Select Group builds 'tallest' residential tower
Dubai, April 30, 2011
'The Torch', a tower built by leading Dubai-based property developer Select Group at Dubai Marina, has been recognised as the world’s tallest residential building, beating Q1 Tower of Gold Coast, Australia.
The Torch, at 348 metres and 86 floors, is taller by 25 metres to its earlier rival and record holder Q1 Tower, which stands at 323 metres, a statement from the 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,” said Rahail Aslam, CEO of Select Group.
“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.”
“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 $182 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, the statement said.
“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,” Aslam said.
The Torch is a purely 100 per cent residential tower unlike many mixed-use high-rise developments vying for the tallest title, the statement said.
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. – TradeArabia News Service