Tower is an icon for Dubai and the UAE; working to ensure all stakeholders’ best interests are protected, says developer
Burj Khalifa , the world’s tallest tower, currently has no owners’ association, its developer has confirmed to ‘Emirates24/7’.
“Currently, there is no Owners’ Association for Burj Khalifa . Due to the unique nature of the project and the tower being an icon for Dubai and the UAE, it is essential that the management structure developed serves the interest of all stakeholders,” an Emaar Properties spokesperson said.
“In this respect, Emaar is working closely with the relevant governmental authorities, including Real Estate Regulatory Agency ( Rera ), to ensure that the all stakeholders’ best interests are protected.”
Emaar ‘s response came after a group of owners in the world’s tallest tower named themselves on the board of the interim owners’ association on November 22, 2012. The Dubai-based law firm, appointed by them, submitted the application for registration of the name of the chairman and board members to Real Estate Regulatory Agency in January this year.
In a letter submitted to Rera , the law firm said: “… we tried to register the members of owners’ association via the adopted electronic system, however, we failed to complete this process because the requested documents are not available in full since they are held by the developer. Therefore, the board of owners’ association for Burj Khalifa hereby requests you to instruct the concerned people to register and adopt the members of the board of owners association and chairman of the board in the adopted electronic system.”
Neither the law firm nor the chairman of the board responded to emails sent by this website.
‘Emirates24|7′ reported last year that while property owners across the emirate are pushing hard for control of their projects from developers, through the formation of owners’ association, high net-worth individuals, who own apartments or complete floors in Burj Khalifa , seem least concerned about taking on the responsibility of managing the tallest tower in the world.
Under Article 17 of Law No 27 of 2007, concerning ownership of Jointly Owned Properties in the Emirate of Dubai, an owners’ association has to be legally formed upon the registration of the first sale of a unit in a jointly owned property in the register.
Emaar did not hike the service charges for the tower last year with apartment owners continuing to pay Dh55.01 per square feet.
In 2012, 71 sales transactions were recorded in Burj Khalifa with two transactions topping Dh45 million, information provided by Reidin.com to this website had revealed.
The two biggest transactions registered with the Dubai Land Department were of Dh45.42 million and Dh45.07 million with price per square foot of Dh4,000 and Dh3,969, respectively. Average selling price over the year ranged between Dh2,970 and Dh4,602 per square foot.