Beachfront mansions are sooo last year. Instead, ultra-rich vacationers are buying “branded residences” built by Porsche, Armani, and Bulgari, reports The New York Times.
It might seem strange for brands that make jewelry, handbags, and cars to be moving into the real estate market. But luxury brands cater to the tastes of the rich — and the rich want to have their penthouse and park their Porsche in it, too.
It isn’t always easy for billionaires to go on vacation…
A hotel? Nope, not exclusive enough. A second — or 5th — home? Ehh, too much work.
But a luxury “branded residence” — which combines the don’t-lift-a-finger convenience of a hotel, the if-you-have-to-ask-you-can’t-afford-it status of a luxury brand, and the buy-the-neighbors’-house-to-knock-it-down privacy of a 2nd home? — now that is a convenience kingdom a billionaire can get behind.
A penthouse fit for a Porsche
Oh, you thought we were joking about the Porsche penthouse? Nope. The owner of the $32.5m penthouse suite of the Porsche Design Tower can actually park their Porsche on the 57th floor thanks to the skyscraper’s “signature” car elevator.
But the amenities don’t end there: The penthouse features 4 floors, 2 pools, separate winter and summer kitchens, and an 11-car garage.
Like other branded residences, Porsche manages security, maintenance, and just about everything else for its tower residents — and buyers are lining up to pay top dollar for the amenities.
The ‘branded residence’ boom
According to a recent report, the branded residence industry is “growing exponentially” across the world. Down the road from Porsche’s tower, Armani is putting the finishing flourishes on its own 60-story tower.
In addition to luxury brands like Porsche and Armani, high-end hotel chains are also getting in on the upscale action: The Four Seasons already operates 4k residential units in 19 countries and plans to increase its property portfolio to 7k residences in the next 5 years.
These new residences offer everything from cigar bars to boar hunting. But a development exec summed up the benefits best — “You don’t have to worry about calling the landscaper.”