Nick Candy and DWTC Unveil Plans for a New 'Super-Prime' Development in Dubai
Nick Candy's Candy Capital and Dubai World Trade Centre (DWTC) announced a partnership for a "super-prime" real estate project in Dubai.
Detailed information about the development will be disclosed later in the year.
The project includes both commercial and residential spaces.
Killa Design, known for Dubai’s Museum of the Future, will lead the architecture of the project.
The development is situated within DWTC’s One Central, alongside notable landmarks like Sheikh Zayed Road, Emirates Towers, and the Museum of the Future.
This venture marks Nick Candy's inaugural foray into the Middle Eastern real estate market.
S&P analysts predict stability in Dubai’s real estate sector in 2023 despite global economic challenges.
S&P expects Dubai-based real estate companies to continue improving their financial leverage and rating headroom in 2023.
DWTC and Candy Capital, led by property mogul Nick Candy, have announced a partnership to create a "super-prime" real estate development in Dubai. The move underscores the buoyancy and allure of Dubai's real estate sector. Details are slated for release later this year, and the venture is poised to cement Dubai's status as a hub for luxury and innovation in real estate.
This ambitious project, which will encompass both commercial and residential spaces, is set to be located within the Dubai World Trade Centre’s One Central area, a prime location flanked by iconic landmarks such as Sheikh Zayed Road, Emirates Towers, and the Museum of the Future. Renowned for designing some of Dubai's most iconic structures, Killa Design has been tasked with leading the project's architectural efforts.
Marking Nick Candy's first venture into the Middle Eastern market, the development is not just a testament to Dubai's enduring appeal to global investors but also signals a new chapter for Candy Capital. This collaboration highlights Dubai's strategic importance in the global real estate market, promising to add a new landmark to its already impressive skyline.
Despite global economic uncertainties, analysts from S&P Global Ratings project stability in Dubai's real estate sector for 2023. They anticipate that real estate companies in Dubai will continue to improve their financial health and market positioning throughout the year.
The first quarter of 2023 has already seen remarkable activity in the luxury real estate segment, with 88 homes, each valued at over $10 million, changing hands for a total of AED6 billion. The lion's share of these transactions occurred in Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island, accounting for 64 percent of total sales and reaching prices as high as AED8,800 per square foot. This trend underscores the vibrant dynamics at play in Dubai's premium property sector, reflecting the city's sustained appeal to high-net-worth individuals.