Dubai’s newest residential property tower, The Torch, has become the world’s tallest residential skyscraper, beating the Tower of Gold Coast in Australia by 25 meters.
At 348 meters with 86 floors, the US$182 million development is now complete, developers Select Group confirmed.
Select Group, one of the largest private property developers in the United Arab Emirates, said the tower at Dubai Marina will be handed over to owners this month.
‘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,’ said Rahail Aslam, chief executive officer of Select Group.
‘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,’ he added.
The Torch is also unusual in being a 100% 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% residential use to qualify for the tallest residential tower title.
It has 676 apartments and an array of modern amenities including a gymnasium, sauna/steam room, a retail zone at the Podium level and eight levels of parking.
‘Our success story is based on foundations of trust, integrity and corporate governance. 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,’ added Aslam.
He said Select Group has already delivered several completed projects which enjoy consistent occupancy rates in excess of 85%. The tenancy retention rates in Select Group properties are probably one of the highest in Dubai Marina and this has been achieved through quality of construction, design, active management and detailed development planning from design to handover and operation, he explained.
‘The competition landscape has been evolving since 2007 and changed quite significantly in 2009. 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,’ Aslam said.
The developer is also making substantial progress to complete another three towers in Dubai Marina later this year including Bay Central, a mixed use development with two residential towers and a five star hotel. Select will complete the two residential towers later this year, followed by the hotel by early 2013. Botanica, a 41 storey development with a botanical garden on the 27th floor, has views across the Marina and Gulf Sea.