Author : Shabina Sanad
Mr. Daredia has a long association with the exclusive and legendary Swiss Horology Sector, since the last 25 years. Carrying the same Swiss fineness and delicacy into real estate development, he is leading the branded real estate development in excess of USD$ 350 million by Trident International Holdings in Dubai as its Executive Director & CEO.
Gowealthy.com features its exclusive interview with Mr. Daredia who is striving to create new benchmarks in luxury living lifestyles by introducing unique luxury propositions in Dubai real estate.
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Mr.Wazir Daredia Executive |
1Pentominium being the extreme end of luxury, what would be the next?
With every project and with every launch we have stayed true to our positioning statement "Creating new benchmarks in luxury living." Every project has been received with such admiration and amazement that the question asked is "What next?"
Here, with the Pentominium we have taken luxury to yet another level - a residential proposition, 516 m tall, a revolutionary habitat module (the fusion of the "Penthouse" and the "Condominium" living concept) with a gamut of world class luxury brands onboard.
Changing the paradigm of the "luxury living" is a challenge and innovation is the name of the game. Hence, if asked "what next?" simply means, "How will we challenge ourselves, next?"
To answer such a question right now would be premature, as currently our focus is the Pentominium- however you can rest assured that if at all we have any plans on the new project front, we will be more than pleased to announce it to the media.
2 Do you feel that creating iconic projects would attract more attention from investors? How will it help position Dubai?
Creating iconic projects, that change paradigms, is the only way to make a difference in this day and age. The global realty market is a mature market and "concept realty" is on the way forward. For Trident, building iconic towers is a question of delivering value supported by its 2L Strategy: Luxury and Location. Pentominium is located at The Dubai Marina, the world's largest man-made marina, and the facilities and amenities provided to the Pentominium residents are unparalleled by any other development. All of our projects are no more than 500 feet away from the water; hence a key contributing factor to the concept of luxury living.
Dubai today is the subject of growing international consciousness, as a second home option, as a leisure destination, and as a leading business entity standing head to head with established cosmopolitan cities. Dubai's promise of 365 days of sunshine, the cultural diversity and positive economic growth indicators are all other contributing actors which have led to this exponential increase in investment. My compliments to His Highness Sheikh Mohammad Bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE and Ruler of Dubai, for his long-term vision to position Dubai as a leading Arab and global city.
3 What has been the inspiration for all your projects, particularly Pentominium?
We have never been into mass production. Trident is a boutique developer, and in our niche we are the leaders. Project after project we have proved to the market that we don't want to be among the crowd, rather we want to stand out of it. From day one our focus has always been on creating value, delivering value and sustaining value- we have never strayed from making sure that our customers have the very best, be it in terms of luxury living or in terms of ROI. Our inspiration for all our developments is that, not only today, but in the long term, we are considered the pioneers in our niche - the providers of unsurpassed luxury lifestyles.
4 How have investors reacted to the project?
When we plan to create and launch something we undergo lot of research in terms of feasibility and preliminary tests on the market for their psychographics and requirement on the design and concept. It was after immense deliberation and analysis that we concluded the market was now ready for a project such as the Pentominium. The unveiling of "Pentominium" in Dubai, on the 20th of May 2007, caused a great stir in the real estate market worldwide, which has resulted in greater global attention on Dubai and Trident International Holdings. More people are now looking towards Dubai as a second home, with Dubai now being considered on a global scale as an emerging luxury residential capital. The Pentominium is being articulated by keynote media, who serve as some of the foremost opinion shapers in today's business communities, (such as Bloomberg and AFP) as the most luxurious residential proposition in the world.
5 Do you have any plans to move to other Emirates?
Of course! As a part of the development strategy, we should ventures into natural fit areas - these areas can be Abu Dhabi, the outskirts of GCC or even Oman. But right now Dubai is keeping us quite busy. We are looking into acquiring strategic locations in Oman, more in the hospitality sector, and we will hopefully be able to announce some projects in the region. At this point in time our focus and foothold is in Dubai.
6 Your views on Dubai real estate industry and its trends in general? Will the bubble burst?
Regarding the trends in the Dubai, many questions have arisen that ‘It is too much, too much is happening'; however it is actually just the beginning for Dubai. It has started in the year 2002 and there is still a long way to go. The influx and the latent demand we observe shows there is a number of good years ahead In the long term there will be a settling point, a crush or a bubble burst is much too negative a viewpoint for a market which can still be considered to be in its embryonic stages.
7 Where do you see yourself in another two to three years?
It is not just a question of two to three years, we have long term plan which focuses on performance as the key indicator. For long term success, Trident's focus has been, and will always be, on the ‘D' factor-deliverables.
8 Most of your projects cater to the hi-end market, anything underway for the mid-segment in terms of pricing?
If we go by the phrase - ‘Never change a winning team', likewise we believe in ‘Never change a winning formula'.
Our customer base is the connoisseurs of luxury- people for whom the price per square foot is immaterial when it comes to their lifestyle. Our units are collector's items and collectors never look at the pricing.
As mentioned earlier, we don't roll on mass productions; consequently what we create is selected and exclusive. The positioning of our company and of our project, helps us cater to a class which is a very small section of a very large mass. Positioned as boutique developers producing one to two projects a year and we will stay on the same track rather than going low end.
9 Few words on Cityscape 2007? Has it served your purpose?
When considering the success of Cityscape, one must consider the overall success of Dubai and the UAE as an overall investment proposition.
The Dubai economy is on an all time high, with average economic growth rates equaling 16%- at par with some of the leading global markets. Foreign investment in Dubai is rapidly growing with realty investment having one of the highest ROIs. Increased numbers of businesses are setting up their regional centers in Dubai making it a strategic hub for global businesses. In addition to its stellar economic performance, Dubai qualifies as a wonderful and diverse city to live and work. This is further accentuated by Dubai's strategic location and accessibility to the rest of the world. This has led to an exponential increase in investors, global communities and habitat modules in Dubai as well as the rest o the UAE.
It is these factors which make Cityscape 2007 such a roaring success. We are glad to be part of the exhibition and thankful to the organization.
By: Shabina Sanad
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