Case Studies
Discover how our solutions have helped clients achieve their goals
Client: Meraas
Location: City Walk and Nikki Beach
Project Value: Confidential
Purpose: Escrow release reports
Project Background
Meraas is a holding company based in Dubai with portfolio and activity in real estate, tourism, hospitality, healthcare, technology, retail, F&B, leisure and entertainment. Meraas had recently developed high-quality properties in Dubai and required property observers to prepare Escrow Release Reports to allow funds to be released from escrow accounts.
Our Services
Escrow Release Reports are required by RERA to ascertain the community is complete and in a suitable state to handover completely to the owners. If defects are identified, relevant funds may be retained by RERA to cover any defective works.
The inspection process was carried out with assistance from the on-site FM team with the aim of identifying the current building condition in order to expose significant defects and clarify items that should have been undertaken by the developer.
We then prepared and submitted our report to Meraas to allow them to review and evaluate any further work that was required.
Following liaising with the developer, we carried out a re-inspection once defects had been rectified to allow these items to be removed from the report.
Client Benefits
RERA verified property observers acting impartially to prepare reports required for their developments.
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P P Varghese
MSc
Partner, Strategy and Consulting
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 Barker
BSc (Hons), MRICS
Partner, Commercial Valuation
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.