09 May 2021

The Real Estate Regulatory Authority “RERA”, in cooperation with Lulu Tourism Company “LTC” (the main developer of Reef Island): Finalizing the procedures for calling the General Assembly of the Central Owners Association of Reef Island. (Quoted from Rera News)

 

The Real Estate Regulatory Authority, 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, which will be held on Saturday, June 5, 2021, where Savills has been appointed as an administrative manager by RERA for the Central Owners’ Association of Reef Island and in turn will send invitations to all real estate owners of the Reef Island on Saturday, May 8, 2021, according to the legal period for sending invitations to general assemblies and based on what is stipulated in Resolution No. 1 of 2020 Regulating Management of the Joint Properties.

His Excellency Sheikh Mohammed bin Khalifa Al Khalifa, CEO of RERA stated: “The formation of Reef Island Central Owners’ Association is a milestone for Owners’ Associations in the Kingdom of Bahrain, and on this occasion, 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.

The Reef Island project is one of the most important and prominent waterfront projects in the Kingdom of Bahrain due to its strategic and vital location. The project also contains a group of luxury residential buildings, resorts, and restaurants, in addition to a number of multi-use buildings.