King Khan confirms property deal

By Ryan Harrison & Vineeja Suresh  on Saturday, September 27, 2008

 

After intense speculation over Shah Rukh Khan's role in the UAE property market, the Bollywood superstar has finally broken his silence – but only just.

The actor confirmed to Emirates Business his involvement by replying 'yes' when questioned about the rumours he is teaming up with UAE-based construction firm TSA international investments to build the Shah Rukh Khan Boulevard project in Ras Al Khaimah.

Shah Rukh Khan's property handywork will be showcased on the exclusive Al Dana Island – Ras Al Khaimah's answer to Dubai's Palm projects, where he already owns a bungalow.

The full extent of the partnership will be unveiled tomorrow at a press conference in Festival City, attended by Khan himself. This is intended as the prelude to Dubai's real estate expo Cityscape Dubai, to be held from October 6 to 9.

Shah Rukh Khan Boulevard has so far been described as a "new beachfront lifestyle destination in the UAE", but sources have added that it has also been conceptualised by famed architect Toni Ashai.

Khan, dubbed King Khan by Bollywood pundits, joins a growing list of A-listers looking to get behind property developments in the UAE.

In June this year, Hollywood heartthrob Brad Pitt put his name to a landmark environmentally friendly hotel and leisure project in conjunction with developer Zabeel Properties.

Along with LA-based architecture firm Graft, Pitt will design a luxury project that will include an 800-room five-star hotel.

Sporting legends Boris Becker and Michael Schumacher have also been highly visible in Dubai in recent months for their work with German developer ACI.

Khan's Ras Al Khaimah enterprise assumes a new business avenue for the star altogether. At this juncture the Bollywood star is endorsing 34 brands, which is the highest for any movie actor across the world. He has around 15 brands in hand which he is actively endorsing, namely Pepsi, Airtel, Tag Heur, Compaq, ICICI, Hyundai Santro, HDIL, Reebok, Nokia, Dish TV, Himani, ITC, HP, DLF and Belmonte. His company paid up Rs700 million (Dh56m) in the IPL for Kolkata Knight Riders and made a profit of Rs170m.

His last film, Om Shanti Om, has collected over Rs1.6 billion already. SRK also owns a 10 per cent stake in a channel called E 24 promoted by Bag Films due to his proximity with the owners Rajeev Shukla and Anurradha Prasad.

Not many are aware that Khan, 42, has also applied to the Municipal Corporation of Delhi (MCD) to develop a Rs5bn dream project called Advertisement Oasis, for which he has been asked to fill in a tender.

The actor has also bought a house in Delhi's Panchsheel Park, close to his parents' house in the Indian capital. He has also bought a 4000 sq ft plot of land for Rs560m near Ravi Chopra's Mumbai office to build his Red Chillies Office there.

However, he denied having bought a house in the Primrose Hill suburb in London but said he may set up an office close by.

For the Ras Al Khaimah project, buyers have been invited to offer refundable "expression of interest" cheques for the proposed studio, one-and two-bedroom apartments, but sales will begin only after the official launch by Khan on October 20.