Wasl Properties wants 30% of freehold market

Company aims to expand FM offering, purchasing 4100 freehold units

Mohammed Khoury, GM property solutions, Wasl Properties.
Mohammed Khoury, GM property solutions, Wasl Properties.

RELATED ARTICLES: Wasl Properties gets RERA stamp of approval | Freehold Jumeirah: developers continue to push the boundaries in Dubai | Wasl renews contracts with FM service providers

Wasl Properties has announced plans to expand its FM offer, with the recent purchase of 4,100 freehold residential units.

At present the firm is managing 26,000 residential units and hopes to acquire 30% of the freehold market.

"Together, we now have more than 3.25m square metres under management [and] that makes us one of the largest facilities management companies in the UAE," Mohammad Ahmad Yahya, senior director for commercial and owners association management told Gulf News. "We are targeting to acquire for our FM business 30% of the freehold market in Dubai."

The FM market in the Middle East is estimated to earn revenues of $8bn by 2013 according to a study by research firm Frost and Sullivan. As more FM service providers join the market, the more competitive the prices are becoming. However, in some of the freehold areas, master-developers are trying to keep the rates artificially high by giving their subsidiaries a monopoly — using the FM services to boost their revenues.

Mohammad Khoury, general manager of property solutions at Wasl Properties told Gulf News: "Most facilities management companies take landlords for a ride [and] the majority of landlords are not fully aware of FM services. We want to change that and add value to clients with better service with an affordable price."

He believes Wasl is in a strong position to succeed in the market based on economies of scale.

“We could offer such a pricing that others would find difficult to match," said Khoury.

Wasl Properties will also offer leasing and rent management on behalf of property owners and energy management services for long term sustainability of buildings.

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