Monaco is to undertake a uniquely creative project by constructing six hectares of luxury apartments in the sea. The tiny principality is one of the most populated areas in the world with 38,000 people located in its two-square kilometres. This has led to a premium in on-land space, which in turn has forced the authorities to become visionaries by planning apartments in the sea.
The sovereign state’s building challenge over the water will feature luxury apartment blocks, public facilities, a one-hectare park, as well as a marina and pedestrian wharves.
The overall cost of the ambitious project is estimated at almost €1 billion. It will be undertaken by Bouygues Construction, whose CEO Philippe Bonnava said his company is delighted to create the extra habitable space. The new land reclamation project will meet the highest standards in terms of environmental protection and sustainable development, the Local reports.
According to Travel and Leisure, the development will build 85-foot-tall watertight chambers. These caissons are regularly part of building piers and other seaside projects. Global Construction Review reports that these will be filled with up to 11,000 tons of cement.
Monaco is best known as a playground for the rich with its lavish casinos and tax haven status. It mixes 15th century frescoes and ancient chapels with top class restaurants and yachting facilities, making it one of the most sought after areas in Europe for accommodation.