“We have done master developments internationally and so it is natural that we do that in Dubai. Predominantly, our developments will be in Dubai, but we will be extending the concept to Ras Al Khaimah,” Dr Rakesh Chandola, Managing Director, Salya Developments, told Emirates Business.
“We have an existing relationship with large designer brands and we can put boutique developments together in the most professional and affordable fashion.”
Dubai has already seen developers venturing into the boutique or branded market, with leading names such as Armani and Trump announcing tie-ups with local developers.
Despite warnings of downturns, Chandola is unfazed. “Doomsayers will be proved wrong,” he said. Earlier this year Shuaa Capital had said that high-end apartments, outside the emerging downtown Dubai area, were expected to be the premier target of a down turn, with a price correction in the range of 15 to 20 per cent.
“There have been studies that have concluded that despite recession boutique brands have been doing very well internationally. Surprisingly, leading brands have innate strength to overcome even negative economic conditions,” Chandola said.
The company plans to invest Dh5bn to develop 15 projects by 2010. It recently bought two islands on the World, where it plans to develop two resorts, taking their total investment in land to Dh800m. “We will be developing boutique resorts there at the cost of Dh2.5bn, concepts of which are pending approval.”
Asked why Salya chose to develop projects on The World, he said: “The World is an iconic project. There is very limited inventory and a very few developers out there. Naturally, you stand out.” The World, which is being developed by Nakheel, is a man-made archipelago of 300 islands constructed in the shape of a world map and located four kilometers off the coast of Dubai.
The company’s first project – the Dh300 million Giovanni Boutique Suites project in Dubai Sports City – has been sold out. The Suites is a 20-storey tower with 400 furnished apartments, designed by Italian designer Giovanni Batista Ravagnani. The project is due for completion and handover in April 2010.
Salya Developments plans to launch soon Mario Valentino Boulevard, a mixed-use project, in Downtown Jebel Ali and The Edge, a residential boutique project, in Dubai World Central, Chandola said. The company has several other projects planned over the next four years, which include locations such as Dubai Marina, Bawadi, Tecom, Dubailand and Abu Dhabi.
The Salya Group of companies is composed of seven international companies with interests in investments, real estate development, asset management and international trade.
Salya Homes (UK) has been a destination for buying quality homes in London, Birmingham, Liverpool and Manchester among others. Salya Bulgaria is engaged in developing “Springs apartments” along the beach of Albena. Besides this project, there is an ongoing plan to develop 220 Mediterranean villas on 1.2 million sqft of land. The group is also investing in townships and information technology parks in India, besides setting up the “Salya Medi City”, which will offers healthcare facilities and services in India.