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by Overseas Property Mall on Wednesday, November 30th, 2011 in Billionaire Homes, Mumbai Property
Unbelievable.That is the only word fit to describe the fact that the world’s tallest, most luxurious, lavish and downright most expensive single-family home has been left lying empty for what is now more than a year since its completion. People are understandably angry at the waste. But that is not the only unbelievable thing about this mammoth building built by Indian billionaire Mukesh Ambani.
by Overseas Property Mall on Wednesday, November 2nd, 2011 in Golf Properties, Scottish Property
Donald Trump is furious about a proposed off-shore wind-farm near his £750 million golf resort development in Menie on the Scottish Aberdeenshire coast — so much so that he has written a letter to Alex Salmond. In the letter, Trump calls the proposed 11-turbine wind-farm “disastrous and environmentally irresponsible”, one wonders if he would think it was so disastrous or environmentally irresponsible if he wasn’t about to see completion of a golf resort a mile down the beach from it.
by Overseas Property Mall on Tuesday, September 13th, 2011 in Commercial Property, London Property, UK Property
Customers gathered outside the new Westfield Shopping Centre in Stratford City today eagerly waiting to explore this brand new mega-centre, which is now the largest shopping centre in Europe surpassing Westfield group’s Shepherd Bush Centre in West London.
by Overseas Property Mall on Thursday, June 16th, 2011 in Billionaire Homes, French Property, Monaco Property
Credits: Timo via Flickr
$65,600. a few years ago that would have bought you a property where I live. Now, that is the average price of a property in Monaco, per square meter. The figure comes from the latest release of Knight Frank’s global index of luxury property prices. According to the index London is the second most expensive at $56,300, but this is hardly surprising given the advent of One Hyde Park, a block of flats with none priced under a million pounds.
While Paris’ place in fifth is hardly surprising with a per square meter price of $40,500 the fact that it is at the back of 3 French cities in the top 5 is. Both Cap Ferrat and St Tropez are pricier than Paris with average per square meter prices of $54,600 and $40,800 respectively. We also note the huge gap between 3rd and 4th place.
For France to have 3 cities in the top 5 is significant enough but it doesn’t stop there; the French cities of Courchevel and Cannes hold 6th and 7th place in the chart with per square meter averages of $38,800, and $31,900 respectively. The remainder of the top 10 is dominated by Asia, with Japan’s Tokyo in 8th at $28,300, Hong Kong, China in 9th at $27,300 and Singapore in 10th at 27,100. Many will be surprised at the absence of Shanghai in the top 10, but it headlined as the fastest growing city, its per square meter price of $17,700 representing a growth of 21% over last year.
It is easy to look at $17,700 and notice only how it is way lower than Monaco’s $65,600, so much so that we may partially forget that we are talking about prices per square meter here, in which case even $17,700 is an incredible figure to pay.
Of course Monaco is know stranger to such lavish pricing. This is the third year running it has stood at the top of the global luxury pricing table. Monaco’s biggest deal last year was the purchase of La Belle Epoque, a 17,500-square-foot (1,600-square-meter) penthouse, for 240 million euros ($340 million) from Christian and Nick Candy in September. The buyer, whose name wasn’t disclosed, came from the Middle East.
According to Knight Frank the dominance of established European cities is indicative of a long-running trend:
“The real success stories in 2010 confirm the advantages of a global brand and a diversity of demand requirements, like in London, New York and Paris,” said Liam Bailey, Knight Frank’s head of residential research.
“Tried-and-tested markets with security of infrastructure and political and legal stability will outperform in the long run,” he added.
by Overseas Property Mall on Tuesday, June 14th, 2011 in Architecture, Buildings
This month, as part of its “the 10 Best” series the Observer has attempted to chart the world’s top 10 tall buildings, and according to critics hasn’t done a particularly good job.
Credits: Flickr
It all starts wonderfully with the gorgeous Chrysler building in New York. The Chrysler building is a lot like a grand modernist Cathedral, with a pointy shiny steeple. The building’s top is nothing short of spectacular; stacked semi-circles with diamond-like triangles encrusted within. The semi-circles build down from the steeple to become an arched centrepiece to the top half of the building, separating the enthralling slender top and the functional but still elegant main building.
by Overseas Property Mall on Thursday, April 28th, 2011 in Billionaire Homes
The most expensive single-family home ever sold in America has just been bought for $100 million by a Russian billionaire. The lush mansion in Silicon Valley has been compared to a French Chateau, thankfully they said on steroids because apart from its size, the mansion has little else in common with any Chateau!
