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Why luxury carmakers are now building glitzy skyscrapers
Why luxury carmakers are now building glitzy skyscrapers
Bugatti is synonymous with high-performance, ultra-expensive supercars. But now the luxury French brand is entering a very different kind of race – not on the track, but in the skyline.
In the heart of Dubai, in the United Arab Emirates, Bugatti is building its first residential tower.
With the cheapest apartments set to cost $5.2m (£3.9m), the company is entering a fast-growing marketplace for the world's super rich – branded residences.
Being constructed by a growing number of luxury firms, including fellow carmakers Porsche and Aston Martin, they typically offer glitzy, fully-furnished apartments, where the company's brand name or logo is often prominently, and repeatedly, on show.
Other businesses that have entered the sector are Swiss watch firm Jacob & Co, and Italian fashion houses Fendi and Missoni.
Bugatti is building its 43-storey Dubai tower in partnership with UAE-based developer Binghatti Properties. The most expensive penthouses in the Bugatti Residences By Binghatti building will include large, private lifts for the owner's cars, so they can park them inside their apartments.
"For many car or watch enthusiasts, it's not just about owning the vehicle or the timepiece, but experiencing the brand in their everyday life through real estate," says Muhammed BinGhatti, chairman of Binghatti Properties.
The buyer list for the Bugatti project includes Brazilian football star Neymar Junior and opera singer Andrea Bocelli, adds Mr BinGhatti. Neymar is said to have paid $54m for one of the penthouses.
Global demand for branded residences has "accelerated" in the past two years, according to a new report by estate agent company Knight Frank.
It adds that while there were 169 such schemes in 2011, today there are 611, and the number is forecast to rise to 1,019 by 2030.
Currently, the US has the highest number of branded apartment buildings, centered on the skylines of Miami and New York, but Knight Frank says that the Middle East, in second place, is seeing the biggest growth. It says this is being "driven largely by rapid expansion in the United Arab Emirates (UAE) and Saudi Arabia".
"Branded residences appeal most to individuals with extreme brand loyalty - people who want to live and breathe a particular brand," says Faisal Durrani, head of research at Knight Frank Middle East.
On a city-by-city basis, Dubai in the UAE now leads the way when it comes to the number of branded residences projects in development, according to a separate report on the sector by fellow property firm Savills.
This is said to be fueled by the continuing high number of wealthy people relocating to the city and purchasing luxury homes.
Durrani adds that prices for branded apartments in low-tax Dubai are often cheaper than elsewhere in the world. He describes the cost of such properties in the city as "extremely affordable compared with cities like New York and London".
Until recently, branded residences were dominated by hotel chains such as Four Seasons and Ritz-Carlton, but luxury consumer brands are now increasingly leading the sector.
Porsche's Design Tower in Miami opened in 2017, while Aston Martin's Residences Miami launched last year, and Jacob & Co's project on Al Marjan Island in the UAE is due to be ready in 2027.
For such companies, real estate offers a new revenue stream with relatively low risk, as property development partners handle construction, and buyers pay a premium for the aesthetic and exclusivity associated with their brand.
According to BinGhatti, branded apartments are typically between 30 and 40% more expensive than non-branded luxury homes.
Many new branded schemes feature private members' clubs, wellness facilities and exclusive services - from chauffeured cars and yacht access, to private jet partnerships.
A new tier of branded properties is also being marketed around shared passions like gastronomy, wellness, and even longevity science.
In London, the forthcoming Six Senses Residences in Bayswater, being built by the Six Senses hotel chain, will include a biohacking centre. This will offer therapies including as cryotherapy, or extreme cold treatment, which is marketed as boosting energy levels and enhancing skin tone.
Meanwhile, in Texas, Discovery Land Company's upcoming residential Austin Surf Club is centred around a vast man-made surf lagoon.
Business and consumer psychology experts say the boom in luxury branded apartments reflects a broader desire for social signalling and exclusivity.
Giana Eckhardt, a professor of marketing at King's College London, argues that such homes have become a new form of "social status currency", akin to a rare handbag or huge diamond ring.
"Ultra-wealthy consumers increasingly want status assets and goods that are not available to everyone," she says.
Eckhardt who specialises in consumer behaviour, branding and consumer culture, adds that luxury brands communicate a "person's place in a social hierarchy". "They want the social rewards that come with being associated with these brands," she adds.
BinGhatti agrees that exclusivity is central to the appeal. "Clients really get the highest level of exclusivity.
Every unit is unique and that gives them a special feeling of owning a one-of-a-kind [apartment] across the entire planet.
Yet business psychologist Stuart Duff, of UK firm Pearn Kandola, cautions that many people may find the idea of branded apartments to not be in good taste, especially if the brand name is excessively on show.
Having the presence of a brand everywhere within an apartment block could well reduce the perception of rarity and uniqueness, and lead to a feeling of bragging. And at worst being seen as vulgar and tacky.
Source: BBC
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