The Man Who Owns Malaysia

Harshit Kantaria arrived in Dubai three years ago and has become a major player on the property market. Now he’s bought Malaysia and Sumatra on The World – and plans to buy 15 more.

He once sold IT hardware in Mumbai but today runs a Dh5.5 billion real estate empire in Dubai. He lives in a nine-bedroom villa, recently bought the islands of Malaysia and Sumatra on The World project and aims to buy 15 more countries. Harshit Kantaria has amassed wealth beyond his wildest imagination.

And he’s just 27 years old.

Dubai could not ask for a better brand ambassador to showcase to the world the Dubai dream — in which life is better, richer and fuller for everyone.

The architects we have hired are the best in the world. They have designed houses for celebrities like Paris Hilton and John Travolta. Harshit Kantaria

Wearing a sharp suit and a casual manner, Harry, as he calls himself, spoke about his rise to the top of the pile of billions, and his company, Aspire Holdings.

The king of understatement, he would have you thinking making millions was easier than buying weekly supplies at Carrefour.

"I came to Dubai three years ago, entered the real estate market and things just happened.

"It started with a small-time brokerage in Dubai. As time went by investors started to come in, and the business expanded.

"Today we have projects virtually in every location in Dubai ranging from Business Bay to Jumeirah Village and Dubai Marina. Now we are focusing on the waterfront properties. We have big plans for The World project and Jebel Ali Palm."

His mission of waterfront property acquisition started with buying the islands of Malaysia and Sumatra for Dh220 million.

"There are several reasons why we invested in The World project. Firstly, it is the most prestigious project in Dubai. It is not just another piece of land, it is a wonder of the world.

"I wasn’t around when the Taj Mahal or the Pyramids were constructed, but here I can literally witness a wonder being created before my eyes. A few years from now you may not be around, but you leave behind a legacy."

Harry is quick to clarify that the choice of Malaysian and Sumatra has nothing to do with their names.

"It has everything to do with their location which we found very suitable for our requirement. They overlook the Dubai skyline and are very close to the main entrance to The World."

Architects who have worked on Beverly Hills mansions in LA have been hired to work on the Dh1.5 billion island project, which is yet to be named. Once the construction work is completed the islands will resemble an old Venetian town.

"The architects we have hired are the best in the world. They have designed houses for celebrities like Paris Hilton and John Travolta. The architecture on the two islands would have the look and feel of 40-year-old structures. We flew the design team to Venice to absorb the city’s architecture and pathways.

"To ensure that every single house on the island overlooks the water we will create canals and waterways with little bridges going over them. Just the way they are in Venice."

Although two different islands, they will be treated as one entity with a land area of 510,000 sq ft. A bridge will join the two and will be the site for a glass-bottomed spa retreat.

"On the bridge we will build a floating spa. It will have a glass bottom so patrons can enjoy watching the marine life and the sights of coral reef and seabed."

He doesn’t forget to throw in the Dubai mantra: "It will be a unique experience. A property on The World is not land investment, it is buying a luxury product such as a jet plane or a yacht."

This, he assures, is just the beginning. On the cards is the acquisition of 15 more islands on the development.

"We intend to go a long way with this project."

If he is playing the waiting game for now it is because certain laws are not in place.

"We have investors lined up, all we are waiting for is more clarity on the law. Things like whether the land payment is allowed or not can have a huge bearing on your investment plans. This is not something that can be taken lightly. The government needs to move a little faster to get the law in place."

Ask him his company’s net worth and he will choke you with the figures.

"In terms of capital the company is worth about Dh280 million, but if you factor in funding from private players, it crosses a billion dirhams. The portfolio of the projects we are handling at the moment is about Dh5.5 billion. In the near future we would be adding another Dh2 billion to the tally."

The handsome six-footer has been married for six years and has a four-and-a-half-year-old son. He lives with them in a nine-bedroom villa in Jumeirah Islands which is also shared by his parents and two sisters.

Unlike men his age, and his financial standing, he doesn’t party hard and has no friends.

"Maybe because I am not into wild partying I do not have a single friend."

Not that he regrets that one bit.

"It is good because that helps me stay focused on my work. Most of my social interaction is with people from the trade."

He keeps his relationship with clients, many of them Bollywood stars, professional. Leisure to him means golfing, yachting, water sports or a movie.

What does it mean to be so successful at such a young age?

"It makes me feel secure. When I look at others I realise I am playing at my age the same game that they are playing at 50. If they go wrong they do not have many years to rectify, while I have my whole life ahead of me to correct my mistakes. That fills me with a sense of security. "