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Tue 17 Mar 2015 02:31 PM

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Candy brothers to 'resurrect Dubai masterplan'

Billionaire property developer brothers made their name developing London’s luxury One Hyde Park apartments

Candy brothers to 'resurrect Dubai masterplan'
Candy & Candy were behind the luxury London project One Hyde Park.

Billionaire property developer brothers Nick and Christian Candy are believed to be in the process of resurrecting plans for a huge development in Dubai.

It was reported last February that the Candys – who made their name developing London’s luxury One Hyde Park apartments among other projects – were contemplating partnering a 300,000 square metre scheme in Dubai, which if, completed, would have been three times the size of The Shard at London Bridge.

At the time, Nick Candy, chief executive of Candy & Candy, told the UK’s Daily Telegraph newspaper that an announcement was planned for the Mipim property conference in Cannes the following month, and that the company was already in discussions with potential partners in New York, San Francisco and Shanghai.

No announcement emerged and it was believed that the scheme had either been shelved or plans were still being worked up.

However, it is understood that Nick Candy was in Dubai "some weeks ago" showing senior executives from one of the emirate’s biggest property developers a site earmarked for a possible new scheme.

A spokesperson for Candy & Candy said that Nick Candy had not made a trip to Dubai this year.

It is understood that a masterplan for the site is close to being finalised and an announcement is expected “imminently”.

“The Candy & Candy brand has long been associated with the world’s most luxurious real estate and after 15 years in design we are now ready to take the brand global and deliver the Candy & Candy standard of luxury living in other major cities around the world,” Nick Candy told the Daily Telegraph last year.

In January, Britain’s most expensive one-bedroom flat went on the market at the Candys’ One Hyde Park, for £10 million ($14 million). The luxury property in Knightsbridge was dubbed the “ultimate pied-a-terre” and is so expensive that a waste paper bin takes up $9,300 worth of space. One Hyde Park is reportedly home to a number of high profile Arab buyers, including Sheikh Hamad bin Jassim bin Jaber Al Thani, the former Prime Minister of Qatar.

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