Select Group buys stalled high-rise residential tower in Dubai Marina with sky-high hopes
Formerly known as the Pentominium Tower, the project’s progress came to a halt in 2008
Pentominium Tower was supposed to be one of the signature projects in Dubai Marina during its initial build up phase. Now, it has another shot at making things happen.
Dubai-based real estate developer Select Group acquired the stalled development of the previously known Pentominium Tower in Dubai Marina, in the hopes of having it deemed as the tallest residential high-rise tower in the world, once it is completed that is.
Formerly known as the Pentominium Tower, the construction project’s progress came to a halt in 2008, a year after the build was conceptualised. Earlier this year, the development was auctioned through the Dubai Courts-approved administration process via Emirates Auction. After 46 bids, Select secured a $100 million bid for the development.
“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 close proximity to Palm Jumeirah, Emaar Beachfront and JBR,” said Rahail Aslam, CEO and Founder of Select Group.
‘Aim to ensure completion’
“With the support of carefully selected partners and the Group’s track record for delivering projects, we aim to ensure the completion of this architectural marvel that will set a new benchmark for residential skyscrapers globally.”
Select also confirmed its partnership in this venture with engineering consultancy WSP, architectural powerhouse Woods Bagot, and interior design firm Mitchell & Eades. “Their combined expertise and concepts will elevate this ultra-luxury project,” the property company noted.
“This super slender tower will not only aim to stand taller than many of the world’s notable residential developments; it will also occupy one of the last remaining plots in Dubai’s Marina,” said Mark Farley, Managing Director – Property & Buildings at lead consultant, architect WSP Middle East.
Source: Gulf News
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“Some Chinese investors buy property in large quantities, while others prefer to invest in luxury branded residences. Naturally, this drives demand and growth in the market. Property types vary, but up-and-coming areas like Dubai Creek are seeing a lot of interest from Chinese investors,” he said.
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