Cruise Shipbuilder Meyer Group Expands Into Floating Real Estate

Amidst the post-pandemic downturn in new cruise ship orders, shipbuilder Meyer Group is looking at a new opportunity to fill its orderbook: floating luxury houseboats and hotels. 

Meyer Group has three high-end shipyards in Europe, and it has joined forces with floating real estate company Admares Marine to form a new joint venture. The new company, headquartered in Turku, Finland, is named Meyer Floating Solutions.

“Meyer Group had recognized great potential in the floating solutions business and identified Admares Marine as the market leader," said Kaj Casén, CEO of the new joint venture. "The new venture combines the strengths of both companies and allows us to compete for the mega projects that are being built on the water." 

Meyer Group believes that industry of waterborne real estate will grow exponentially, as it offers "a whole new opportunity to develop high quality property in valuable locations." In some cases, Meyer reports, it has become even more valuable to build on the water than by the water.

The new company inherits Admares' products and patents, including a portfolio of pre-designed floating villas and hotels. Meyer will provide off-site manufacturing for the living units in a controlled environment, cutting down on the waste of site-based construction. 

The JV says that it already has "multiple exciting overwater projects in sight," and it is expanding its team. 

Admares has a track record of delivering luxury developments for overwater real estate sites, including an expansion of the Burj Al Arab hotel in Dubai and the construction of the Marasi Water Homes project in Dubai Canal. It has developed both pile-supported and permanently floating installations using off-site manufacturing.