM





BUILDING UPDATES

REPAINTING OF CORRIDORS AND STAIRWELLS





BUILDING UPDATES

CLEANING AND MAINTENANCE OF SWIMMING POOL





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%

Utilities - Electricity (common area) 17.15%

Utilities - District Cooling (common area) 16.51%

Master Community 15.67%

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





GREEN PROJECT

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.

• In the Annual General Assembly held last year on 23rd April

2014 the Owners Association communicated that it intends

to apply for Leadership in Energy and Environmental Design

(LEED) certification for GCV2 during the following year. A

mandate was issued same day at the Assembly to proceed

with this project.

• Upon achieving LEED, GCV2 will be the first residential

building to obtain this kind of Certification. Living in a Green

Building not only helps reduce the Global pollution and

environmental degradation, but also has benefits for

occupiers itself. The building tenants will see:

- Efficiently use of energy, water and other resources, which

results in lower bills.

- Increase level of indoor air quality and cleanliness, which

results in healthier environments.

• For this purpose we have partnered with Middle East Centre

for Sustainable Development (MECSD), an organization

established jointly by Environment Health and Safety (EHS)

and Pacific Control Systems LLC (PCS) to assist applicants

achieve a LEED certification under the guidelines set forth by

certifying authorities.

• We have formed a ‘Green Committee’ comprising of

enthusiastic volunteers made up of owners and tenants to

take us through this process.

• The prerequisite for obtaining LEED certificate are as follows:

1. Electricity and water consumption(DEWA) from

individual tenants.

2. Electricity and Water consumption(DEWA)for the

common area.

3. Chilled water (EMPOWER)consumption data from

individual tenants.

4. Chilled water(EMPOWER) consumption data for

common area usage

Out of the above, we have the data for points (b) and (d)

respectively. To obtain data from individual owners, DEWA/

EMPOWER, has requested us to obtain an NOC from all

owners so that they can provide the information from their

database instead of each owner providing the requested

information. This will save us time and efforts. In this

connection, we kindly request the owners to provide an NOC

(format attached) to help us approach DEWA/EMPOWER for

the required data.

The NOC for this project is needed for the previous 2 years

and following 3 years as an ongoing process to monitor the

progress of our energy consumption.

• 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.





NEW YEAR’S PARTY The New Year’s Party was a success! Residents flocked to the pool

deck for some party time with their neighbors. See you all in our

next festivities!





REAL ESTATE INFO

Dubai 2014

Highlights

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

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

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.

Number of Residential transactions in 2014 down by 25% compared to 2013-2

5%

RE

SID

EN

TIA

LT

RA

NSA

CT

ION

S

Source: Reidin

UAE ANNUAL REPORT 2014

Dubai






Supply Delivered In 2014:

Apartments

+7%Villas

+4%Offices

+12%

Apartments

+4%Villas

+1%

Rents:

Sales:

Offices

+9%

Villas: 650 Units Offices: 300,000 m of GLA Apartments: 7,000 Units

Annual Growth in 2014

Sales Leasing

RESIDENTIAL

KEY TRENDS

� Prices peaked in Q2 2014 from the low point in Q4 2011, recording an overall increase of 75% and 60% for apart-ments and villas respectively.

� The second half of 2014, however witnessed a moderate reduction in sales prices as sellers were more willing to match buyer�s expectations.

� Rental rates were 7% higher than in Q4 2013, and as such many tenants were faced with an increase or no change in rates rather than a reduction when leases were renewed.

TRANSACTION

ACTIVITY

� 25% less transactions for villas and apartments, combined, for the year compared with 2013, according to Reidin.

� The slowdown was mostly felt in the second half of the year as Q4 transactions levels were down by 40% com-pared with the same period last year.

� completed products to choose from.

� 2014 witnessed a slowdown in leasing activity as rental rates stabilised and many tenants remained in their ex-isting accommodation rather than relocate.

POPULAR

DEVELOPMENTS

/ AREAS

� Dubai Marina and JBR, International City, Downtown Du-bai, and Jumeirah Lake Towers were the areas that had the most sales transactions for apartments in 2014.

� The most popular villa developments were Meadows, Springs and Arabian Ranches accounting for 50% of all villa sales.

� In addition to the popular freehold areas, apartments for rent in areas such as Bur Dubai and Deira were in

general convenience of these locations.

� Villas in the Umm Suqeim and Jumeirah areas were in demand. However, most of the supply consisted of old-

OFFICES � transactions represented less than 10% of all property transactions in Dubai, according to Reidin.

� Buyers are typically smaller-sized businesses looking for their own space in strata-owned buildings.

� by Jumeirah Lake Towers.

� with the last quarter being the most active in terms of completed transactions.

� The type of tenants were small-sized companies setting

large local and international companies expanding or consolidating their business with requirements of +/- 10,000 to 15,000 square feet.

� demand, with buildings well connected to the transporta-tion network performing best.


Dubai






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.

�

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

general market sentiment.

Ability to purchase property at a discount compared to completed developments.

buyer�s investment.

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.

same vicinity.


Dubai






Sales Leasing

APARTMENTS � We expect transaction activity to reduce across the mar-ket as buyers become more cautious, especially when purchasing property for lease, as pressure on rents and yields may increase in light of upcoming supply.

� A continuation of low oil prices as well as sanctions im--

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 communi-ties are likely to see relative stability in sales prices, whilst secondary communities, with limited facilities and ameni-ties are likely to be faced with declining values.

� If all the supply is delivered to the market as per current projections, Asteco anticipates a reduction in rental rates over the year, potentially leading to tenant movement in the market and therefore increased transactional activity as new developments are released.

VILLAS � in 2014, 2015 is likely to see a reduction in sales prices

� Prices for completed villas are anticipated to remain sta-ble throughout the year, and communities with minimal facilities and amenities could witness a drop in value.

� Villa rental rates are anticipated to remain stable in the most desirable areas, whilst marginal declines in less de-sirable areas can be expected.

� in 2016 and beyond as the large number of projects an-nounced in 2013/2014 are completed.

OFFICES �

yields are expected to improve and as such, purchasing

in 2015.

� Rental rates appeared to have reached an equilibrium in 2014. If landlords remain reasonable in their asking rates, we expect transactional activity to improve during 2015.

� Certain buildings, especially single owned, good quality properties could potentially see some rental increases in 2015.

Major Project Launches in 2015

Marina Arcade – Dubai Marina

Reef Residence – Jumeirah Village

12,000 Units

2,000 Units

350,000 m of GLA

APARTMENTS

VILLAS

OFFICES

Total Supply Delivery Anticipated in 2015


Dubai






GCV2 INTERIM OWNERS’ ASSOCIATION

ANNUAL GENERAL ASSEMBLY 2015

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

SEE YOU THERE!

Documents

GOLDCREST VIEWS 2 @JLT...achievements, challenges and the way forward for the betterment of our tower. Trust you will continue to provide the same support and cooperation that makes