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
Retired educator Radhika Bhandari and her husband Maninder, who has a background in finance and continues to work as a consultant, are not only proud of their home but also their community.
The couple bought their three-bedroom apartment in Motor City’s Green Community back in 2010 and have since become heavily involved with the local homeowners’ committee.
Radhika – who spends her time working with Indian NGOs online, teaching mahjong at home and looking after her grandchildren – says there is nowhere else like it in Dubai, thanks to the environment, neighbours and the spaciousness afforded by the apartments.
The National takes a tour.
Please tell me about your home.
It is an apartment but it gives us the feeling of living in a villa. It has got a lovely terrace, which is on the ground floor, so we have the pleasure of the view of a lovely lake and lots of greenery.
It has three bedrooms and a huge kitchen, which we have cordoned off and made a little family TV room in there, because that is where we hang out a lot when the grandchildren come.
It has got Dutch bathrooms with all the bedrooms, a powder room, a laundry and storage room inside, as well as another storeroom on the terrace.
There is a very spacious living and dining room. The lovely thing is all the bedrooms and living room look out on to the lake and greenery.
The maid also has her own room and bathroom.
What do you love most about this home?
We love that it is one level. It is just enough space for both of us, as well as when we have visitors, so we do not feel cramped. I think these are some of the most spacious apartments in Dubai – they are well planned, with excellent building materials and lots of storage space. Each apartment comes with two storerooms.
And it is part of a lovely community. There are 160 apartments in the complex, but you never feel as if there are so many people around you.
It is a very different kind of community because, although you are in this huge complex, you are very comfortable, you have your privacy and accessibility, and the people are wonderful here.
I really think it is one of the nicest communities to be living in Dubai. People who have visited all walk in here and say, ‘Wow, this is like an oasis within a desert’, because of the landscaping and the greenery and the water body.
Why did you decide to buy?
We bought the home in 2010 and by then we had been in Dubai for 10 years. We had actually bought another place in Victory Heights, and we were going to move in there but then, due to health reasons, because I wanted a one-level home, we decided to offload that.
We came to visit a friend in Green Community who owned an apartment, and I just fell in love with her place.
At that time, our daughter was taking a gap year between work and doing her master’s degree, so we wanted to be in this end of town because of the accessibility for her, for her friends.
Prices had also come down and we were ready to reinvest in Dubai. We thought since long term we are going to be here, why not? Instead of paying rent every year, we worked out the math.
How much did you buy the house for?
On the market, the house was about Dh2.7 million but because of the downturn, the previous owner had not even moved in or anything and she was in a bit of a stressed situation. So, we got a little cheaper than that, for about Dh2.5 million and we did not take a mortgage.
Today, I would like to think it would be Dh4 million-plus. One would expect that, because the community has really come up well, and we have put some money into the apartment. Plus, we have the prime view on the ground floor with the lake.
I would not expect less than Dh4.2 million to Dh4.3 million. You are not going to get an apartment like this anywhere else.
What renovations have you done?
I have added a lot of storage. The outside terrace area is fully redone, because they give you a shell when you come in. I spent a fair amount on the landscaping and adding features there.
My kitchen also has a new look, thanks to wrapping.
We have not done anything major because the quality of construction is very good. We have not had to replace the floors or anything like that.
Every three to four years, we get it painted. We basically ensure its upkeep and make sure everything is working well.
What amenities do you have access to?
We have two clubhouses between four buildings, which each have a pool, gym and party room.
We have an outside children’s play area and a nice walking area around the community.
How has the neighbourhood changed since you first moved in?
Everything is available here in Motor City. I mean, you have all the top supermarkets, from Spinneys to Carrefour and Waitrose. We have the smaller ones as well, like Viva. We have got Lulu coming in, a Geant is about to open.
You have some medical centres; our GP is down the road. You have ATM machines, very nice children's amenities. There are a variety of eating places.
Accessibility is really easy for us. Within five minutes, you are on Sheikh Zayed Road. You can get on to all the major roads from here very, very easily.
And I live five minutes away from my daughter and my grandchildren, as they are in Victory Heights.
How long do you plan to stay in your home?
I have no desire to upgrade or move while we live in the city. We are going to stay as long as possible.
I do not see us going back home [to India or Singapore] in a rush. We have our daughter and grandchildren here. We have a fabulous group of friends, a very nice social circle. We love the community. Our neighbours are just wonderful. Everyone is on good terms with each other.
The standard of living is so good over here, so unless we really have to for health reasons, I think that would be the only reason we would go back.
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
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Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Company%C2%A0profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EPyppl%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEstablished%3A%20%3C%2Fstrong%3E2017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAntti%20Arponen%20and%20Phil%20Reynolds%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20financial%20services%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%2418.5%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEmployees%3A%3C%2Fstrong%3E%20150%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%20stage%3A%3C%2Fstrong%3E%20series%20A%2C%20closed%20in%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20venture%20capital%20companies%2C%20international%20funds%2C%20family%20offices%2C%20high-net-worth%20individuals%3C%2Fp%3E%0A
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
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.”
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
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