Nick Candy, one half of the sibling duo behind the iconic One Hyde Park development in London, is now turning his focus to the Middle East, aiming to set new standards for luxury in a region already synonymous with opulence.
Through his firm, Candy Capital, he has formed a joint venture with Abu Dhabi-based Modon Holding to develop a series of projects across the Middle East and North Africa. These ventures will primarily focus on residential developments but will also include hotels and office spaces. The joint venture plans to leverage Modon’s existing development pipeline as well as sites owned by Candy.
Candy emphasized that the new developments will feature the highest standards of architecture, design, service, and attention to detail, drawing on his experience at One Hyde Park, which consistently set record-breaking prices in London’s Knightsbridge district.
“I was the first to break £1,000 per square foot in London, then £2,000, and eventually £10,000 per square foot. I can move the market,” said Candy, criticizing some of the so-called luxury real estate in the Middle East as being of “mid-market house builder quality.”
The UAE housing market, particularly in Dubai, has experienced a surge since Russia’s invasion of Ukraine, with demand from hedge funds and wealthy individuals pushing up prices. In the first nine months of this year, Dubai saw 282 home sales exceeding $10 million, with the majority occurring on Palm Jumeirah, according to property consultant Knight Frank. This marks a stark contrast to 2019, when only 23 such sales occurred, with the number rising to 431 last year.
“Developers are racing to meet the demand for homes priced above $10 million,” said Faisal Durrani, a partner at Knight Frank.
Despite the recent boom, Candy believes the region still offers relative value compared to other top-tier global markets. He’s betting that the UAE, with its modern infrastructure, low taxes, and safe environment, will continue to attract the world’s wealthy. A recent report by property consultancy Savills also indicated that the region remains competitively priced by global standards. The Henley Private Migration Report predicts that the UAE will attract more millionaires than any other location this year.
Modon, formerly known as Q Holding, is a publicly listed company in Abu Dhabi with a market value exceeding $15 billion. Its largest shareholders include sovereign wealth fund ADQ and International Holding, part of a business empire overseen by Sheikh Tahnoon bin Zayed. Modon is currently developing major projects on Hudayriyat and Reem islands in Abu Dhabi and was recently appointed as the master developer for a large-scale city project on Egypt’s north coast at Ras El Hekma.
Although Candy made his name developing One Hyde Park with his brother Christian, the two have since gone their separate ways. Nick has since focused on his interior design and development management firm, Candy London, working on smaller projects in cities like London, New York, and Los Angeles.
The partnership with Modon will mark Candy’s largest development venture since One Hyde Park, though he did not disclose specific details on the first projects the joint venture will undertake.