Residents move back into the Adriatic Building after a fire damaged the property in December 2016
Owners of Palm Jumeirah apartments damaged after a fire broke out in December 2016 have started to move back in, Asteco Property Management has announced.
It said owners of residential units in the Adriatic Building are returning following restoration works that took place on the 15-storey tower.
The building remained uninhabitable, as the water used to douse the fire damaged the main electrical system.
The restoration, that commenced in April 2017 after receiving the police and fire investigation reports and confirmation from the insurers, lasted 16 months.
Asteco said six units were sold in Adriatic Building during the restoration, and new tenants also expressed interest in leasing apartments in the newly restored tower, located within Oceana Residences, a mixed-use luxury beachfront residential complex consisting of seven buildings comprising 644 units at the trunk of Palm Jumeirah.
Asteco Property Management said it offered advice to the Oceana Owners Association through Orient Insurance, part of the Al-Futtaim Group.
The Strata Insurance policy taken out by the association exceeded the minimum requirement stipulated by the local regulators and so the owners could not live in their units or rent them out.
However, during the restoration period, they were not financially disadvantaged with the insurance policy paying for loss of rent or alternative accommodation, furniture storage and some service charges, dependent upon the individual situation.
Asteco Property Management said it has supervised the entire restoration and handover of the project on site.
During the works, the Oceana Owners Association Board developed a risk strategy to replace the existing cladding on the building’s façade with new Dubai Civil Defence-approved grade cladding in a bid to prevent similar accidents from occurring.
John Stevens, managing director of Asteco, said: “While the incident that took place in December 2016 was very unfortunate, we were able to manage the fire effectively with support from DCD, and from the contractors during the subsequent restoration works.
"In line with the latest regulations set by Real Estate Regulatory Agency (RERA), the cladding has been replaced with render within some sections of the Adriatic building’s facade, and the Oceana Owners Association is planning to do the same for the other buildings at Oceana Residences.”
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