Select Group, a real estate developer based in Dubai, has purchased the Pentominium Tower, which when completed will be the world’s tallest residential high-rise structure.
The project, is situated in Dubai Marina, was forced to halt due to difficulties encountered during the 2008 global financial crisis. The development was put up for auction earlier this year via Emirates Auction, using an administration process authorized by the Dubai Courts. Select Group emerged victorious in the fiercely competitive bidding process with a whopping 46 bids for the development.
The tallest residential tower’s height and number of floors were kept a secret by the company. The other tallest residential towers in the world are Marina 101, 111 West, Park Avenue 432, and Central Park Tower.
At 1,394 feet, or 425 meters, high, Marina 101 is the second-tallest skyscraper in the United Arab Emirates after Burj Khalifa.
“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.
For the development of the tower, the developer has partnered with the interior design firm Mitchell & Eades, the architectural firm Woods Bagot, and the engineering consultancy WSP.
“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.