When it comes to the most luxurious apartments in top city centres, the only way is up.
At least that is the opinion of a number of property developers who are wooing the ultra wealthy with lavishly-appointed skyscrapers in the most prestigious of neighbourhoods, where large-scale lateral square footage is nearly impossible to find.
As well as being designed by top architects and interior designers, these luxury trophies have the added benefit of being zero-maintenance, turnkey properties.
“Wealthy buyers want convenience,” said Joanna Leverett, head of international new developments at Savills. “Flagship developments provide services and facilities such as spas, wellness and restaurants that you wouldn’t normally get in a house, all within walking distance to the city’s restaurants and culture instead of being out in the sticks.”
This type of apartment is easier on the rent and resale market too, said Edward de Mallet Morgan, head of super prime international property at Knight Frank. “More owners are renting out their properties where there is a good management, rental service or a concierge, as it is nice to have some income being generated to put towards annual running costs,” he said.
Here Wealth-X takes a look at the world’s ten most luxurious high rise apartment blocks for ultra high net worth (UHNW) individuals, as well as the UHNW developers behind them.
1. One Hyde Park,
Average Price Per Square Foot: US$9,906 (£6,000)
Penthouse: US$226.9 million (£136.4 million)
Trophy Credentials: The signature development of the Candy Brothers, One Hyde Park is probably London’s most hotly-discussed residential building. Candy & Candy say the penthouse sold for £136.4 million (US$226.9 million), although reports have suggested the actual price was lower. Christian Candy is listed as an owner along with financial backer Sheik Hamad bin Jassim bin Jaber Al Thani. There’s plenty to keep residents entertained, including the golf-simulator, private cinema and squash court. With architectural design by the pre-eminent Roger Stirk Harbour + Partners, Candy & Candy did the interiors and Mandarin Oriental Hotel group runs the concierge.
Agents: Savills, Aylesford, Strutt & Parker
2. 432 Park Avenue
New York, US
Average Price Per Square Foot: US$6,742
Penthouse: US$95 million
Trophy Credentials: Designed by acclaimed architect Rafael Viñoly with interiors by Deborah Berke, 432 Park Avenue in mid-town Manhattan is expected to be the pinnacle of cool. Due for completion in 2015, 432 will be the tallest residential building in New York and the brainchild of US property tycoon, Harry Macklowe. The private residents-only restaurant is designed by Bentel & Bentel and will have an adjacent outdoor terrace above 57th street to accommodate 300 guests. The penthouse will have six bedrooms, seven bathrooms and a library. Other amenities include a wine cellar, a 75-foot indoor swimming pool and a spa and fitness centre.
Agent: Macklowe Properties Sales LLC and Douglas Elliman
New York, US
Average Price Per Square Foot: US$6,000
Penthouse: US$90 million (sold in 2012)
Trophy Credentials: A neighbour to 432, developed by Gary Barnett’s Extell, this super-tall development on 57th Street claims to be a vertical billionaire’s row. Rising 1,004 feet tall over Midtown Manhattan it is the tallest residential building in New York. There are 95 condos with amenities including a yoga studio, an arts and crafts atelier room and a pet grooming room. French Pritzker Prize-winning architect Christian de Portzamparc envisioned the project, while Thomas Juul-Hansen did the interiors. The flagship Park Hyatt New York and its health club and spa at the base of the building will be opening this summer, designed by interior designers Yabu Pushelburg.
4. South Bank Tower
Average Price Per Square Foot: US$3,300 (£2,000)
Penthouse: US$90 million, asking price (£55 million)
Trophy Credentials: South Bank Tower was originally a 30-storey structure designed by Sir Richard Seifert in 1972. It was recently acquired by developer CIT and redesigned by Kohn Pedersen Fox Associates with interior design from Johnson Naylor, turning it into a 41-storey building of 191 luxury apartment and office space. The building is on the River Thames and overlooks the London Eye and the city beyond. The penthouse will be a triplex with two roof terraces, due for completion in 2015.
