Introduced to the game on Thursday 21st March 2013, as part of the Easter Event, the Floating Residence is the first ever building that can be built on water.
Apart from its appearance, and the fact that it's built on water, the floating house works much like a Noble Residence Deed, in that it must be purchased from the Merchant Chest and then placed on the home island from the Star Menu. When demolished, it moves back into the Star Menu.
When first built, the Floating Residence will hold 40 settlers, but this is increased by 10 per level.