He has picked up quite a few labels over the years - canny businessman, industrialist extraordinaire and a philanthropist who has done his fair share for society. And for those who know him well, Dr B.R. Shetty could give King Midas a lesson or two at his own game.
It is this sure touch that now sees him as the justifiably proud owner of the 100th floor in the Burj Khalifa. For Shetty, acquiring the 15,000 square feet apartment on the 100th floor represents much more than a straight forward brick-and-mortar investment.
"I didn't do so for short-term gains, I wanted to be a part of the Dubai dream," recalls Shetty, managing director of the Abu Dhabi-headquartered health care conglomerate, the NMC Group.
"I was passionate about investing in the tallest building in the world — it's a privilege." Privilege may be an understatement when one is talking about owning a residence at the Burj Khalifa.
Shetty had initially approached Emaar Properties for a one-bedroom apartment on the 160-storey tower. But, he was, instead, offered three residences on the 100th floor. The significance of the outcome is not lost on him. "While I've also bought a few other apartments in the tower, the 100th floor is the most glamorous address and the one with the most panoramic views."
Mind you, it was no easy run to get hold of the address. Once Emaar opened the sales programme on the then Burj Dubai, there was a frenzy of bidding activity among those who could more than dream of owning a unit at the world's most exclusive address.
"There were other VIPs waiting in the queue who were willing to offer me an additional Dh5 million for the unit," Shetty lets on. "But I want to be associated long-term with the Burj."
But, he continued to get a fair share of enquiries from prospective buyers with the frequency of calls increasing with each significant milestone getting completed on the Burj's construction side. "People were even willing to pay me Dh6,000 a square foot. When the Armani Hotel was launched, the offers went up to an astronomical Dh12,000," recalls Shetty.
Not bad when you look at the fact that he acquired the units at the launch price of Dh3,000 a square foot. While the developer has not notified him of the actual handover date, Shetty has already paid off 90 per cent of the property. The remaining will be done on delivery. Admitting that he had to contend with an over nine-month construction delay, the business honcho is, however, nonchalant about the lapse.
"The delay was due to technical implications, any project of such a size is bound to get delayed a bit. However, I felt greatly honoured when they called me while laying concrete for the 100th floor."
Shetty is naturally circumspect about his long-term plans for the units he owns at the Burj. "I will occupy one apartment on the 100th floor while I transit in Dubai. I may lease the remaining two units to tenants of my choice. It helps to have a good neighbour!"
Yes, there is much to look forward to for the affable tycoon with a ready smile. Meantime, another label has stuck on to him — ‘The man with the 100th floor'. Shetty would not mind that one at all.
Office in the skyscraper
It is not just the residential aspect that enthuses Dr B.R. Shetty with regard to the Burj Khalifa.
He also intends to stamp his imprint on the Corporate Suites at the skyscraper by converting the whole of the 141st floor into his personal office. Moving away from the Burj Khalifa and into the Downtown, Shetty has also opened a Nivea Haus spa at the Dubai Mall, a venture which brings together Beiersdorf ME and the NMC Group.
