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The Italian carmaker Pagani produces fewer than 100 vehicles a year, and each comes with a seven-figure price tag. The brand is known among gearheads for its attention to detail and air of exclusivity, qualities that Pagani hopes will translate to its next project: luxury condominiums.This spring, the company unveiled plans for Pagani Residences, a 70-unit condo development in Miami's North Bay Village. The automaker says the building will offer waterfront views and living spaces "meticulously curated" by its interior-design arm. Pagani condos, much like Pagani cars, start at about $3 million. But for people desperate to claim a piece of Pagani, the price tag may be no problem at all."I sold a unit to a guy that loves Pagani cars, and it just didn't matter to him what the location was," Carlo Dipasquale, a luxury-real-estate agent in South Florida, told me. "They could've built the building inland, anywhere in Miami, for all he cared."Pagani is the latest high-end car brand to lend its name to a shiny condo project along the Miami coast, joining the likes of Mercedes-Benz, Porsche, Aston Martin, and Bentley. Beyond automakers, there's a growing list of luxury brands hoping to use real estate to turn their cultural cachet into cold, hard cash. The owner of the trendy Italian eatery Carbone is partnering with developers on a high-rise; Dolce &amp; Gabbana also has one in the works. Even Elle magazine announced this spring that it would get in on the action with a condo project near Miami Beach, hoping to sell buyers on a lifestyle pulled straight from its glossy pages.When I heard of these plans a few months ago, I was tempted to dismiss them as the kinds of vanity projects that matter only to people with too much money and an insatiable hunger for status. Some of the announcements also struck me as a bit of a stretch. Magazines have a hard enough time peddling subscriptions these days — what makes them so sure they can sell condos? But as I talked with more people, it became clear that so-called branded residences are a global phenomenon that's here to stay, with developers laying the groundwork for branded towers in hot spots like Dubai, London, and New York. The hottest — and weirdest — trend in condominiums could actually tell us a lot about the future of real estate, not to mention our brand-addled brains.The concept of branded real-estate projects isn't new. New York's five-star Sherry-Netherland Hotel began welcoming long-term residents almost a century ago, and since then roughly 700 branded residences have graced skylines around the world. But the recent boom in these projects makes it clear that we've entered a new era: More than 650 branded projects are set to open over the next five years, a doubling that Riyan Itani, the founder of the specialty consulting firm Global Branded Residences, told me is "pretty much unprecedented in any sector." Condo developers these days are laser-focused on the bottom line, and they believe linking up with a well-known label will help them sell units faster and at higher prices. Brands like Elle or Pagani stand to collect some nice licensing fees, too. But that's not what they're really after."It's about outreach to a customer base beyond your core business," Itani said. Whether you sell handbags or golf clubs, "you're able to reach out in a different way and get brand loyalty."<div type="image" title="A digital rendering of a Pagani car parked outside the planned Pagani Residences condo development at sunset." height="1754" width="3200" msid="112521069" hostid="261" sizebytes="412604"></div>Most of these projects are tied to big, swanky hospitality names like Four Seasons or Ritz-Carlton, which set aside parts of their buildings as for-sale units. These arrangements feel like natural unions — if you're a big-money traveler with a fierce loyalty to the Four Seasons, for example, you might be inclined to purchase a home that promises the same level of comfort, service, and brand recognition. But a smaller slice of branded residences, about 20%, are partnerships between forward-thinking real-estate developers and companies that appear to have nothing to do with housing. These are the most attention-grabbing, and sometimes head-scratching, marriages: Lamborghini villas in Dubai and Spain; Nobu Residences in Toronto, named for the Japanese Peruvian restaurant favored by celebrities like Drake; a Miami tower branded by the fine crystal maker Baccarat that touts the tagline "Where life forever sparkles."It's not as if these luxury-goods companies suddenly morphed into real-estate experts. They typically license their names to seasoned development firms that front the money for these projects, shepherd them to the finish line, and ultimately bear the risk and reward of the actual condo sales. While the brands leave the number crunching and floor planning to the developers, they weigh in on design flourishes — Giorgio Armani himself apparently lends a personal touch to the interiors of Residences by Armani Casa in South Florida — and the condos' marketing campaigns. The contributions may appear comparatively small, but adding a well-known company to the marquee can deliver real results for the