C. Steinweg, Sohar Port, Liwa, Sohar – Sultanate of Oman

Client: Dubai World Trade Centre

Location: Oman

Project Value: Confidential

Purpose: Reinstatement cost assessment

Project Background

The project involved undertaking reinstatement cost assessments for insurance purposes on a number of different buildings and structures belonging to C. Steinweg Oman LLC. This included a mixture of offices, warehouses, workshops and other facilities located within the Sohar Port.

Our Services

We undertook a physical inspection of each of the buildings and structures. The inspection involved taking a number of check dimensions and measurements, photographs, a note of the construction and finishes, as well as any specialist equipment to be included within our value.

Following our survey we checked our measurements taken on site with those of the as built drawings provided to us, to ensure that they were the same, and to also establish a Gross Internal Area (GIA) as defined in the RICS Code of Measuring Practice. We applied our current construction cost rates from our database to determine the correct value for each building or structure.

The total value calculated was our assessment of the reconstruction of each building or structure in its present design and specification on a ‘day one’ basis. On assumption of its total destruction, the rates applied will include demolition costs, debris removal and site clearance, service connections, professional and statutory fees for the reconstruction and rebuilding costs.

Client Benefits

The client now has the security that all the buildings and structures assessed have the correct insurance valuation for rebuilding purposes applied.

P P Varghese leads Cavendish Maxwell’s strategy and consulting team. Varghese comes with over 17 years’ experience gained through advising government, private and institutional clients on single-use, mixed-use, standalone, and master planned projects. He has been exposed to consulting and operations functions with his expertise spanning development planning and strategy, cost-benefit analysis, operational reviews and monitoring, hotel operator search and negotiations, as well as arbitration support and dispute resolution for hotel management agreements.

In his previous role, Varghese served as Partner - Real Estate Strategy and Consulting at Knight Frank Middle East. There he was responsible for advising clients on real estate development strategy, optimising department processes to enhance revenue, and developing client acquisition and retention strategies.

At Cavendish Maxwell, Varghese will lead an expert team that provides development advisory, feasibility, portfolio analysis and real estate research for all real estate asset classes and will identify new growth opportunities for the business.

Varghese is a Master of Management in Hospitality, majoring in real estate investments and finance from the Cornell School of Hotel Administration, Cornell University, New York.

Paul has 20 years of experience in valuation and consultancy services and has worked in leading international practices across the UAE, Oman, Europe and the UK.

His professional knowledge encompasses all property asset classes including large, complex master plan developments of mixed-use properties in office, retail, industrial, leisure, hospitality and residential sectors. Paul is professionally qualified to value minerals, waste and recycling properties as well as environmental land considerations.

Paul’s client portfolio includes international and local banks, lending institutions, developers, investors, owner occupiers as well as accountants, legal firms and insolvency practitioners. As joint head of the Commercial Valuation department he is responsible for valuations of all property types. He ensures quality assurance and provides timely RICS Red Book/International Valuation Standard Council (IVSC) standard reports.

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