Ulyssia Signs China Merchants LOI for $1.5B Residential Yacht
Before signing with China Merchants, Ulyssia held talks with Meyer Werft during 2025; the planned yacht includes a marina, two helicopters and a submarine.
Ulyssia Residences has signed a letter of intent with China Merchants’ cruise shipbuilding division for a proposed 323-meter residential yacht under a potential agreement valued at up to $1.5 billion. The vessel, planned with 122 residences and 22 guest suites, is targeted for a 2031 launch, but a final construction contract has not been signed.
The proposal joins several residential ship projects scheduled between 2028 and 2031. The segment currently has only one purpose-built vessel in service, while previous newbuild and conversion plans have stalled over financing and the limitations of older ships.
Ulyssia shifts shipyard talks to China
Ulyssia Residences, founded and chaired by Frank Binder, held discussions with Meyer Werft during 2025 before signing the letter of intent with China Merchants. The planned vessel would measure 1,060 feet and include a marina, two helicopters, a submarine, a dive center, fitness facilities, a spa and several restaurants.
At the 2025 Monaco Yacht Show, the company presented a 2031 target for the ship. It has not disclosed a timetable for converting the letter of intent into a construction order.
The World remains the only purpose-built residential cruise ship operating today. The 43,188-gross-ton vessel entered service in 2002 with 165 privately owned residences, ranging from approximately 290-square-foot studios to four-bedroom units of about 3,240 square feet.
Villa Vie and Avora set 2028-29 entries
Villa Vie Residences has taken the conversion route with Villa Vie Odyssey, a 24,344-gross-ton ship built in 1993 that previously sailed as Fred. Olsen Cruise Lines’ Braemar. Fred. Olsen said it sold the vessel for $13 million in 2024. Odyssey is approaching two years of its first three-and-a-half-year world voyage, with more than 85% of its available residences sold.
Villa Vie has also secured a second vessel, Legacy, for entry into service in early 2029. The company has not identified the ship or said whether it is a secondhand acquisition or a newbuild. Its residences are expected to be approximately 50% larger than comparable accommodations on Odyssey, while ownership prices and monthly maintenance charges are projected to average 30% more.
“Our objective isn’t simply to build another ship,” Villa Vie founder Mike Petterson said. “It’s to build a fleet that gives residents more choice.”
A limited Legacy Bridge program will allow qualifying buyers to take up immediate residency aboard Odyssey and transfer to a comparable Legacy residence when the second vessel enters service. Participants will not pay an additional purchase price for the transfer and will retain Odyssey’s maintenance rates. Villa Vie is also extending residency rights aboard Legacy to current and future members of its Endless Horizons lifetime program, which was introduced at $349,999.
Petterson is separately launching Avora Residences, which has a nine-year charter with purchase options for Norwegian Cruise Line Holdings’ Seven Seas Navigator. The 28,803-gross-ton, 496-guest ship is due to transfer in late 2027 and relaunch as Avora Lumina in January 2028.
Several proposed newbuilds remain unsigned
Seven Seas Navigator was previously part of Crescent Seas’ residential plans, along with Oceania Insignia. The Florida real estate company canceled both charters in November 2025 after discussions with prospective buyers. Crescent Seas said the constraints of converting approximately 25-year-old vessels made it difficult to provide the space, flexibility and design participation sought by high-net-worth customers.
Crescent Seas subsequently announced Ocean, a proposed 55,000-gross-ton newbuild with 300 residential units and a fourth-quarter 2031 delivery target. No construction contract has been confirmed.
An earlier project, Njord, also failed to advance. Ocean Residences Development announced a financing-dependent contract with Meyer Werft in 2021 for an 84,800-gross-ton ship with 117 apartments and a planned delivery by the end of 2025. Construction did not proceed. Meyer Werft’s large building hall is now booked through the end of 2030, while its smaller hall has been mothballed.
Villa Vie plans to release Legacy’s renderings, amenities, itineraries and ownership terms during Odyssey’s two-year sailing celebration. Twenty-four Bridge positions are available for qualifying purchases completed by Sept. 30, 2026.