building's owner. Itani estimates that developers working on a branded residence spend an extra 10% to 15% of what they would spend on a standard condo project, since they have to pay for all the additional amenities and the right to splash the brand's logo across the building. But in crowded cities like New York or Miami, a recognizable logo can help a new building stand out. It also translates to cash: Itani told me units in branded towers go for a global average of 30% more than comparable non-branded units."It's kind of a no-brainer for a developer," Itani told me. "From a financial standpoint, it's a very profitable enterprise."No-brainers for developers aren't always a win for consumers (take, for instance, the recent <a target="_blank" href="https://www.businessinsider.com/why-are-new-homes-ugly-construction-builders-design-materials-architecture-2024-7">race toward the bottom in homebuilding</a>). But when it comes to branded residences, there are real selling points for buyers. Brand loyalists may be eager to welcome their favorite company into yet another corner of their lives. They're invited to consider what it might feel like to live inside a Lambo rather than merely speed down the coastal highway in one. There's a novelty aspect to these purchases, too. Plenty of people own luxury condos, but far fewer get to flex a prestigious name like Bentley or Porsche when directing visitors to their new pad. Developers load up these buildings with amenities to help discerning buyers feel like they're getting bang for their buck. Convenience waits around every corner: infinity pools and thermal spas, private boat slips, rooftop helipads. The Bentley Residences allows owners to park their cars in their units via a vehicle elevator. Villa Miami, the 58-story Miami condo project from Major Food Group, which owns a slew of exclusive restaurants such as the impossible-to-get-a-table-at Carbone, promises residents private dining experiences and VIP status at all its outposts. Hotels, meanwhile, offer to list branded condos on Airbnb and manage them when their owners aren't there, helping buyers make a return on investment even in their absence.The biggest attraction of these glitzy homes, however, may be peace of mind. Plenty of condos are vying for rich buyers' eyes and wallets, and they're not all created equal. But when a prestigious name like Aston Martin or Dolce &amp; Gabbana stakes its reputation on a project, buyers get some added assurance that the units will meet — or exceed — their lofty standards."These are all very well-known, established brands that people feel comfortable buying into," Laura Steinbruckner, a luxury agent in the Miami area, told me.Developers aren't likely to stray too far from this lucrative pitch. Luxury brands will probably always offer the biggest upside for builders, and even the "non-luxury" projects in the pipeline are still tied to respected brands like Hilton and are only slightly cheaper than the big-name buildings. But developers interested in branded residences have a plethora of other candidates, some of which could stretch the boundaries of the sector even further. The Elle project may seem out of left field, but Itani told me he's talking with another publication interested in making similar inroads. After all, magazines like Elle portray enviable lifestyles tied to fashion, celebrity, health, and beauty. All those things could translate to experiences within buildings, Itani told me. That's not to say all branded residences offer the same gilded path to profits. Car companies and fashion labels, unlike hotels, aren't known for their property-management chops, and there's a risk that buyers eventually tire of the marketing schtick. In a few years, you may well see some condo owners complaining that they got a Fiat level of service when they were promised a Ferrari. Rob Sykes, an associate principal at the global design firm WATG who advises companies on hotels and branded residences, told me developers shouldn't count on slapping a big name on a building and instantly reaping rewards. But he does expect to see the sector expand as non-hotel brands enter the market — just last year he was in conversations with a client who was interested in bringing a luxury jewelry brand (he wouldn't name names) into the fray.Itani was still amazed that two sectors in particular — tech and food — hadn't made more of a splash in the world of branded residences. There are a few big restaurant names, including Nobu, Major Food Group, and Cipriani, the famed Italian eatery. But Itani envisions a world in which many other newcomers turn corner-table regulars into corner-unit owners. He also sees an opening for ubiquitous tech companies like Apple or Google to sell loyal fans yet another product, one tricked out with all the latest tech and infused with their design ethos."If there are two things that a modern human being cares most about, it's what they're putting in their mouth and what phone they've got in their pocket," Itani told me. "So I would expect to see those two elements represented."<a target="_blank" rel="" href="https://www.businessinsider.com/author/james-rodriguez">James Rodriguez</a> is a senior reporter on Business Insider's Discourse team.

