Some of the unscrupulous developers have no intention of handing over the buildings to HOA even after the initial three year service agreement. This is a major breach by these developers’ as they legally should have assisted the Owners in forming their independent HOA during the first 3 years while managing these buildings. However, ego and greed has driven them to try to keep managing these buildings unethically and even may be “illegally” to extend their personal financial gains perpetually.
“Unfortunately in Bahrain, many developers hinder the formation of HOA’s which eventually affects the benefits that Freehold Owners are entitled to,” Malik Helweh, founder and director of BCS Bahrain; the only HOA management company in Bahrain, said. BCS Bahrain is a joint venture company between The Nass Group and BCS Australia a world leading Strata Company and it is Australia’s largest with a portfolio exceeding 150,000 properties.
“At BCS we are paid directly by the Owners and represent their affairs; we are not a facility or property management company, we appoint all service providers including facility mangers and develop unique By-Laws and Community Rules to manage these buildings. These rules primarily apply to investors and their tenants to maintain harmony and to preserve the value of these assets bought by investors. BCS will create the appropriate budget to maintaining the building etc.,” Helweh, said.
“BCS is committed to assist the Freehold Owners to form their HOA. We have a good team which is responsible of forming 3 out 4 HOA formed in Bahrain. The fact that there are only 4 HOAs formed indicates the severity of the task facing us. While I understand that there is a lot of confusion and a feeling of helplessness out there, but all home Owners must make the effort to understand their legal rights and be very active in preserving their assets,” he concluded.