If you brand it, they will come.
That’s the lesson luxury residential developers are learning as more and more buyers are purchasing properties in high-end branded towers.
More than 400 properties are stamped with luxury brand names across the world, and 110 more of these developments will open by 2023, according to Alexandros Moulas, a director of international development at Savills Plc, Bloomberg reported.
Such developments include the 60-story Porsche Design Tower in Sunny Isles Beach and the Aston Martin Residences rising in downtown Miami. At the Porsche tower, residents can park their cars alongside their units using the building’s signature Dezervator, named after the building’s developer, Gil Dezer.
Developers can ask for nearly 31 percent more on average than for comparable non-branded properties, according to data from Savills.
Four Seasons Holdings, a hotel chain, was one of the first to pioneer this trend. It opened private residences in Boston in 1985, before expanding to Europe, the Middle East and Asia, according to Bloomberg.
In addition to luxury cars, ritzy fashion brands have become more popular overseas. Bulgari’s London residences opened in 2012. The company’s Dubai residences were completed last year, with 1,480-square-foot one-bedrooms that start at $1.2 million. [Bloomberg] — Keith Larsen