Shah Rukh launches $2.2-bn real estate project in UAE

Dubai, Oct 6 (IANS) Bollywood superstar Shah Rukh Khan has announced the launch of his signature real estate development, Shah Rukh Khan Boulevard, to be located in the emirate of Ras Al Khaimah in the United Arab Emirates (UAE).

The 8-billion dirham ($2.2-billion) development will come up on Dana Island off the Ras Al Khaimah coast and will comprise studio and one and two-bedroom apartments.

In an interaction with reporters here ahead of the Cityscape 2008 real estate exhibition, which started Monday, Shah Rukh said he had a fetish for houses and that was what led him to this project.

"I have a strange fetish for home. It's close to my heart," he was quoted as saying.

"Bit by bit, I have built my home where the future of my children lies. While I have done so much for my home, why can't I extend this to others?" he asked.

The development will be designed by well-known architect Toni Ashai and will also comprise an underwater discotheque, a public square on the beach and a theatre.

The project will cover three million square feet.

The film star has associated himself with the project through TSA International Investments, a leading real estate financial consultancy in the UAE.

Khan already is associated with the UAE's leading real estate developer Nakheel and owns a house on the posh Palm Jumeirah manmade island off the coast of the Dubai.

Though Bollywood actors have earlier endorsed real estate projects in the UAE, this is the first time that a celebrity himself is developing a property.

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