Can Aman Scale Scarcity?
Forbes describes Amangiri’s residential strategy as a “rethinking” of ultra-luxury branded real estate: just 12 homes across 900 acres, invitation-led sales, site-specific architecture and development deliberately subordinated to the landscape.
Yet in many ways, this sounds remarkably close to Adrian Zecha’s original proposition for Aman: intimacy, discretion, extraordinary places and a resistance to the formulas of conventional hospitality.
The corporate picture today is considerably larger. Aman raised $900m in 2022 and $360m in 2023, and a new $500m Shinsegae–OKO venture is intended to finance further Aman and Janu hotels, residences and mixed-use projects. Its development pipeline now stretches across destinations including Beverly Hills, Miami Beach, the Bahamas, Maldives, Saudi Arabia, Texas and Mozambique, alongside Aman at Sea.
None of this is inherently contradictory. Great brands evolve.
But scarcity is becoming one of luxury real estate’s most powerful and most liberally used ideas.
At XALA, a project I currently advise, the model is more literal: the community is genuinely invitation-only, with prospective residents considered not simply as owners, but in terms of their fit with the place and the community.
Perhaps that is the more interesting question for luxury now: is scarcity something you market, or something you actually practise?
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