Raffles Residency Woos UAE’s High Net-worth Indians to Invest in Bespoke Villas

4172Raffles Residency Private Limited, an entity of the Singapore based Jumabhoy family specialising in luxury residences, today announced that a preview of its maiden real estate venture in India – Raffles Park - has been scheduled for 30 and 31 May in Dubai and on 1 June in Abu Dhabi. The events aim to draw the interest of high net worth investors in the UAE and the wider region seeking bespoke residences in the garden city of Bangalore in India.

Raffles Park is taking shape in the prestigious residential locality of Whitefield. Designed by Singapore’s award winning Warner Wong and WOW architects, Raffles Park has been planned as a garden enclave with 61 five-bedroom villas spread across 15 acres. Drawing upon the Jumabhoy family’s 50-year expertise in real estate, Raffles Park harmoniously blends the signature ambience of Singapore and Dubai to offer warmth, security and a smart address to each investor. As part of the developer’s priority to create ‘homes within a garden’, Raffles Park will feature just four villas per acre.

The Jumabhoy family is globally acclaimed for shaping and managing the Ascott Executive Residences, the first ever international chain of serviced apartments.

Making the announcements at a roundtable held in Dubai, Iqbal Jumabhoy, Joint Promoter, Raffles Residency, said: “The UAE is an extremely important market for our flagship project in India. It is a mature real estate destination, with residents exposed to upscale developments and state-of-the-art amenities. Evidently, the NRIs settled here have an appetite for world class facilities that we will now offer them in their home country.”

With the Indian real estate market increasingly gaining favor among the Non-resident Indian (NRI) investors, Raffles Residency’s entry into the Indian bespoke property scene is well-timed. Earlier in 2014, a Jones Lange LaSalle study cited Bangalore as the most preferred destination for investments from NRIs and the third-largest investment hub for High Net-worth Individuals (HNIs). The city also boasts more than 10,000 individual dollar millionaires, among the highest in the country, according to a Jones Lang LaSalle India report.

Iqbal Jumabhoy added: “We are happy that our foray into India has met with a favourable response. The flagship project was announced in India during end 2013. We held a preview cum sale event in Singapore during early 2014. Almost, the entire inventory that was released as part of Phase I and Phase II of Raffles Park has been booked. These are already under construction, with the development scheduled for completion by June 2016. Our upcoming preview in Dubai will showcase the offerings of the exclusive project besides highlighting the villas that are available for booking as part of Phase III.”

Raffles Park, based on the concept of ‘open privacy’, exceeds all requirements set by the India Green Building Council’s (IGBC) Gold rating for sustainable homes, dedicating 81 per cent of the open area to landscaped green spaces. Embedding world renowned architect Karan Grover’s standards in green buildings that set a benchmark for unprecedented excellence, Raffles Park will seek to create holistic synergy between external and internal environments to ensure individual homeowners stay connected with key elements of nature while savouring the sophistication of modern living.

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