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Project Value: Confidential
Purpose: Life cycle costing and reserve fund studies
The project involved undertaking reserve fund studies and condition assessments of the assets to the following Nakheel developments; Shoreline; Golden Mile; Marina residences; Palm View Apartments; Jumeirah Heights; Masaken Al Furjan; Discovery Garden’; Badrah and International City.
For service charge approval of the entire Nakheel development portfolio, we undertook a physical inspection of the communal areas and assets to all of the buildings in each of communities listed above. The inspection recorded the condition of the assets and marked them against a predetermined criteria to allow us to estimate the remaining useful life of the asset.
In conjunction with information coordinated from Community Management, FM and Finance, we produced a comprehensive reserve fund study where the cost for each asset along with the replacement year is input into our bespoke financial model that has been specifically designed for the local market. The model factored in inflation over the life of the asset and interest earned on the reserve fund balances.
We generated recommended reserve fund contributions to be made by the unit owners to cover the cost of replacing the assets over the lifecycle of the buildings.
The undertaking of the study means that all Owners Associations are RERA compliant in respect of reserve funds and that there is a provision in place for replacing assets at the end of their life.
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