Financial News

  • 26 March 2013, 13:27

Monaco Penthouse 'World's Most Expensive'

A multi-storey penthouse in Monaco could become the world's most expensive property per square metre when it comes onto the market next year.

Renowned for its casinos and yacht-filled marinas, Monaco has become a magnet for the richest and most discerning property tycoons in the world.

Soaring to a height of 170m (557ft), the Odeon Tower will be the Mediterranean coastline's second tallest building.

The twin towers will contain 70 luxury apartments with between one and six bedrooms. Also available will be two sky duplexes and a 1,200sq m penthouse.

Topping out the block will be a spectacular 3,300 sq metre multi-story penthouse complete with private water slide and exclusive infinity pool.

One estimate for the value of this apartment suggests it could fetch as much as £256m when it is released onto the market in 2014.

Each apartment will boast floor-to-ceiling windows and private terraces with panoramic views of Monaco, Larvotto beach and the Ligurian Sea.

The block will have Russian and Turkish saunas, several swimming pools, private spas, a full-time concierge, private chauffeured limousines and a cinema.

Housekeeping, dry cleaning and valet services will all be organised by residents from touchscreen controls in each apartment.

As well as being within easy reach of the Italian Riviera, occupants can take advantage of annual local events such as Monaco's  Grand Prix and Jazz Festival.

Excavation and demolition work began on the towers in 2009. Structural work is expected to be finished by July 2013 before work can begin on the facade.

The entire project is expected to be completed by July 2014.

The venture was the dream of architect Alexander Giraldi, a master of "belle epoque" design, which is inspired by the atmosphere of early 20th century Paris.

The belle epoque (beautiful era) was a period between 1871 and 1914 which was characterised by optimism and peace in Europe, and scientific discoveries.

Responsibility for the apartment interiors has been given to the Alberto Pinto agency, whose previous clients include Saudi Arabian royalty and American captains of industry.

The grounds will be designed by prominent landscape architect Jean Mus.