real estate
Lots of reasons behind its exorbitant cost
The buildings tell stories spanning several decades – sometimes centuries, and some offer glimpses into the cultures, traditions and technology of the era to which they belong. In this way, they link civilizations to the prevailing time and become nodal points in the contours of human history.
In a recent report by “lifestyleasia” website, he revealed the 10 most expensive buildings in the world, explaining the reasons behind their exorbitant cost, whether the amount of money spent on construction, which might include costs incurred to purchase land, alterations to existing structures, and small buildings that are part of the project. and other similar expenses associated with the main project. However, it is still difficult to assess the exact cost of the buildings. This may be due to the age of the building, among many other reasons, according to what was seen by Al-Arabiya.net.
However, all expensive buildings convey a unique message – that the ground they stand on is economically strong. In fact, they are all located in developed countries, which are among the highest scoring countries in social and human development indicators.
It should also be noted that whatever the actual figure is, it relates only to the costs of expansion and not the historical value of the Great Mosque of Mecca.
Abraj Al Bait
Abraj Al Bait – Saudi Arabia
Abraj Al-Bait, or Makkah Royal Clock Tower, is a complex of huge skyscrapers overlooking the Grand Mosque. It is a government-owned complex of 7 skyscrapers that houses hotels, shopping malls, and residential apartments, among other facilities. It is part of the King Abdul Aziz Endowment Project.
The height of the building is 601 meters, and it includes 4 clocks on each face, one of which is the largest in the world.
Construction of the complex began in 2004 and was completed in 2012. A report by CNN in 2013 stated that the project cost $15 billion.
Marina Bay Sanders
Marina Bay Sands – Singapore
Marina Bay Sands opened in 2010 and instantly became the crown jewel of Singapore’s skyline, as it is one of the most recognizable landmarks in the world.
The building consists of 3 hotel towers connected by a high-level walkway known as “Sands SkyPark”. Its construction cost 5.7 billion US dollars.
A $3.3 billion expansion plan has been announced for 2022. Among other additions, the expansion will add 1,000 luxury suites to the integrated resort and create a 15,000-seat entertainment arena. Another $1 billion will be spent on renovating the hotel’s properties. The expansion project is expected to be completed in 2026.
Cosmopolitan
Cosmopolitan, USA
The Cosmopolitan Hotel has a capacity of 3,000 rooms and is located along the Las Vegas Strip. Built at a cost of $4 billion, it opened in 2010 with a casino, several restaurants, the Marquee nightclub, and a swimming pool on the fourth floor overlooking Las Vegas Boulevard.
Major private equity firm Blackstone, through Blackstone Real Estate Partners, acquired the property in 2014 from Deutsche Bank for just $1.73 billion. According to a report by US commercial real estate media outlet CoStar, Deutsche Bank took the property through foreclosure following its previous owner defaulted on a construction loan.
Blackstone has entered into two deals related to the sale of the property in 2021. One is for the $4 billion purchase of the property itself by a consortium consisting of Cherng Family Trust, real estate investment firm Stonepeak Partners, private real estate fund Blackstone, and Estate Income. Trust Inc.
The second deal was with MGM Resorts, which is responsible for the hotel’s operations, and was valued at $1.6 billion. Both deals were completed in early 2022. This is why some have put the value of the building at $5.6 billion.
Sofi Stadium
SoFi Stadium, USA
SoFI’s historic mega stadium covers an area of 288,000 square meters and is built on the former site of the famous “Hollywood Park Racetrack”.
According to the newspaper “LA Times”, the capacity of the stadium is 70,240 spectators, and among the many unique design features are the depth of the football field, which is located at a depth of regarding 30.4 meters below ground level, and a huge video screen that resembles a ring hanging from the top and is larger than the size of the field of play itself.
The stadium was funded by Rams owner Stan Kroenke, who spent nearly $5 billion on it, making it one of the most expensive buildings in the world.
Apple headquarters
Apple Park, USA
The $5 billion Apple headquarters, considered one of the most impressive corporate headquarters in the world, was built in Cupertino, California.
The brainchild of the late founder Steve Jobs and designed by the architecture firm Foster + Partners, the Apple Park complex spans 260,128 square meters and consists of multiple buildings.
The spaceship-shaped main building, with a circumference of 1.6 kilometers, is the world’s largest airy building.
Wayne Palace
Wen Palace, China
Wayne Mansion, which opened in 2016, 6 years following construction began, cost $4.2 billion.
The resort features 1,706 luxurious rooms and suites along with a range of restaurants, a spa and a retail park.
World Trade Building
One World Trade Center, USA
One World Trade Center, also known as the Freedom Tower, is a famous skyscraper in New York City, United States. It was built on the site of the World Trade Center complex – the Twin Towers, which were destroyed in the terrorist attack on September 11, 2001.
The height of the building is 540 meters, equivalent to 1,776 feet, which is the number that corresponds to the year in which the US Continental Congress approved the Declaration of Independence. The height also makes it the tallest building in the Western Hemisphere.
Built at a cost of $3.8 billion, it was finally opened to the public in 2014. Within 4 years of its opening, around 8,000 people were working in the building for a range of companies.
Loot World
Lotte World Tower, South Korea
The 555-meter-high Lotte World Tower in Seoul is one of the 10 tallest buildings in the world and the most expensive building in South Korea. It consists of 123 floors and includes a luxury hotel, a number of cafes, and a group of galleries.
Construction of the building began in 2011 and ended in 2016. Its total cost was approximately $3.25 billion.
Emirates Palace
Emirates Palace, United Arab Emirates
The highlight of the Emirates Palace – the luxurious five-star hotel owned by the Abu Dhabi government – is the golden halo of its 2,000 square meter ceilings and domes. It gets its shine from the 22k gold and silver leaf affixed to the frame and replaced every 4 to 5 years.
It also contains 1002 Swarovski chandeliers across the rooms, halls and lobbies, which add to the luxury of the luxurious hotel.
One of the most expensive buildings in the world, the Emirates Palace is one of the most popular destinations in Abu Dhabi. It was opened in 2005 and built at a cost of $3 billion. Apart from the 394 rooms and suites, the hotel offers many other unparalleled luxuries such as the 1.3 km private beach, multiple swimming pools and a private marina.
The main building is more than a kilometer long from one wing to the other. The central dome of the luxury hotel contains gold, mother of pearl and crystal.