Agents: Savills and CBRE
5. Tour Odéon
Average Price Per Square Foot: US$8,900
Top Apartment: US$65.7 million (€47.7 million)
Trophy Credentials: At over 550 feet, Tour Odeon will be the tallest building in Monaco, overlooking the entire principality and the Mediterranean sea. The double tower is due for completion in the second quarter of this year, including 70 luxury apartments with floor-to-ceiling windows. Belle Epoque architect Alexandre Giraldi and Monegasque family-run developer Groupe Marzocco (headed by Claudio Marzocco) collaborated on the creation of the landmark, bringing in designer Alberto Pinto for the interiors and Jean Mus to create the gardens. The “Sky Penthouse” of over 35,500 square feet will occupy the top five floors of the building, and there are rumours of a water-slide flowing directly into a private infinity pool. Although the price of the penthouse has yet to be revealed, reports put it as high as US$387 million, which would make it the most expensive apartment in the world.
Agent: Knight Frank
6. Opus Hong Kong
Average Price Per Square Foot: US$10,740 (HK$83,400)
Top Published Price: US$58.6 million (HK$455 million)
Trophy Credentials: Pritzker-winning Canadian architect Frank Gehry designed the 12-story Opus development, his first residential project in Asia. Located at the desirable 53 Stubbs Road on the Peak, the eighth floor apartment has already broken records as the most expensive ever sold in the city. Amenities include rainwater recycling for irrigation and electric car charge systems. However, the project has been temporarily derailed by Hong Kong’s property cooling measures introduced last year, including strict requirements on sales of first-hand property. So for now, Opus is only available to rent.
Agent: Swire Properties
7. 56 Leonard
New York, US
Average Price Per Square Foot: US$6,000
Penthouse: US$47 million
Trophy Credentials: This Herzog & de Meuron-designed tower in trendy Tribeca is almost entirely made from cantilevered glass, offering fantastic views of the city through floor-to-ceiling windows. The penthouse is under contract for $47 million, making it one of the most expensive residences to ever be sold in downtown Manhattan. There is an Anish Kapoor sculpture at the base of the building, a 25-seater cinema and a 75-foot lap pool inside.
Agent: Corcoran Sunshine Marketing Group
8. Clermont Residence
Average Price Per Square Foot: US$2,360 (S$3,000)
Penthouse: US$47 million (S$60 million)
Trophy Credentials: Clermont Residence is perched atop the 290-metre-high Tanjong Pagar Centre – Singapore’s tallest building. Skidmore, Owings and Merrill, the architects behind the Burj Khalifa and One World Trade Centre in New York, designed the iconic building. Due for completion in 2016, there will be 180 apartments including the 14,500-square-foot penthouse, which will have its own private lift. Located at Peck Seah Street, residents will be on the doorstep of Singapore’s prestigious CBD. The project is being run by Guocoland, the developer owned by Malaysian billionaire Quek Leng Chan.
9. One Thousand Museum Condos
Average Price Per Square Foot: US$1,100
Penthouse: US$45 million
Trophy Credentials: Designed by Zaha Hadid, this incredible building on 1000 Biscayne Boulevard has got all of Miami abuzz. Billed as “creating a six star lifestyle”, the amenities include two floors of wellness and spa facilities, a sunbathing terrace overlooking the Miami skyline and a private helipad. And if you still needed convincing, all the interior spaces have bespoke “building scenting” with perfumes designed by olfactory consultants 12.29. The building’s developers are Gregg Covin and Louis Birdman and it is due to be completed in 2018.
10. One Madison
New York, US
Average Price Per Square Foot: US$5,000
Penthouse: US$43 million
Located on East 23rd Street, this slender 60-storey glass tower already has some celebrity residents including Tom Brady and Giselle Bündchen. Rupert Murdoch, the newly-single billionaire owner of NewsCorp, spent a total of US$57 million buying the top four floors of the building after he combined the triplex penthouse and the apartment below. One Madison has 53 units with amenities including an indoor pool with marble walls and butler service.
Agent: The Related Companies