Qatar Real Estate News
Asteco awarded management of properties at The Pearl Qatar
Asteco, the leading regional property services firm, has announced a series of major management appointments, as it plans to consolidate its presence in Qatar, which forms a part of its Middle East expansion.
The announcement follows, Asteco recently being awarded management responsibilities for a major 1200 apartment development, to be handed over by sub-developers working on the Porto Arabia precinct at The Pearl Qatar, Qatar’s flagship development.
Asteco has been appointed by the United Development Company (UDC), the master developer of The Pearl-Qatar development, as the lead property management, or strata, consultant within The Pearl Qatar development, and has been delegated the task of carrying out the responsibilities of the co-owner’s association management.
The appointment includes plots within Viva Bariyah, Porto Arabia, Giadarno Villas and Qanat Quartier, a mix of sub-developer and UDC properties.
The Pearl, through which Qatar offered its first freehold properties, is a US$10bn development, located on a man-made island off Doha coast, offering a total of 16,000 villas and 25,000 apartments.
By being the number one agent for sales, leasing and property management on The Pearl Qatar, Asteco has also made its presence in wider Qatar Market. Asteco has recruited several industry experts for major posts.
The Regional Associate Director for Asteco in Saudi Arabia, Bahrain and Qatar, Jed Wolfe, said with all new higher quality properties entering the market, those living and working in Qatar will be provided with more options this year, than ever before.
Asteco had recently reported that property leasing in Qatar is likely to witness continued activity in 2010, with projects nearing completion, while the oil, gas and infrastructure and logistics sectors continue to draw in investments.
Established in 1985, Asteco is currently expanding its portfolio across the region, with particular focus on Saudi Arabia, Bahrain and Qatar.
Posted on 16/3/2010
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