New €50 Million Architectural Project Approved in Monaco

The skyline of Monaco is set for some more change. A dramatic new project has recently been unanimously approved by the communal councillors. The privately managed project is controversial because it involves the demolition of four historic Monaco properties to be replaced by a complex called L’Ecrin de Malachite. The investor is Russian oligarch Vladimir Melnichenko, who initially applied for permission to undertake the game-changing project in December 2016.

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Mr Melnichenko is one of the four co-owners of Sibuglemet, a top level coal mining company in Russia. The four Belle Epoque villas that will be demolished are “Les Myrtes”, “Ciel Bleu”, “Saphir Cottage” and “Maria”. The properties are located in prime locations at 24 and 26 Boulevard Rainier III and below 2 Sainte-Dévote and 2 Louis-Aureglia.

The self-made Russian billionaire has commissioned the chief architect Christian Curau to design a real estate complex comprising of three new villas and an apartment building. The new villas will be named “Sapphire”, “Diamond” and “Rubis”, which will be the largest covering 1,489 square metres. Another 908-sqm building with 8 apartments named “Rosier Sauvage” completes the €50 million (plus tax) project. The start date has not yet been confirmed.

Like many other investors, Mr Melnichenko has discovered the fantastic potential of developing property in the sun-blessed Principality. Home to some of the world’s most lavish real estate, Monaco has a compelling heritage. Villa Maria particularly exemplifies this heritage, and is identified as the most emblematic property of the site by its very conspicuous position, resembling a lookout, on the corner of the Boulevard Rainier III.

The architect Christian Curau has assured councillors and residents that a patrimonial approach would be taken so that the old aesthetic would be passed onto the new villa. The new construction work will respect the aesthetics of the architecture taking a “heritage approach” to retain their original Belle Epoque spirit.

At the communal council meeting, Deputy Mayor Nicolas Croesi pointed out that “this demolition-reconstruction operation does not sacrifice buildings that contribute to the charm of Monaco.” For example, the new villas’ facades will feature the same natural and subtle ochre tones of the old villas. The door frames will also follow a traditional model, with a mixed composition of wood and aluminium. The surrounding endemic vegetation and nature will create a harmonious backdrop to the beautiful buildings and they will keep their panoramic views towards the port.

Monaco’s real estate market has seen record growth over recent years. Property is now almost twice the price of luxury homes in London and values have reached €41,420 per square metre after rising 15 percent in 2016. Residential property in Monaco is now the most expensive in the world and that trend is expected to continue. The Principality offers residents a great deal of security, a favourable taxation system and excellent business opportunities.

For more information on the luxury property for sale in Monaco, contact leading property experts La Costa Properties Monaco.

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