Citadel-founder Ken Griffin lit up the luxury residential sector in January 2019 when he bought a super penthouse in New York City for US$240 million. This purchase followed another acquisition he made in London in which he forked out US$122 million for a 200-year old house overlooking Londons St James Park.
These ultra-high-net-worth (UHNW) buyers, local or foreign, are chief executive officers (CEOs) of tech companies or investment funds, and chairmen of major multi-national corporations (MNCs). They are also collectors of trophy assets who go for nothing less than the best-in-class attributes such as location, size, views, privacy, luxurious furnishings, and architectural merit.
Trophy real estate is the ultimate collectible treasure. Like buying a prized sports car or a high-value masterpiece of art, trophy residences can ignite the desires of the UHNW individuals. As such, many developers of ultra-luxury properties have conceived collectible concepts right from the planning stage, building limited-edition structures and one-and-only creations by renown international architects and designers.