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Dubai: Hayden Properties, a joint venture set up between KOP Capital and Emirates Tarian, a branch of Emirates Investment Group are adding to their investment portfolio of around $1 billion as they announced yesterday the launch of the first fully strata-titled branded luxury residence in Asia with its flagship project, The Ritz-Carlton Residences in Singapore.
The Ritz-Carlton Residences will be a 36-storey tower in 59,000 square feet. Ong Chih Ching, managing director for KOP Capital said, "Singapore is the gateway to Asia and has the most transparent business environment."
She also said that the project will only have 58 units as the Ritz-Carlton Residences has been designed exclusively for high net-worth individuals
Speaking to the Gulf News at the launch, Shaikh Tariq Bin Faisal Al Qasimi, Chairman of Emirates Investment Group said, "We are looking to diversify our investment in Dubai, in the Gulf and Asia. We launched our operations in Asia a year and a half ago. We've now launched two projects in Singapore and The Ritz-Carlton Residence is the flagship project."
As the project is fully strata-titled, an individual will now be able to own a unit, whereas traditionally there would have been one owner who leased out all units.
Hayden Properties are targeting Singapore residents and also people who will use the residence as their primary base when they visit Singapore.
This is the latest project by Hayden Properties whose current investment portfolio stands at around $1 billion (Singapore $1.3 billion). The launch of the project in Dubai reflects the growing interest of GCC investors seeking to add to their portfolios in the Asian market.
Singapore, in particular, is enjoying record levels of investment in the past two year due to its economic stability and prosperity.
Shaikh Tariq said that while the UAE real estate market is incomparable, investment in Asia is also increasing.
"The UAE real estate market is one of a kind. It's a booming economy. Investors and people wanting to reside here in the UAE are coming from all over the world," he said.
"However, in terms of economy, we see Asia is also growing and Singapore is a business platform for that region. So it's very similar to Dubai in that sense. Dubai serves this region and Singapore serves Indonesia and Malaysia," added Shaikh Tariq.
High net-worth
Luxury apartments
The Ritz-Carlton Residence has been designed exclusively for high net-worth individuals. The project will have only 58 luxury apartments.
Apartments will range from 2,800 square feet for a 3-bedroom unit and nearly 3,500 square feet for a 4-bedroom unit.
There will also be two penthouses which will be 6,500 square feet. Prices will start at $7 million from the fifth floor upwards. Construction is now underway and due for completion in 2010.
The project also features a butler service, valet, sport and recreational facilities and a gourmet kitchen.
- S.F.
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