The next big status symbol in real estate

<ul><li>The company is likely to announce its share allotment status on October 6.</li><li>The mutual fund company’s IPO was subscribed 5.25 times on the last day of bidding.</li><li>Investors have bid for 14.59 crore shares against the 2.77 crore shares on offer.</li></ul>The mutual fund company Aditya Birla Sun Life AMC is likely to announce the allotment of its initial public offering (IPO) status on Wednesday, October 6. The IPO was open for subscription between September 29 and October 1. The mutual fund company is looking to raise ₹2,768 crore through sale of 3.88 crore shares. The IPO proceeds will go to promoters since the company is a joint venture between Aditya Birla Capital and Canadian firm Sun Life AMC. Both the promoters will jointly sell a 13.5% stake in the company through the IPO. Overall, investors have bid for 14.59 crore shares against the 2.77 crore shares on offer. The portion for qualified institutional investors was subscribed 10.36 times while the non-institutional investor category received a bid for 4.39 times. The IPO has received decent response from investors overall, however, qualified institutional buyers and non-institutional investors subscribed to it the most. A tepid response from investors and weak grey market premium indicates a weak listing for the company’s stock. The grey market premium slipped to ₹4 from ₹70 in the last week. However, analysts expect the mutual industry’s AUM to grow by 11-13% in the next five years at ₹57 trillion and Aditya Birla Sun Life AMC to benefit from strong industry prospects given it is among the top five players. The ₹36 trillion mutual fund industry in India, with 44 players may see consolidation happening in the next couple of years considering the majority of the market is held by the country’s top 10 fund houses, said the company in an interview to Business Insider. As of June quarter 2021, the top 10 mutual fund companies held 82% of the market share, as per Association of Mutual Funds in India (AMFI) data. The fourth largest mutual fund (MF) company Aditya Birla Sun Life AMC, which opened its IPO on September 29, alone holds over 8% market share. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sebi-approves-fino-payments-banks-1300-crore-ipo-paytm-next-in-line/articleshow/86755408.cms">SEBI approves Fino Payments Bank’s ₹1,300 crore IPO, Paytm next in line</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/thanks-to-remdesivir-kwality-pharmas-stock-is-up-from-59-to-over-922-in-just-over-nine-months/articleshow/86750890.cms">Thanks to Remdesivir, Kwality Pharma’s stock is up from ₹59 to over ₹922 in just over nine months</a>

Aditya Birla Sun Life AMC IPO allotment starts tomorrow, IPO was subscribed 5.25 times

<ul class="summary-list"><li>Overwater bungalows originated nearly 60 years ago in Tahiti.</li><li>The first rooms cost $240 a night. Today, experts say they're a staple in the luxury travel market.</li></ul>The first <a target="_blank" rel="" href="https://www.businessinsider.com/luxury-overwater-bungalow-belize-photos-2024-2">overwater bungalow</a> had a thatched roof, a small window peering into the ocean, and a wooden ladder leading into the water.Fast-forward 60 years, and some overwater villas now feature multi-story water slides, infinity pools, and personal butlers — and they can cost upwards of <a target="_blank" href="https://www.afar.com/magazine/overwater-bungalows-around-the-world-to-book-for-2021">$8,000 a night</a> at some of the world's ritziest resorts.There's no doubt the accommodation style has expanded since its start in Tahiti in 1967, and travel experts agree they aren't going away anytime soon.Instead, the overwater villa has become a status symbol of luxury travel.