A tower at Dubai’s world-renowned marina has broken the record for the tallest residential tower. At 348 metres “The Torch” has surpassed the height of Australia’s Q1 tower on the Gold Coast by 25 metres. The development has 86 floors, 676 sold-out apartments and cost AED 665 million (USD$182m) to build.
Rahail Aslam, CEO of owners Select Group, defended the resilience of the Dubai property market:
“The Torch – a defining landmark of Dubai Marina skyline, offering stunning views across the Jumeirah beachfront – is a sold out property and a testimony to Select Group’s continuing commitment to Dubai and the potential of its property sector as it gradually emerges from the shadows of the impact of the global financial crisis.
“…We have been able to continue developing in Dubai because of our high caliber of leadership supported by a team with extensive experience and skill sets….
“Despite the difficulties faced in what undoubtedly has been the most difficult economic period any developer has faced, Select Group has diligently worked towards completion of its iconic projects in Dubai Marina.”
Two more Select Group residential towers are scheduled for completion in 2011.