The first two buildings in this rendering were bought by Rolex. (Image credit: Favre et Guth SA)
Rolex’s real estate arm has acquired two apartment buildings out of the five that are projected to be built in Lancy, Switzerland, near Geneva, a 33-million-franc investment, according to la Feuille d’Avis Officielle, Geneva’s public notices.
Rolex's real estate portfolio has been well documented, including in these pages. The acquisition in Lancy is the latest sign the Hans Wilsdorf Foundation, a non-profit organization and the sole owner of Rolex SA, still has millions to park despite the projected decline in the Swiss watch industry and Rolex’s upcoming 1-billion-franc tab for a fifth facility slated in Bulle.
Still, if Rolex watches appear more luxurious than ever, its real estate empire provides an interesting contrast. In 2022, the Crown bought three hotels and turned them over to a group of charities to help the unhoused. For this acquisition in Lancy, only 10% of the apartments will be condos for sale while the majority will provide government-subsidized housing: 60% of the apartments will be rent-free; 30%, low-rent.