Date : 06/07/2015
Mudon Al Ahlia Real Estate announced the establishment of PIMCO; a full service property management company. The establishment of the new entity comes after 6 successful years of operating as an internal division and managing 18 real estate projects in Kuwait at an estimated value of one billion US dollars.
In a statement to the media, Mudon Al Ahlia Managing Director Eng. Omar Najem has mentioned that establishing PIMCO is due to the strong market demand for the scope of services that the company offers in integrated property management sector. He also stated that the projections are indicative of a further increase in market demand in the future as a direct result of the strategy that the company adopts based on modern management systems catering to clients and markets’ needs.
In a quote by PIMCOs’ Executive Director Mohamed Lotfy, “PIMCO’s ambitious plans are aimed towards expansion and growth in Kuwait and the region, driven by the solid experience in managing, operating and leasing retail, commercial and residential properties. Within just few years, the company’s portfolio included projects of more than 160,000 SQM of Gross Leasable Area (GLA) that were being managed along with 1400 leasing units.”
Lotfy continued, “The Company has successfully gained the satisfaction of the clients through its operational module that aims to increase the revenues of real estate assets and to minimize risk factors. This is achieved by increasing the occupancy of leasable space, offering services of high quality standards and controlling operational cost.
He also mentioned a well-structured system is in place that the company follows to manage its properties. It all starts with obtaining data and information, moving to analysis defining the requirements and objectives. These act as the building blocks for developing a project plan, and identifying the resources required for execution. Follow up and evaluation represent an essential element to gain the confidence of tenants and investors, as well as to gain the loyalty of the shoppers and to increase footfall.
Adding to that, he also stated that the company offers integrated project management services throughout the different project phases, starting with consultation during the designing phase. Post launch services include, marketing, sales, rental, collection and operations. This scope of services is a support element of the structured system that also incorporates a communication module that relies on the company’s network with international entities, global brand and representatives.
The company has achieved high levels of quality and standards is providing the services of monitoring, QHSC, Maintenance and soft services, in which it will insure the smooth flow of the project from investors view as well as the shoppers.
Lotfy also revealed that regional expansion plans are being considered for the markets of GCC and Egypt, as international reports signal growth in real estate projects over the coming few years, with a focus on shopping centers and retail sector in particular.