Project Description

The project involves the comprehensive repositioning and redevelopment of Velluto Residences, a mixed-use asset located on Al Marjan Island, Ras Al Khaimah1111. Unlike ground-up developments that face long construction delays, this project leverages an existing structure to ensure rapid delivery and speed-to-market2222. The development is strategically positioned just 2.7 km (7 minutes) from the Wynn Integrated Resort, placing it at the epicenter of the district's growth3. The concept transforms an under-optimized asset into a premium serviced apartment building that integrates residential living, a dedicated amenities podium, and neighborhood-serving retail4444.

Project Objectives

• First-Mover Advantage: To capture the initial wave of demand generated by the Wynn casino opening in 2027 by ensuring market entry ahead of the supply glut.

  
  

• Value Creation: To drive significant Net Operating Income (NOI) growth through a multi-layered strategy of targeted renovation and unit optimization.

  
  

  
  

• Lifestyle Statement: To create a luxury lifestyle destination rooted in heritage and elevated by timeless elegance, rather than just a standard real estate asset.

  
  

  
  

• Investor Returns: To deliver defined returns through a stabilized refinance or a strategic portfolio-level sale upon asset stabilization8.

  
  

  
  

Services Provided

• Strategic Repositioning: Executing a targeted renovation strategy to upgrade interiors, common areas, and facilities to premium standards.

  
  

• Master Brokerage Sales: Deploying an exclusive "Master Broker" strategy with Lighthouse Properties to drive rapid off-plan residential unit sales.

  
  

• Retail Curation: Pre-leasing the retail podium to high-end lifestyle and F&B tenants to anchor the destination and support daily resident needs.

  
  

• Financial Structuring: Management of capital structuring, private placements, and institutional compliance through Velluto Financial Brokerage.

  
  

  
  

• Asset Stabilization: Full activation of the residential community and retail podium to ensure steady income streams.

  
  

Project Timeline

• Phase 1: Acquisition

  Secure the completed, under-optimized mixed-use asset in a prime location on Al Marjan Island14.

• Phase 2: Renovation & Repositioning

  Execution of a targeted upgrade of interiors and facilities, with a budget of AED 60 Million ($16.3M)

• Phase 3: Sales Launch

  Activation of the "Master Broker" strategy with Lighthouse Properties to drive off-plan residential sales.

• Phase 4: Completion & Handover (Q4 2026 / Q1 2027)

  Target completion effectively timed to welcome the first wave of Wynn tourists.

• Phase 5: Stabilization

  Full activation of the asset to generate recurring income from the retail and lifestyle podium18181818.

Budget Estimate

The project utilizes a capital structure combining senior bank financing, mezzanine capital, and sponsor contributions.

• Renovation CAPEX: AED 60 Million (approx. $16.3 Million) allocated for comprehensive upgrades to finishes and amenities.

  
  

• Mezzanine Structure: Seeking capital for a term of up to 36 months to support acquisition and redevelopment costs.

  
  

  
  

Key Project Team

• Developer (Clédor): Led by Omar Gull (Founder), a recognized real estate luminary who has orchestrated over AED 100 Billion in lifetime sales for giants like Emaar and Dubai Holding.

  
  

  
  

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  Strategic Partner (Lighthouse Properties): Led by Marwan Alkindi, a dynamic real estate veteran and Executive Director at Dubai Properties, acting as the exclusive "Master Broker".

  
  

  
  

• Operations & Capital (Harshit Garodia): Chief Cooperating Officer with deep experience in capital planning and infrastructure monetization (formerly with Emaar).

  
  

  
  

• Financial Consultant (Velluto Financial Brokerage): Led by Denis Scvortov (Managing Director), ensuring alignment with institutional investor standards and compliance.

  
  

  
  

Additional Features

• Configuration: A five-level building consisting of 250 units, offering a mix of studios and one-bedroom apartments.

  
  

  
  

• Prime Location: A non-replicable site directly facing the Wynn Integrated Resort, situated in a government-backed tourism corridor27.

  
  

  
  

• PropTech Integration: Partnership with REELLY, a top-5 tech startup, to connect with over 29,000 agents for high-volume sales execution28.

  
  

  
  

• Commercial Ecosystem: A retail-first, lifestyle-oriented environment including specialty coffee, wellness, and convenience retail to drive consistent footfall.

  
  

  
  

• Accessibility: Features above-grade parking integrated into the building and direct at-grade access for residents and retail users.