Selling for $400 million, is it the world’s “costliest” apartment?


It’s a quintuplex penthouse boasting an infinity pool linked by a slide in Monaco, the world’s costliest real estate market.

Groupe Marzocco, the developer, is seeking $400 million (Dh1.47 billion) for the penthouse in Odeon Tower.

Located on the French Riviera, Monaco is a tax haven with a new report revealing that one in three people in the city-sate is a millionaire.

Spread over five floors, the 3,300 sq metre penthouse will include, among other things, a kitchen on each floor(connected by a lift), five bedrooms, a living room, dining room, private home-cinema, sauna and a swimming pool which is be accessible through a slide.

“A property like this one is bought, it is not sold,” Niccolo Marzacco said in an interview with French magazine ‘Challenges’.

The 3,300 sq metre quintuplex penthouse is set for completion in 2015.

The double skyscraper of 70 apartments will tower over 170 metres in height. It offers residents a “five-star experience” with a 24/7 concierge, an entertainment area with private movie room and lounge and a wellness centre, including a gym, sauna, private spas and a selection of pools.

Last year, the Wealth Report 2013, produced by Knight Frank, a global property company, said Dubai’s prime luxury properties were over 10 times lower than Monaco.

The report had put prices for properties in Dubai between $520 and $580 per square feet in the fourth quarter 2012 compared to prices of between $5,350 and $5,920 per square feet in Monaco.

A study, released by WealthInsight and wealth management magazine Spear’s this month, found one in three in the city-state of Monaco to be millionaires, that is, 29.21 per cent of the population.

Individuals with net assets of $1 million or more excluding their primary residences were considered as millionaires for this study.

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