<div type="image" title="The original overwater bungalows." height="1370" width="2048" msid="109374512" hostid="261"></div><h2 id="80299087-b1f3-431e-b316-f72586dcd072">The start of the overwater bungalows</h2>In 1959, three Americans left California for Tahiti's lush landscapes and crystal waters.The men — Jay Carlisle, Hugh Kelley, and Donald McCallum — relocated with plans to start vanilla farming. When they learned the land they purchased wasn't suitable for vanilla, they turned to hospitality, Vaihiria Kelley, the daughter of Hugh Kelley, told Business Insider.They purchased a four-room, run-down property on the island of Moorea and named it Bali Hai. The trio became known as the Bali Hai Boys.Their timing was ideal, Kelley said. Shortly after renovating the hotel, a new airport connected international travelers to Tahiti, which had previously only been accessible by boat. In 1962, Life Magazine wrote a seven-page feature on Tahiti and the Bali Hai Boys. Tourism boomed.<div type="image" title="The Bali Hai Boys." height="1100" width="1656" msid="109374513" hostid="261"></div>After that, the men purchased two more hotels on two other islands.As the hotels grew in popularity, they needed to grow in size. Two of the properties had the land to expand, but the third hotel on the island of Raiatea didn't, Kelley said. Instead, it was surrounded by roads, neighboring resorts, and the ocean."The overwater bungalow didn't start out of, 'Oh, let's think of something really innovative,'" Kelley said. "It really came out of a need."Without land to expand, the ocean was their only option. Nearby, on the island of Huahine, traditional Tahitian fishing huts lined the coast.That's where the trio found their inspiration, Kelley said. The basic fishing huts sat on coconut trunk pillars and had thatched roofs. Mimicking the style, they built three overwater bungalows to join the garden and pool bungalows that also filled the Raiatea property in 1967.Kelley said the men assumed the overwater bungalows were the least desirable and priced them at just <a target="_blank" href="https://www.youtube.com/live/_ePLRNAdxFs?si=2fJV3aZLd9H3hPxe&amp;t=1779">$240 a day</a>, including meals."They didn't expect that it would be so popular," Kelley said.<div type="image" title="A view of one of the first overwater bungalows at a Bali Hai hotel." height="1070" width="1613" msid="109374515" hostid="261"></div>Vacationers were enchanted by falling asleep to the sound of the ocean and waking up to dive straight into the water. After realizing they had a successful concept, Kelley said the Bali Hai Boys began adding overwater bungalows to their two other properties. It wasn't long before other resorts on islands across French Polynesia started copying the design.Kelley, who grew up in Moorea, remembers watching her dad welcome guests to the hotel. Celebrities and actors traveled across the world to sleep in the overwater bungalows."When you see the pictures now, you think, 'Oh my God, it's very '70s," Kelley said. "But for that time, it was very luxurious."Nearly 60 years later, it remains a luxurious vacation, Ronan McLoughlin, the owner of <a target="_blank" href="https://dreamoverwater.com/">Dream Overwater Bungalows</a>, a website that compiles resorts around the world, told BI.Today, there are about 250 resorts that offer accommodations over the water, with many being four or five-star resorts.The original resort on Raiatea has since closed, but Kelley said she sees a bit of her dad's vision each time she sees an overwater bungalow.<div type="image" title="Aerial view of an overwater bungalow resort in the Maldives." height="999" width="1500" msid="109374517" hostid="261"></div><h2 id="d9a282f8-b8b6-43f7-a914-a07923e00ec4">While the concept has existed for decades, experts say it remains a luxury staple</h2>Jason Toms has spent the last four years helping travelers build tailor-made vacations in the Maldives at the luxury travel company <a target="_blank" href="https://www.google.com/aclk?sa=l&amp;ai=DChcSEwjc6K76vKaFAxUELq0GHVJMAq4YABAAGgJwdg&amp;ase=2&amp;gclid=CjwKCAjw_LOwBhBFEiwAmSEQAaHArnLZS3v_eA3Hy6fguMm6J1GpzRjQ7KXZcZJfeOUjJQ3AI8fc-BoCMIQQAvD_BwE&amp;sig=AOD64_0zTvav8Url6Ytma9RVZBqcG8CnEA&amp;q&amp;nis=4&amp;adurl&amp;ved=2ahUKEwiI4J36vKaFAxVLGTQIHQmqCY8Q0Qx6BAgIEAE">Audley Travel</a>.And if someone is traveling to the Maldives, chances are they're looking to sleep in an overwater villa."It's the signature way to stay in the Maldives," Toms told BI. "My clients, who are typically traveling from the US, 