BBI Development & Amstar
Złota 44 is a truly international residential project in one of Europe’s most vibrant cities.Real Estate Investments
Originally Published in March 2018
Poland has a favorable economic environment for real estate investment, and the premium segment is no exception. According to EY analytics, it will take the Warsaw luxury real estate market a decade to achieve full maturity. They expect that the average high-end apartment prices will continue to grow, and will soon match the price levels in cities like: Amsterdam and Berlin in 3 to 5 years; Munich in 6 to 7 years and New York in 10 to 11 years. Less mature markets, with lower premiums for luxury, can expect a faster price growth.
Christopher Zeuner, Head of Europe at the Amstar fund, points out that there is a growing number of well-off people in Poland. ‘According to KPMG, in 2017 the number of well-earning Poles was already at 1,1 million people and it is still growing. Thus, there are more clients looking for luxury property, such as Złota 44 apartments. Wealthy Poles prefer to invest their capital in the real estate market. 76 percent of them – according to KPMG – have a second flat or a house,” – calculates Mr. Zeuner.
Złota 44 is the tallest residential tower in its class in the European Union. Located in the heart of Warsaw, it is surrounded by prestigious hotels, restaurants, international retailers, and famous historical and cultural landmarks. It redefines luxurious living in Poland and sets a new standard that reflects both the successes and aspirations of the Polish people. It was completed by Polish developer BBI Development S.A. and U.S.-based real estate investment manager Amstar, along with the renowned Studio Libeskind architects.
BBI Vice President Rafał Szczepański emphasizes that Poland is a unique place on the European business map, just as Złota 44 is a unique address on the map of luxury investments in the region.
Złota 44 is the tallest residential tower in its class in the European Union.
“Our building is 192 meters tall, 52 stories high, and features 287 elegant apartments,” said Mr. Szczepański. “The arched facade creates space for a multilevel penthouse at the top with spectacular panoramic views of the city. The average cost of our apartments is PLN 30,000 per square meter, which is substantially less than prices of luxury apartments in any other Western European capital. We are the only developer in Warsaw to offer a recreation and sports floor with a 25-meter swimming pool, a spa, and a 400-meter terrace with an outdoor jacuzzi, all included in the price of the apartment.”
He continued: “Additionally, the floor has several conference rooms and a private cinema room with a golf simulator. Full-time staff maintaining the leisure and entertainment facilities will ensure that residents and their guests receive the highest level of service daily. The building’s ground floor has a large temperature-controlled wine storage area with a spacious tasting room. We also provide a 24-hour concierge service, which is highly valued by foreign clients visiting our tower. We have buyers from the United States, Spain, and recently also from Scandinavia.”
The investment’s commercial success has been confirmed by independent market research firm Reas. Over the past two years, Złota 44 has been the leader in premium apartment sales in Warsaw.
Daniel Libeskind is a world-class architect, who returned to his native country to design this skyscraper. “Złota 44 is a very personal project for me. I left Poland at a young age to escape the oppression of communism, but the spirit and culture of my home country has never left me. I have since seen the incredible rebirth of the country and Warsaw’s energy reemerge.” The symbolic wing-shaped facade follows the path of the sun, allowing for the maximum amount of daylight to enter apartments at all levels and reach neighboring buildings. The glass and aluminum curtain wall is constructed with self-cleaning paneling and triple-glazed floor-to-ceiling windows, blocking out all outside noise. The award-winning London-based studio Woods Bagot is responsible for the elegant interior designs.
High-rise residential living is relatively new to Warsaw, but such opportunities have already attracted many highly successful residents. The most famous athlete among them is Robert Lewandowski, an international football star and captain of the Polish national team. “My choice to buy a new apartment in Złota 44 was based on practical considerations. It is important in my profession to always have world-class training facilities on-hand, and now I am just a short elevator ride from a fully equipped gym, a spa with massage rooms and a nine-story parking facility, with spaces large enough for luxury cars,” he said.