Two penthouses at The Residences at Mandarin Oriental, Miami, the forthcoming twin-tower complex on Brickell Key, were reportedly pre-sold for about $49.9 million each. If those contracts make it all the way to closing, they would top any single-unit condominium sale on record within the City of Miami and underscore just how strong the appetite remains for ultra-luxury branded product in South Florida.
Reporter Brian Bandell of the South Florida Business Journal wrote on March 18 that contracts were signed on two duplex penthouses at roughly $49.9 million apiece, a level the outlet says breaks the city condo price record. The buyers were not identified, which is typical for high-end pre-construction deals at this stage.
Developer pitch and sales momentum
According to a press release from Swire Properties, which is developing the One Island Drive project on Brickell Key, the South Tower is already more than half reserved and the Residences have surpassed $1.2 billion in sales. The release notes that Fortune Development Sales is handling on-site contracts and that a sales pavilion is open for prospective buyers. Swire frames the two upper duplexes as flagship offerings that can be sold separately or combined.
The crown jewel and how it is priced
Swire has configured the two upper duplexes so they can be joined into a single roughly $100 million “crown” penthouse, a detail Bloomberg highlighted when it profiled the project. The developer also tied one penthouse concept to Harrods Interior Design, a collaboration described by World Red Eye that showcases a roughly $50 million Knightsbridge-style vision used to market the tower.
Where this fits in Miami’s market
If the reported contracts hold through to recorded closings, these prices would sit at the very top of the City of Miami’s single-unit ledger and place the Mandarin Oriental development among the priciest condo commitments in the region. The project’s official materials list starting prices in the millions and describe two more than 7,800 square foot duplex penthouses with private pools crowning the South Tower. RMO Miami provides floor plan and pricing context for would-be buyers.
Timeline and next steps
Swire states that construction is slated to begin in 2026 with delivery targeted for 2030, and that Fortune Development Sales is overseeing reservations and contracts, according to the company’s materials. Purchases at this pre-construction stage typically appear in public records later in the sales and closing cycle, so any record-setting numbers will only be confirmed if and when these presales convert to recorded sales.
Local context
Hoodline has previously chronicled the Mandarin Oriental’s 2025 closure and the redevelopment plans that cleared the way for the new towers, putting today’s sky-high pricing in the context of a longer Brickell Key makeover. Its coverage of the hotel’s 2025 shutdown outlined the project timeline and the broader redevelopment of the site.