95% are asking for overwater villas."Lucy Rudgard, the senior oceans and islands expert at the luxury tour operator <a target="_blank" href="https://www.scottdunn.com/us">Scott Dunn</a>, agreed, adding that the appeal of overwater stays goes beyond just the Maldives."It's always No. 1 on people's list," she said, noting that travelers are also willing to pay a lot for the experience of sleeping above water. In destinations like the Maldives and Bora Bora, overwater villas can cost twice as much as a beachside resort.For Rudgard's clients, the entry cost for a week in an overwater villa might be around $30,000, but she estimates some clients have spent more than $250,000 for overwater vacations.McLoughlin said these high costs are also partly why the accommodations have remained a luxury staple."There's a status to it as well because they're automatically expensive in most places," McLoughlin said since it can be expensive to build the bungalows.On top of that, it's no easy feat for many US travelers to get to some of these faraway destinations, which adds another layer of luxury to the accommodation."If you were to be seen in an overwater bungalow, it meant that either you're in the Maldives or in Bora Bora or somewhere fancy," McLoughlin said.<div type="image" title="bora bora" height="3696" width="5544" msid="109374519" hostid="261"></div><h2 id="a6c06398-d617-40b7-a8ce-6b7a897a64b6">Overwater resorts continue to pop up around the world</h2>For decades, overwater bungalows were largely limited to the Maldives and French Polynesia. But within the last eight years, the <a target="_blank" href="https://www.businessinsider.com/overwater-bungalow-experience-belize-inspired-by-maldives-tahiti-2024-3">concept has expanded to the Caribbean</a>, a destination much closer to most Americans.But building an overwater bungalow in the Caribbean can be a hard task to accomplish, Danny Kalenov, the developer behind <a target="_blank" href="https://www.sixsenses.com/en/corporate/media-center/press-releases/2021/six-senses-belize-announcement/">Six Senses Belize</a>, an overwater bungalow resort that's set to open in 2026, told BI.Places like the Maldives and Bora Bora are ideal for overwater bungalows because they are dotted with lagoons, atolls, and calm waters. Plus, hurricanes are few and far between.As the vacation style became one that everyone dreamed of, builders were determined to offer the experience of sleeping above water in the Caribbean.In 2016, the Sandals Resort in Montego Bay, Jamaica, became the <a target="_blank" href="https://www.cntraveler.com/story/caribbean-first-overwater-bungalows-50-years-in-the-making">first overwater bungalow resort in the area</a>."Now, they've started to pop up everywhere in the last seven or six years," McLoughlin said.Today, Dream Overwater has cataloged nine Caribbean locations home to more than a dozen overwater bungalow resorts.According to Kalenov, the demand for the experience is still high, with Americans wanting to travel closer to home. That's why the luxury hotel brand Six Senses is building a private island resort with 40 overwater villas off Belize's Ambergris Caye.The company is using a custom-built barge made specifically for shallow water and specialized equipment. Kalenov compared the process to "filling a swimming pool with a teaspoon."And while the construction might be more challenging than a traditional resort, he said the end product — and experience he's creating — will be worth it.It's not just Six Senses that's betting on overwater villas. Royalton <a target="_blank" href="https://www.travelweekly.com/Caribbean-Travel/Overwater-luxury-suites-Royalton-Chic-Antigua-Caribbean">Chic Antigua</a> is set to open this spring with 12 overwater suites, and <a target="_blank" href="https://www.travelandleisure.com/sandals-saint-vincent-and-the-grenadines-vincy-overwater-two-story-villas-8603785">Sandals in St. Vincent and the Grenadines</a> opened at the end of March with 10 two-story villas starting at $1,570-a-person per night."We believe that this type of experience is the future of luxury travel and the future of hospitality in general," Kalenov said.

