Razzaq

New homes for a new world

Abdulaziz AlAbdulrazzaq, CEO, AlAbdulrazzaq Group, accounts its US real estate subsidiary’s dramatic debut to the market and its success at reinventing the wheel.

Razzaq was incorporated in 2018, marking Kuwaiti holding group AlAbdulrazzaq Group’s entry into the US real estate market. The new design and development entity is headquartered in Los Angeles and targets local single and multi-family projects with the aim of transforming the US real estate market through design concepts found in living spaces in the GCC. The company is partnered with a US development firm and is in the process of buying existing projects and procuring land to build its own infrastructure from the top down. Razzaq draws on its parent company’s seventy years of experience in multiple segments around the world, including engineering, construction, services, interior design and real estate.

Razzaq’s concept is to supply the market with completely unique offerings that go above and beyond what is currently available. For example, the company’s largest offering by acreage is the Holmby Hill estate, which is located between Bel Air and Beverly Hills. The property is the company’s only current offering that sits on land larger than an acre and includes guest homes. The main edifice consists of several living areas, a formal area, a massage room, pajama lounges next to the bedrooms and a library. The project is made to accommodate house staff, which is in line with the company’s unique design plans.

Another example of Razzaq’s distinctive approach is its Correa Way project in Brentwood, which is currently under development. The 40,000-square-foot, USD 30-million home has an unobstructed view of Catalina Island from its windows, with a very short drive to its vantage point. The company has followed its family model approach and has built a separate children’s space to keep other living areas unobstructed. The home is expected to be ready by the end of 2022.

The company also produces buildings that accommodate more than one family. The largest development project by households currently under development is the 17-unit Jefferson condominium project in Playa Vista in the Westside area of Los Angeles. Given its close proximity to Silicon Beach, the company is taking a digital approach and equipping all luxury units with state-of-the-art smart technology. The company also has smaller projects in Westwood, Santa Monica, Venice and Playa Vista that are under development.

AlAbdulrazzaq Group’s CEO, Abdulaziz AlAbdulrazzaq, explained the subsidiary’s design strategy: “We have different approaches whether for apartments, houses or townhouses. Coming from an Arabic background, our houses are designed very differently than in the US. We have combined the Arabian concept to the US lifestyle, which incorporates several living areas, larger family rooms, bigger bedrooms with walk-in closets and total privacy. In the GCC we are used to having maids and help living in the house. US homes are currently not built for this purpose. By adapting GCC concepts to the new US lifestyle, we are stepping ahead.”

So far, the company is doing extremely well, with properties rarely staying on the market. “We have sold ten [properties] since we started and have always presold,” said AlAbdulrazzaq. “The longest one of our projects has been on the market was four months.” While currently focused on neighborhoods in Los Angeles due to its current housing crisis, AlAbdulrazzaq explained that the subsidiary is looking towards Florida and New York to widen its scope and introduce fresh markets to its exclusive model.