The small European nation of Monaco is facing a housing crisis.
While it’s one of the wealthiest countries in the world, and a playground for the rich
and famous, there simply isn't enough land to cater for the growing number of millionaires
now looking to call Monaco their home.
With a population of 38,000 living in an area not much bigger than London’s Regent's Park
- and with an estimated 2,700 people expected to move to Monaco by 2026 - the issue of space
has become critical.
With resistance to the construction of skyscrapers - partly because they could block existing
sea views and partly because of a clear preference for villas amongst residents - a USD $2BN,
15 acre expansion out into the Mediterranean Sea is now underway.
When completed in 2025, the expansion will provide enough land for 1,000 new residents,
alongside a marina and extensive public spaces.
Land reclamation is nothing new for Monaco. Bordered by France to the North, East and
West, the only option that the state has for expansion is Southwards, out into the sea.
Since the first land reclamation in the late 19th century, the country has grown in area
by over 20% through various expansions; the largest of these being the Fontvieille Ward.
The new expansion, called Portier Cove, will be entirely financed by the private sector.
Developers will profit from new residential projects on the reclaimed land which are expected
to sell at prices of over USD $100,000 per square metre - more expensive than property
in London, Paris or New York.
Located near the famous Monte Carlo Casino, Monaco’s Government will own over USD$ 610M
worth of new assets and civic space on the reclaimed land; including the seafront promenade,
parks and gardens, and the expanded Grimaldi Forum.
The project was awarded to the French arm of Bouygues Construction in 2015 after their
successful delivery large scale projects in Morocco, South Korea and France.
With environmental considerations being given particular focus, and with developers looking
to set a new benchmark in environmental design, extensive protection works were undertaken
before construction commenced.
Numerous plant and animal species were relocated from areas around the project site to a nearby
marine reserve where they will be remain until the project is completed, and a series of
man made reefs have been established to replace lost habitats.
Submerged screens have been installed around the site to minimise the impact that dredging
will have on the surrounding ecosystem, and the new coastline has been designed to conform
to the natural flow of sea water so as not to disrupt the current once complete.
To construct such a vast area of new land, contractors are spending 40 months dredging
silt from the seafloor to expose the bedrock.
From there, 18 concrete caissons, each weighing
10,000 tonnes and standing 26m (or 85 ft) tall, will form a protective underwater belt
that prevents the new land being washed away in large swells.
The area within the caissons will then be filled with over 1.5M tonnes of rock from
a nearby quarry in France and with marine sand shipped from Northern Sicily.
The land reclamation phase of the project is expected to be completed by 2020, when construction
of the civil and residential developments will begin.
Set to contain 120 luxury residences in a new “eco-neighbourhood” the expansion
will emulate Monaco's natural topography with structures gradually increasing in height from low-lying
villas along the promenade to larger apartment towers inland.
When complete in 2025, the Portier Cove expansion will serve the growing number of people seeking
to move to Monaco and stand as an impressive benchmark for future land reclamation projects
around the world.
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