A Home With No Fixed Horizon: Inside Ulyssia, the World’s Largest Residential Yacht

Every September, Port Hercule fills with the most valuable private yachts on earth. At this year’s Monaco Yacht Show, however, one of the most talked-about vessels was nowhere near the quays. She exists as renderings, engineering studies and an order placed with a shipyard in Shanghai. Her name is Ulyssia, and at 323 metres she is set to become the world’s largest residential yacht.

For buyers who already hold a Monaco address, or intend to, the project deserves close attention. The company behind it is based in the Principality, and so is the studio that drew it. Its maiden voyage will depart from Monaco. Above all, it offers a fresh answer to an old question at the top of the market: how to enjoy the view without owning the logistics.

A Monaco Yacht Show Story, Three Editions Running

Ulyssia first appeared at the show in 2024, when Ulyssia Residences AG presented a scale model of the vessel. A year later, the team returned with far more detail. Residences, amenities and a global cruising programme were laid out for the press, and BOAT International reported that German yard Meyer Werft was then attached to the build.

This edition sent the clearest signal yet. Ulyssia joined the partners of the new BOAT Lounge, the hub created by the show and BOAT International for owners, designers and industry leaders. On the opening morning, founder Frank Binder and designer Espen Øino received journalists at Binder’s private home in Monaco. There, as Monaco Life reported, they confirmed where the vessel will be built and who will be allowed to live aboard.

What Is the Ulyssia Residential Yacht?

At 323 metres, or 1,060 feet, Ulyssia will be longer than three football pitches laid end to end. She will carry 122 private residences and 22 guest suites. Binder has said that further optimisation of the layout could allow up to 130 homes. The vessel will fly the Swiss flag and travel continuously, on an itinerary shaped by the owners themselves.

The idea began with a single buyer. More than twenty years ago, Binder discovered The World, the residential ship launched in 2002, and imagined a home of his own at sea. Instead of buying into an existing ship, he chose to design a yacht around his residence. He then bought the first home on board, a penthouse, and remains the project’s principal investor.

The team is careful to separate Ulyssia from cruising. Far fewer people will be on board than on a conventional ship of similar size. Service follows a two-to-one crew-to-resident ratio, and every crew member, from dishwasher to captain, will have a private cabin. According to the company, that is a first for any vessel. The aim is low turnover and service that feels familiar.

Espen Øino: The Monaco Studio Behind the Lines

Few names carry more weight in large yacht design. Espen Øino was born and raised in Oslo, where a childhood on the Norwegian coast led him to naval architecture. He originally wanted to design sailing boats. Instead, an early role with designer Martin Francis put him in charge of a motor yacht project, Eco, and redirected his career.

After eight years with Francis, Øino founded his own practice in 1994. Espen Øino International has since become one of the leading studios for large bespoke motor yachts, working from Monaco with builders such as Lürssen, Oceanco and Fincantieri. Its portfolio reads like a roll call of the superyacht era, with Octopus, Dilbar, Flying Fox, Kismet and Serene among its landmarks. He also drew REV Ocean, a 194.9-metre research and expedition vessel.

Efficiency has long been his preoccupation. In a conversation with Luxury London, he explained that raising a displacement yacht’s speed from 14 to 17 knots can multiply its fuel consumption by around two and a half. That discipline shapes Ulyssia as well. Her hybrid-electric propulsion uses generators to power electric motors, and it is designed to accept sustainable fuels as they mature.

His brief here was unusual. As Øino told BOAT International, the vessel must combine the scale of an ocean-going ship with “the character, privacy and refinement of a yacht.” To reduce her apparent height, every second deck carries a dark band, so two decks read as one from a distance. Inside, long corridors give way to private or semi-private lobbies. A resident stepping out of the lift arrives in a small neighbourhood of homes, then at their own front door.

Built in Shanghai, Finished by European Hands

The most consequential news of the year concerned the shipyard. Ulyssia Residences has placed the order with China Merchants Cruise Shipbuilding (CMCS), replacing Meyer Werft. CMCS has already delivered several expedition cruise ships, including China’s first domestically built polar expedition cruise ship. Its Finnish subsidiary Deltamarin will handle engineering, outfitting and onboard systems.

Binder has said the choice came down to the quality and capabilities of the yard. One capability proved decisive. CMCS will provide a climate-controlled hall large enough to house the entire vessel, so exterior finishing and interior outfitting can be completed under cover. Meanwhile, the interiors stay with Milan’s FM Architettura, supported by specialist outfitters from Germany, Austria and Italy.

Øino, for his part, was struck by the yard’s in-house engineering and infrastructure. China is already the world’s largest commercial shipbuilder, he noted, and it is moving steadily up the value chain. The definitive contract is scheduled for signature in November 2026, which the company treats as the formal start of construction. Around four and a half to five years of building will follow. Delivery is planned for 2031, with a maiden voyage departing Monaco. Seatrade Cruise News has put the value of the order at around €2 billion.

