Last year, Concordia joined forces with local owners association management companies to bring forth a new approach towards the management of JOPD buildings. Just a few months after being implemented, the proposed model has proven its efectiveness by successfully securing the integrated facility management contracts of Armada Towers, three towers operated by Stratum Owners Association Management to its rapidly-growing portfolio.
This newly signed contract brings the total business between Concordia and Stratum to over AED 7 million. Launched in October 2019, this new model took a portfolio-wide outlook over the complete group of properties under management. It aimed at providing benefits like higher eciencies, single point of accountability, common standards and procedures across the portfolio. While still keeping up with quality and management standards, it also resulted in cost reductions which contributed to savings of up to 25% for each of the buildings within the portfolio.
The journey of this fresh approach began when Concordia determined that independent service contracts adopted by freehold buildings in Dubai are usually loaded with manpower, supervision, management, tools and equipment, overheads and profit margins for each service line. Moreover, the manpower assigned to such buildings may not be utilised more than 50% of the time, leading to reduced productivity and wastage of resources.
Sighting this as an opportunity, Concordia conducted a comprehensive review of existing service delivery models concerning the management of freehold property in Dubai. With dedicated efforts and support from the Real Estate Regulatory Agency (RERA), this project was rolled out across the emirate of Dubai.
This recent collaboration between Stratum and Concordia has further established the exceptional capability of the model which has provided superior value to the owners, occupiers and investors of those towers. Established in 2007, Concordia provides reliable and ecient integrated facilities management services. Currently, it operates across 40,000,000 square feet of residential and commercial property assets. With over a decade of expertise, a team of over 1400 employees come together to over a wide range of solutions.