iPhone | iPad
Android
Huawei
Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY
KT APPDOWNLOAD
Dubai's soon-to-be world's tallest residential skyscraper sold in $100 million bid
Real estate developer Select Group acquired the Pentominium Tower after an auction earlier this year
Photo: Supplied
Dubai-based real estate developer Select Group has acquired the Pentominium Tower, which will be the tallest residential high-rise tower upon completion in the world.
Located in Dubai Marina, the projects faced challenges during the global financial downturn in 2008, bringing it to a halt. Earlier this year, the development was auctioned through the Dubai Courts approved administration process via Emirates Auction. After a highly-contested bidding process consisting of 46 bids, Select Group won the $100-million bid for the development.
The company didn’t disclose the height and floors of the tallest residential tower. Central Park Tower, 111 West, Park Avenue 432 and Marina 101 are the other tallest residential towers in the world.
In the UAE, Marina 101 is the tallest tower after Burj Khalifa, reaching a high of 1,394 feet or 425 metres.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
“We are excited to have secured the acquisition of this once-in-a-lifetime opportunity to develop such an ultra-high-rise residence in highly popular Dubai Marina, within proximity to Palm Jumeirah, Emaar Beachfront and JBR,” said Rahail Aslam, CEO and founder of Select Group.
“We aim to ensure the completion of this prestigious architectural marvel that will set a new benchmark for residential skyscrapers globally,” he added.
The developer has tied up with engineering consultancy WSP, architectural firm Woods Bagot, and interior design firm Mitchell & Eades for the development of the tower.
“This super slender tower will not only aim to stand taller than many of the world’s most notable residential developments, it will also occupy one of the last remaining plots in Dubai’s bustling Marina precinct,” said Mark Farley, managing director – Property & Buildings at WSP Middle East.
ALSO READ:
More news from Business
Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah, presented the awards to the winners in various categories
Move aims to deepen multi-sectoral cooperation
Brands in the UAE and the region have been advised to create the right awareness schemes that they’re deemed neutral
This continuous rise in investment is attributed to an emerging trend of financialisation of savings
The UAE registered trademarks totalling 4,610 in Q1
One of the driving forces behind the growth is the adventurous spirit of millennials and Gen Z
Figure reflects the emirate’s growing appeal as a preferred investment hub for innovative technology companies
