The Real Estate Regulatory Authority (RERA), in cooperation with Lulu Tourism Company, the main developer of Reef Island, has completed the procedures for calling the General Assembly of the Central Owners’ Association of Reef Island on June 5.
Savills has been appointed as an administrative manager by RERA for the Central Owners’ Association of Reef Island and will send invitations to all real estate owners of the Reef Island on May 8 according to the legal period for sending invitations to general assemblies and based on Resolution 1 /2020 Regulating Management of the Joint Properties.
“The formation of Reef Island Central Owners’ Association is a milestone for Owners’ Associations in the Kingdom of Bahrain,” RERA CEO Shaikh Mohammed bin Khalifa Al Khalifa said.
“We would like to thank the main developer of the project (Lulu Tourism Company) on the great cooperation and speed of response in meeting all requirements, which contributed to facilitating the work of the administrative manager Savills to form this Owners’ Association.”
RERA has been actively encouraging owners of real estate units in projects with common area to establish Owners’ Associations.
“It is in their long-term interest and will assist in protecting their investment by participating in creating such Owners’ Associations, electing the board of directors, determining service fees and how the properties are managed and preserved,” RERA said.
The Reef Island project is one of the most important and prominent waterfront projects in Bahrain thanks to its strategic and vital location.
The project contains a group of luxury residential buildings, resorts, and restaurants, in addition to a number of multi-use buildings.
Source: Bahrain News Agency