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.
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“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.