My Own Home: Entrepreneur to double money on Dh13.5m Dubai Hills villa


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My Own Home takes you inside a reader-owned property to ask how much they paid, why they decided to buy and what they have done with it since

Real estate professional Ricardo Scala started flipping houses in the Dubai Hills community with his wife a little more than two years ago.

Recently, they finished a 10-month renovation on a four-bedroom property in Sidra 2, which they bought for Dh6.5 million and are now selling for Dh13.5 million.

While the Scalas don't live there – they rent on Palm Jumeirah as they finish renovating their own home in Dubai – it has become their baby, as they have infused their own preferences and personality into the design with touches such as a behind-the-scenes, German-made chef's kitchen, an infinity pool with sun loungers and even a Star Wars-themed indoor cinema room.

The National takes a tour.

Please tell us about your property

It's a fully finished show villa that now has four bedrooms with a cinema and behind-the-scenes chef's kitchen, a staff area and resort-style garden with infinity pool, sunbathing area in the pool and an area beside it with sunken seating and a firepit that looks through glass to the water.

There's also a barbecue area with gas, wood and coal facilities and seating for 10 or more people.

The whole set-up is designed to make it look and feel very luxurious, so you have a home within a really good community.

What renovations did you do?

Villa 157 is in the Sidra 2 community of Dubai Hills Estate. Antonie Robertson / The National
Villa 157 is in the Sidra 2 community of Dubai Hills Estate. Antonie Robertson / The National

We bought the villa and we purchased all the extra allowance of built-up space that we could from Emaar. It was originally 3,105 square feet and is now 3,900 square feet. It's a bit of a unicorn in terms of size, as Emaar has now added limitations on how much extra space can be bought.

We stripped the villa right back to the concrete walls. We took out all the electrics, all the AC, rewired the house, added new AC ducting. We designed a brand-new house on an existing shell.

It's a testimony to the community, because it is amazing, but the villas are mediocre and they deserve to be made so much better due to the location.

Why did you choose a Star Wars-themed indoor cinema room?

I’m an '80s child and my wife and I are huge Star Wars fans. We spent a lot of time living in America before Dubai and we came to see a lot of these cinema rooms, especially in US, which usually have a theme.

But the theme is subtle. We didn’t want to lose the functionality of the room. It has a blackout curtain that can be pushed back or changed to allow light to come in, so, when you’re not using it as a cinema room, it can become a really nice room.

Ricardo Scala had an R2-D2 sculpture custom-made for the home's indoor cinema. Antonie Robertson / The National
Ricardo Scala had an R2-D2 sculpture custom-made for the home's indoor cinema. Antonie Robertson / The National

We also added a Rolls-Royce Starlight ceiling, which is difficult to do. We also had an R2-D2 sculpture custom-made for the villa.

The lion sculpture outside of the house was custom-made, too, and has "villa 157" etched into its leg.

We like to theme things for a bit of fun but if someone wants to change it, they can do easily enough.

How much did you spend on renovations?

Excluding costs paid to Emaar for the extra space, we put in just over a Dh3 million investment.

How did you decide what to do with the home?

It's difficult to find good contractors but we use a company called Desert Dunes and they are great. They have a good presence in Dubai Hills already and, because I work with them on more than one project, we have a good relationship.

The techniques we've put in are very different to what other contractors in the community can do. My profession outside these renovations is I work in high-end real estate, selling villas transacting Dh100 million-Dh200 million.

I get to go into these homes where people spend millions of dollars on designers, landscapers and so on, and I get to see all the techniques and ideas and new ways of doing things, then I cherry pick those and put them into our projects.

Certain techniques and things we’ve done the contractors hadn’t done before, so I had to explain and teach them how to do it.

What kind of techniques did you use?

Artwork and furniture are being sold with the home. Antonie Robertson / The National
Artwork and furniture are being sold with the home. Antonie Robertson / The National

An example is shadow profiling on the walls inside the villa. That is the technique where you don’t have skirting boards but you have the walls coming from the ceiling to the floor and stopping one inch before touching the ground. It looks like a floating wall above the floor and it looks sleek, nice, luxurious and clean.

Also, the spotlights in our homes, instead of being in the ceiling with a plastic case sitting outside of the wall, it's all flush and inside the ceiling.

Little things like this can make a big difference.

TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

WISH
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The specs: 2018 Genesis G70

Price, base / as tested: Dh155,000 / Dh205,000

Engine: 3.3-litre, turbocharged V6

Gearbox: Eight-speed automatic

Power: 370hp @ 6,000rpm

Torque: 510Nm @ 1,300rpm

Fuel economy, combined: 10.6L / 100km

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Essentials

The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes. 
 

Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes. 


In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes. 
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.

The specs

Price, base / as tested Dh12 million

Engine 8.0-litre quad-turbo, W16

Gearbox seven-speed dual clutch auto

Power 1479 @ 6,700rpm

Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds

Top speed 420 kph (governed)

Fuel economy, combined 35.2L / 100km (est)

UAE currency: the story behind the money in your pockets
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Credits

Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5

Two products to make at home

Toilet cleaner

1 cup baking soda 

1 cup castile soap

10-20 drops of lemon essential oil (or another oil of your choice) 

Method:

1. Mix the baking soda and castile soap until you get a nice consistency.

2. Add the essential oil to the mix.

Air Freshener

100ml water 

5 drops of the essential oil of your choice (note: lavender is a nice one for this) 

Method:

1. Add water and oil to spray bottle to store.

2. Shake well before use. 

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

Ready Player One
Dir: Steven Spielberg
Starring: Tye Sheridan, Olivia Cooke, Ben Mendelsohn, Mark Rylance

Updated: April 24, 2024, 3:00 AM