Record prices are still being achieved in the luxury condominium market all round the world. This is a selection in no particular order. Some have yet to be build and have sold purely on spec.
The Marq, Singapore.
The price of a condo in Singapore crossed the $5,000 per square foot this year when a single unit sold for $31 million. The first phase of the “invitation only” release all sold within a few weeks of release. Condos in The Marq cover an entire floor and include a 15 meter lap pool with every unit. No release date has been set yet for the next phase of the development. The bulk of the purchasers are said to be foreign.
The Time Warner Center, NYC.
In 2003, the Time Warner building in Manhattan broke all existing US records, selling a single condominium for $45 million – unfinished. Time Warner Center is one of the largest, most expensive multi-use developments constructed in New York City. This building houses the world headquarters of a major corporation; 211,00 square feet of additional office space; three jazz performance halls; almost 200 luxury condominiums; a high-end retail mall “The Palladium”; and a 251-room, five star Mandarin Oriental Hotel. Although rumors of an agreed sale of the Pierre’s penthouse at over $50 million may soon dwarf this.
One Hyde Park, London.
Four penthouses at the new Lord Rogers-designed One Hyde Park are on the market for £84m ($176 million). Each penthouse has 20,000sq ft in floor space, panoramic views of the Serpentine and the ultimate in luxurious interior design.
Hotel Georgia, Vancouver.
An unnamed Portland businessman has paid a record $18 million for a 48th-floor penthouse suite in downtown Vancouver. The unit will feature an “incredible” rooftop deck and custom furnishings throughout the suite.
Clearly the sub-prime mortgage crisis does not extend to these lofty heights, and this aspect of the world wide property market seems as strong as ever. Still, with Ex-CEO of Merrill Lynch, Stan O’Neal being fired for losing billions in the crisis taking home a $160 million dollar severance package, that’s hardly surprising.