Select Group, a private property developers in the UAE, will begin handing over world’s tallest residential tower next month, said a press statement.
To be located in Dubai Marina, “The Torch” tower will beat Q1 Tower of God Coast, Australia, to become the world’s tallest residential tower, the company said in a press statement on Thursday.
“The Torch” at 348 metres (1,142 ft) at 86 floors is taller by 25 metres to its earlier rival and record holder Q1 Tower, which stands at 323 metres (1,058 ft), a statement from the Select Group said.
Rahail Aslam, CEO of Select Group, said: “This is a milestone for the Group and we are proud to be contributing to the list of global firsts Dubai has achieved over the years. We would like to position `The Torch’ as our tribute to this cosmopolitan city which despite the downturn in the real estate sector and fluctuations in the economy has shown resilience to weather the extreme economic downturn.”
He said the project has been sold out.
The Torch’ is a purely 100 per cent residential tower unlike many mixed-use high-rise developments vying for the tallest title. A thumb rule followed by global institutions like the Emporis Standards Committee (ESC) and the Council on Tall Building and Urban Habitat (CTBUH), which monitor these records is that a building should at least have 90 per cent residential use to qualify for the tallest residential tower title.
The Dh665 million tower comprises 676 apartments and an array of modern amenities including an up-to-date gymnasium, sauna/steam room, a retail zone at the Podium level and eight levels of parking.
The project is complete and Select Group is gearing up to hand over the property to investors in May 2011.
The developer said it is making progress to complete another three towers in Dubai Marina later this year including Bay Central, a mixed use development considered to be at the foremost location in Dubai Marina comprising two residential towers and a 5- star hotel.