With 5 bedrooms, 9 bathrooms, a ballroom and indoor and outdoor pools the 25,500 square meter mansion on 11 acre grounds is certainly an impressive home. However its buyer, Yuri Milner, who lives in Moscow with his wife and family, told the Wall Street Journal through a spokesperson that he has no intention of moving into his grand new acquisition.
49 year old Milner made his fortune with Digital Sky Technologies and well timed $200 million investment in Facebook 2 years ago, which is now worth $10 billion. Yuri Milner also invested in GroupOn.
Meanwhile, back in the real US world — where people still buy houses to live in them — house prices are still falling practically across the board, with the average house price in some major cities lower than it has been for 11 years.
by Overseas Property Mall on Saturday, March 12th, 2011 in Commercial Property, Spanish Property
Madrid office rents have fallen 30% since the crisis began, but still rents have risen, which shows just how much prices of commercial property have been eroded in Spain. But still the consensus indicates that investors should be waiting for a little while yet before pouncing on the bottomed market.
by Overseas Property Mall on Friday, February 18th, 2011 in Billionaire Homes, Celebrities & Property
There has been a big fuss made because the founder of Google Larry Page bought a super yacht second hand but many say the decision should be applauded.
Larry Page is married with one child, and he has bought a 195 foot yacht with 10 bedrooms, a massive dining room, helipad, gym, and multi-level sun decks, including a deck with a cinema projector on an overhanging ceiling. This is more than enough space and entertainment for his small family and his friends so doesn’t the measured purchase simply indicate that he has more sense than money as oppose to the other way round?
Take the crew of 14 for a 195 foot yacht, if my maths are correct the 400+ foot yachts owned by Page’s competing tech-mogul billionaires will have crews of double that or more and their yachts cost upwards of 5 times the price.
Larry Page can therefore run his boat for ages before the purchase costs him as much as the larger yachts, and without even counting their running costs.
When the recession hit many Russian billionaires were forced to call of such purchases, and others to hold a fire sale of the assets they owned. If the tech bubble bursts were to burst it would surely trigger another recession, during this Larry Page will find it a lot easier to sell a 195 foot yacht for 20 million than others will find it to sell 400 foot yachts for 150 million.
On the other hand, these yachts are not usually bought to take the family out on a jaunt around the local sea. They are bought as a symbol of wealth and status. So, looking at it from this angle, Page is either trying to be the bigger man, to rise above such petty manhood measuring, subconsciously in fear that Google’s global dominance is not as secure as it once was, or his wealth and status is not as great as the likes of Paul Allen and Larry Ellison, who own yachts of 415ft and 454ft respectively, both costing over $200m.
Which is it? Does it matter? The Senses, formerly owned by New Zealand brewing heir Sir Douglas Meyer is a yacht that us mere mortals can only dream of owning.
by Overseas Property Mall on Tuesday, January 18th, 2011 in Billionaire Homes
It really had to happen didn’t it? Just a few months after the Indian billionaire Mukesh Ambani unveiled the world’s first $1 billion private residence, a sky-scraping luxury tower in Mumbai, we now have the streets of Monaco set to sail the sea as the world’s first $1 billion dollar yacht.
by Overseas Property Mall on Thursday, December 23rd, 2010 in Commercial Property
Google has agreed to buy its Manhattan Office Building for $1.8billion; the largest ever commercial property purchase by a tenant, and in fact one of the largest ever office building transactions, with only a handful of offices selling for more, including the General Motors building, which sold for $2.9 billion in 2008.
Google currently occupies 500,000 square feet of the three million square feet building at 111 Eighth Avenue. Doing the math, Google is paying $600 per square foot for its offices. Colliers International research shows that in the first half of 2010 the average sale price for office space was $400-$500 per square foot.
At this price the purchase looks expensive, but the value of real estate will always be — to a certain extent — in the eyes, hearts and minds of the buyer. For instance, when the consortium, including Boston Properties and Goldman Sachs bought the GM Building in 2008 they paid more than $1,500 per square foot.
It is not yet clear whether Google plans to run the leases for the rest of the building, or to use the purchase to increase its usage to the whole building.
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