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Emaar Property Services to scale up property services
- October 17, 2006, 11:41 pm
Emaar Property Services, the specialist property management arm of real estate major Emaar Properties, has joined hands with premier UK-realtor Hamptons International to share strengths in operations, service support and product sales.
The association follows the recent acquisition by Emaar Properties of Hamptons, a subsidiary of Wheelock Properties (Singapore) Ltd. The move has scaled up the core competency of Emaar in product sales, letting and advisory services across the international arena.
The deal expands the reach of Emaar beyond the Middle East and North Africa (MENA) region, the Indian Subcontinent and North America to now include Europe too - and thus, practically the entire Western hemisphere.
‘The association with Hamptons brings to EPS, specifically, a whole new knowledge and client base,’ said Ahmad Al Falasi, Director, Emaar Property Services. ‘Hamptons has more than 1,000 staff and sells, lets and manages over 15,000 properties every year. EPS can now leverage on the global pool of customers served by Hamptons and thus broaden its international clientele.’
Hamptons International has over 130 years of experience in buying, selling, leasing and mortgage brokerage across international markets. ‘Hamptons can benefit from Emaar’s global presence to extend its reach further and establish itself as a leading global brand in property sales, letting services, valuations, management and development services,’ said Christopher Steel of Hamptons International. ‘We will share best practices with EPS, particularly our experience in working across an international platform on a diverse project portfolio.’
Both existing and new customers of Emaar can benefit from the new association by gaining a wider property market that cuts through geographies. ‘Hamptons and EPS can facilitate cross-border sales for home-owners and investors, especially in markets that are keenly eyeing the property trends in Dubai,’ added Mr Al Falasi.
With its new international headquarters in Grosvenor Square, a strong sales network, and an aggressive plan to expand their network of offices from 60 to 120 by 2009, Hamptons has a clearly delineated growth strategy for the future.
International valuation procedures that are standard at Hamptons will be applied to the selling and buying modalities set by EPS. ‘The partnership of established international market knowledge and accomplished local expertise will help the customers of both Emaar and Hamptons International sustain and build the value of their property portfolio - now, within an even wider market profile,’ added Mr Steel.
The acquisition of Hamptons follows Emaar’s buy of the second largest private home builder in the US, John Laing Homes. A forward vertical integration for Emaar, the association with Hamptons is a reiteration of Emaar’s Vision 2010 to become the one of the most valuable companies in the world.
Emaar has already branched into markets such as Saudi Arabia, Egypt, Morocco, Tunisia, Turkey, Syria, India and Pakistan. Emaar also joined hands with The Turner Corporation, a leading building services provider, to form Turner International Middle East Ltd (’Turner International ME’), to tap regional growth opportunities.
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