The largest superyacht in the world to offer apartments in millions of euros for sale

With prices starting at 9.5 million euros, supporters of what will be the world’s largest superyacht are offering 39 apartments for sale while betting on strong demand for exclusive luxury travel.

The 220-meter boat is set to launch in 2024 and will give buyers “the intimacy of a private yacht alongside the opportunity to network in a vibrant community of homeowners who have the same sense,” their investors said. announcing the € 500 million project Monday.

Dream will be more than 40 meters longer than the current record holder Azzam, owned by the Abu Dhabi royal family. The project was led by Carl Le Souef, an American millionaire who founded one of Australia’s largest skin care companies, Private Formula International, and now leads Somnio Global, a sustainable technology group.

Cruise ships and residential ships were forced to stop in March 2020 following the onboard coronavirus epidemic that encouraged port officials to ban ships from docking or quarantines in largu.

Prolonged negotiations with governments for a breakdown, particularly in the United States where health authorities have set strict requirements for cruise companies to resume operations, has meant that ships have to only recently began navigating international itineraries.

Carnival, the world’s largest cruise ship operator, said last week that just over half of its fleet capacity had been confirmed to sail at the end of its November financial year, as it reported a net loss of $ 2 billion for the three months to the end of May.

Residential ships have been a feature of the cruise market since 2002 when Norwegian ship magnate Knut Kloster launched ResidenSea, the first company to build a liner where people owned apartments on board as they could a holiday home.

Tony Peisley, an independent cruise industry analyst, said that although ResidenSea originally intended to build 10 ships, only The World has been completed. In 2003, the company was to be refinanced with its apartment owners who agreed to provide financing to ensure their survival. The ship has 165 apartments, with attics sold for about 20 million euros.

“The business model brings high capital and operating costs and other failed start-ups have all found that it was difficult to find enough buyers willing to pay the millions required up front,” Peisley said, adding that many of the super-rich have preferred to own their own yachts.

Construction has already begun in Somnio, with revenues from off-plan sales helping to fund the rest of the construction.

According to BOAT International, the media company specializing in superyachts, private yacht sales have reached an all-time high in May with 68 boats sold after steady growth throughout the pandemic as wealthy consumers have pulled out of ways to travel despite Covid restrictions -19.

The apartments on board Somnio will cost more than 9.5 million euros, with the owners collectively deciding on an annual itinerary. The yacht has a 10,000-bottle wine cellar and a beach club, as well as conferences by scientists who use on-board equipment to study the marine environment.