The plan to develop the iconic Signature Towers, formerly known as the Dancing Towers, has not been scrapped, according to Dubai Properties Group (DPG).
“We are reviewing the plans and timing for Signature Towers in line with new market demand,” the company said in an emailed statement to Emirates 24|7.
The tower was first unveiled to the public in June 2006 at architect Zaha Hadid’s exhibition in the Guggenheim Museum in New York.
Dubai Properties, in a press statement released at the time of launch, said the design concept features a “choreographed” fluidity that combines the three towers in one overall gesture.
The three towers will share a common base, or podium, that will feature retail, restaurants and related amenities.
The towers will be conjoined, with the offices and hotels at the base and the residences at the top.
Earlier in June, Dubai Holding Commercial Operations Group (DHCOG), the parent company of DPG, said in its 2009 financial statement that a number of major projects were delivered by DPG in 2009, including the first phase of The Villa and Shorooq.
Most of the remaining projects will commence delivery during 2010.
It expected that the real estate market to stabilise in 2010 and then steadily recover from 2011 onwards.
By 2012, DHCOG expects DPG to complete and hand over approximately 21,000 units.