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 moving in
Corporate office manager Jessica Richardson and her business owner husband Kyle have spent all year renovating their golf course-facing villa in The Turf at Damac Hills in Dubai, which they bought in November for Dh8.3 million.
The couple have been living in and renovating houses to sell in Dubai since 2019 and now they’ve listed this property for Dh17.4 million, a price they realise they’re not going to realise overnight, but they’re enjoying what they’ve created as they wait for a sale to go through.
The 7,423-square-foot, four-bedroom home has a focus on entertainment and well-being.
The National takes a tour.
Tell me about your home
Jessica Richardson: We've tried to incorporate a holistic lifestyle, so we have a 12-metre infinity pool, we have the Jacuzzi and we have a spa, which includes a sauna, steam room and rain shower. They all have inbuilt music and smart home speakers in them.
We also have the bathtub by a picture window looking out on to the golf course. And we have a Nebula luxury ice bath being delivered this week.
We like to entertain quite a lot, so that's why we have put in the bar there, which is the entertaining hub of the home.
We both enjoy playing golf and we have the golf course views here. We're on the ninth tee.
Kyle Richardson: We've built a house that we really enjoy living in.
There’s a downstairs guest bedroom, so if family or friends are coming across, they've got somewhere to stay, and it's completely separate to the living arrangements of the family upstairs.
With the entertainment side of things, it’s open-plan living, so the open-plan kitchen keeps everybody together. When you are entertaining, friends and family are all in the large living area, and then with the bi-folding doors, which opens up the back of the house, you get the indoor-outdoor feel.
There is a quite a big emphasis on entertaining and keeping the family together so that we can all enjoy each other's company.
What other changes have you made?
Kyle: We sacrificed the maid’s room to create the steam room, sauna and plunge area. The beauty of that villa is that it also has an outdoor driver’s room.
Jessica: It has all the smart home features as well, so lighting, ACs, motorised curtains, blinds and the fires all work on Alexa commands.
We’ve got the starry lights in the spa that come on through the mobile application. We can use all this through our phones and have a safe, smart lock on the front door.
What have you done to the garden?
Kyle: There’s the front garden and the back garden. In the front, there’s a double carport, but then you have an area for plants.
We created a garden area with a five-metre ficus tree. At the sides of the villa, there are banana palms and coconut palms, so it does give a very tropical, sort of Balinese theme.
Jessica: It’s Bali meets LA style.
Kyle: Then the back garden: we’ve got a large weatherproof and waterproof outdoor TV and seating area, so anyone who wants to sit in the pool or enjoy the garden can be sitting and watching sports outside.
There’s an outdoor Jacuzzi, so you can sit in it as sun is going down and watch TV with a fire on at the same time. We’ve spent a lot of time and effort on getting the landscaping done correctly.
What do you love most about living here?
Kyle: Our daily routine is we wake up early, we go downstairs as the Sun’s coming up. The golf course is very quiet, it’s very tranquil. You’ve got lots of birds, which sounds very nice. Then we sit in the steam room and sauna with the spa music on, then go for a swim in the pool, which is chilled.
The first two hours of the day really encapsulates everything you need to set yourself up for a good day.
Why did you choose Damac Hills?
Kyle: The community has something for everybody. Obviously, you've got the Trump Golf Course, which is good. You've got the Par 3 course, which is entertaining, and you've got a good clubhouse.
You've got unreal sports facilities now. There are padel courts, tennis courts, basketball courts and football pitches.
They've got very good lakes, with ducks and geese and flamingos. There is a riding stable as well, an equestrian centre, cricket pitch.
The supermarkets they've got are really good. And then you've got the Radisson Blu hotel.
Jessica: The Damac Mall, which just opened a few months ago, has been a game-changer, really, because now, rather than just having a convenience store within the area, we have a huge Spinney’s where you can do your full weekly shop. There’s a Fitness First upstairs and eateries, chemists, hair salons and all that.
You just don't need to leave the area on the weekends any more.
Kyle: The location as well. You’ve got Hessa Street, Umm Suqeim, Al Khail Road and Emirates Road. Wherever you want to be, you’re always going to be around 20 minutes away.
And Damac is still very good value for money for what you get.
Where will you go next?
Kyle: Damac Hills ticks all of the boxes, but from an investment point of view we would look at pretty much all areas.
Jessica: It’s just the high ceilings of Damac and that modern feel to the villa and what we can actually buy for our money in this area.
Right now we’re in a VD one unit type, which is a 7,500-square-foot plot size, so the next step up for us would be into a VD two unit, which is 8,400 square foot and an 11,500-square-foot plot size. So that would be a bigger project for us.
At some point we do have to settle, but we're just continuing to go with the market while it's still strong.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
CREW
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Napoleon
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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.”
The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
