Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20%
business1 day ago
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:
Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20%
business1 day ago
Authorities said the Adani Group chairman and seven other defendants agreed to pay the bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years
business1 day ago
Company strengthening regional presence and service offering
business1 day ago
Sinochem may keep three refineries in China's Shandong province
business2 days ago
Memorandum of understanding aims to enhance cooperation in the construction sector
business2 days ago
Serenia Living’s architecture and interiors have been led by Palma’s expert team
business2 days ago
Company’s backward integration model reaps dividends
business2 days ago
Participating companies announce several cooperation achievements
business2 days ago