Inside the Residences

Homes on board range from 110 to 953 square metres, with one to six bedrooms. Each includes reception rooms, an open-plan kitchen and private terraces. Binder likes to compare the experience to owning an apartment in Monaco’s Tour Odéon, with one difference: this one travels. Residents will find everything they need within their own walls, so communal spaces become a choice rather than a necessity.

The design direction belongs to Francesca Muzio of FM Architettura, whose approach treats every space through the lens of wellbeing. Interiors can be customised, and a second tier of names adds individuality to specific homes. Jean-Michel Gathy, LINLEY, Nicole Hollis, Katharine Pooley, Jenan Hajjar and Lenny Kravitz have all been appointed. For families, guest suites allow children, grandchildren and friends to join the voyage without crowding the main residence.

Muzio’s stated aim is an environment that feels instinctively like home. Materials and light are chosen to encourage a sense of balance, which matters more in a permanent home than in any hotel suite.

Life Aboard: Seven Restaurants, Two Helicopters and a Pair of Submersibles

The amenity list reads like a private island. There will be seven restaurants with rotating guest chefs, a signature wine cellar and several bars. Wellness belongs to Chenot, which will run a two-level spa, a fitness centre and dental care. A medical facility equipped with X-ray, MRI and CT scanners completes the offer.

Sport is taken just as seriously. Plans include a yacht club and marina, a dive centre, a golf club and a 600-metre jogging track. Residents will also find padel, pickleball and multi-use courts, several pools, simulators, a two-level theatre, a library and an art studio. For exploration, two helicopters, luxury tenders and two Triton submersibles are planned. EYOS Expeditions leads the expedition programme, while VistaJet handles flights to and from the yacht.

Family life has been considered from the start. An onboard school is planned, remote workers are welcome, and small pets may come aboard. CEO Alain Gruber expects the community to organise itself around shared passions, from diving and sailing to art collecting and book clubs.

A Home That Changes Its View

Owners propose destinations and then vote on an itinerary planned by professionals. Routes are set several years ahead, so the best berths are secured early. The pace is deliberately slow. Rather than rushing between sights, Ulyssia will linger for several days in each port.

Her dimensions were set with that freedom in mind. A shallow draft will allow her to cruise the Amazon. She is also narrow enough for the Panama Canal and low enough to pass beneath the Sydney Harbour Bridge. COO Renato W. Chizzola, who once managed The World, summed up the promise to BOAT International. A London home offers one view, he said, while Ulyssia offers “different trees, different statues, cities, cultures.”

The Economics of Owning a Home at Sea

Residences are priced between €10 million and €100 million. The band is intentionally narrow. Binder argues that owners paying wildly different sums would bring different expectations, and the community might not hold together.

Ownership takes the form of a share in the company that owns the vessel, under a Swiss-law structure. Shares can be sold or inherited, although every new buyer is vetted. Annual charges are currently projected at about 3.5% of the purchase price, covering food, fuel, marina fees, maintenance and scheduled refits. By Binder’s estimate, a private yacht typically costs around 10% of its value each year to run.

Money alone will not secure a place. Every prospective buyer undergoes a detailed background check and meets the team in person. No single nationality or demographic group may exceed 30% of owners. Demand so far is strongest from the United States, with further interest from Europe, Asia and South America. The average prospective buyer is in their early fifties. The objective, in Binder’s words, is “the most exclusive club in the world.”

The decisive test still lies ahead. Ulyssia Residences must convert reservation agreements into binding sales, and it expects every residence to be sold before delivery.

Why Monaco Buyers Should Pay Attention

Ulyssia is, at heart, a Monaco project. The company and its designer are both based in the Principality, and the founder briefed the press from his home here. When the day comes, her maiden voyage will begin in Monaco.

Yet a home that circles the globe works best alongside a fixed address. Monaco residency is granted on the basis of a home in the Principality itself, as our guide on how to become a Monaco resident explains. For most owners, therefore, Ulyssia will complement an apartment in Monte Carlo.

The comparison with a private yacht is also instructive. Owners in Monaco know how hard a permanent berth is to secure, a scarcity we examine in The Berth You Cannot Buy. Ulyssia removes that burden, because the operating team books stops along the route years in advance. Similarly, her ownership model invites comparison with the SCI, SCP and SAM structures used for Monaco property. Any buyer should review both with independent tax and legal counsel.

Scarcity, finally, is the common thread. Only 122 homes will exist on board, much as Monaco’s finest penthouses rarely reach the open market, a dynamic explored in our analysis of trophy assets in Monaco. For families weighing where Monaco property sits in a UHNW portfolio, a residence at sea adds a new line to the conversation.