Purpose: The purpose of this research is to develop a framework of an ontology-based Asset Information Model (AIM) for a Digital Twin (DT) platform and enhance predictive maintenance practices in building facilities that could enable proactive and data-driven decision-making during the Operation and Maintenance (O&M) process. Design/methodology/approach: A scoping literature review was accomplished to establish the theoretical foundation for the current investigation. A study on developing an ontology-based AIM for predictive maintenance in building facilities was conducted. Semi-structured interviews were conducted with industry professionals to gather qualitative data for ontology-based AIM framework validation and insights. Findings: The research findings indicate that while the development of ontology faced challenges in defining missing entities and relations in the context of predictive maintenance, insights gained from the interviews enabled the establishment of a comprehensive framework for ontology-based AIM adoption in the Facility Management (FM) sector. Practical implications: The proposed ontology-based AIM has the potential to enable proactive and data-driven decision-making during the process, optimizing predictive maintenance practices and ultimately enhancing energy efficiency and sustainability in the building industry. Originality/value: The research contributes to a practical guide for ontology development processes and presents a framework of an Ontology-based AIM for a Digital Twin platform.