Overwater bungalows weren't always a luxury status symbol. Here's how the accommodation turned into an $8,000-a-night vacation.    

<ul><li><keyword id="12447226" type="General" weightage="20" keywordseo="tarsons" source="Orion">Tarsons</keyword> Products has received bids for 3.88 crore equity shares versus the 1.08 crore shares up for sale.</li><li>The company intends to raise ₹1,023 crore through its public issue, which includes ₹150 crore as issue of new shares.</li><li>The company will use their capital to repay its debts and spend on the manufacturing facility at Panchla in West Bengal.</li></ul>The initial public offering (IPO) of Tarsons Products continued to witness good demand from investors across the board on the second day of its public issue. The company would be listed on the <a href="https://www.businessinsider.in/stock-market/news/tarson-products-ipo-opens-today-and-closes-on-november-17/articleshow/87709719.cms">stock exchange on November 25</a>. The grey market premium of Tarsons Products shares is <a href="https://www.livemint.com/market/ipo/tarsons-products-ipo-what-gmp-signals-on-second-day-of-subscription-11637035990127.html">reportedly</a> at ₹180. Tarsons Products — which is a labware supplier to the life sciences sector— has received bids for 3.88 crore equity shares versus the 1.08 crore shares that were up for sale. The retail portion has been oversubscribed by 4.74 times and the portion reserved for non-institutional investors has been subscribed 3.98 times. Qualified institutional buyers — which includes banks, mutual funds and others — have subscribed to the IPO 1.30 times. The issue has been subscribed by 3.6 times. Tarsons Products’ public issue will close today, November 17. Interest investors can place their bidding, within a range of ₹645-662 apiece. The lot size has been set at 22 shares,which means that the investors would have to spend at least ₹14,190 to subscribe to the shares. Tarsons Products is engaged in designing, developing, manufacturing and supplying a diverse range of quality labware products used in laboratories across research organisations, academic institutes, pharmaceutical firms, diagnostics companies and hospitals. It manufactures a range of quality labware products that helps advance scientific discovery and improve healthcare. The company intends to raise ₹1,023 crore through its public issue, which comprises ₹ 150 crore as fresh issue. The remaining ₹873 crore will be raised through offer for sale (OfS) and will go to the investors selling their shares in the IPO. The company will use their capital to repay its debts and spend on the manufacturing facility at Panchla in West Bengal. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/former-myntra-ceo-started-mensa-brand-in-may-and-its-already-worth-a-billion-dollars-with/articleshow/87735832.cms" data-type="tilCustomLink" style="">Former Myntra CEO started Mensa Brand in May ⁠and it’s already worth a billion dollars</a> <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-tumble-as-china-continues-its-crackdown-against-mining/articleshow/87738496.cms" data-type="tilCustomLink" style="">Cryptocurrencies tumble as China continues its crackdown against mining</a> <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-makes-for-nearly-third-of-niftys-fall-today-tata-motors-and-maruti-beat-the-trend/articleshow/87736157.cms" data-type="tilCustomLink" style="">Reliance Industries makes for nearly a third of Nifty’s fall today ⁠— Tata Motors and Maruti beat the trend</a>

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The next big status symbol in real estate

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Aditya Birla Sun Life AMC IPO allotment starts tomorrow, IPO was subscribed 5.25 times

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Overwater bungalows weren't always a luxury status symbol. Here's how the accommodation turned into an $8,000-a-night vacation.

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