The world’s tallest residential building — the 414 meters Princess Tower — has been delivered by its developer Tameer, following years of preparation, financing and construction over the last four years of economic downturn that wiped off many other projects.
Occupying a land area of 37,410 square feet, the Dh1.5 billion tower comprises of six basement levels, a ground floor and 100 levels above. Princess Tower offers 763 individual units, including 1, 2, 3 bedrooms and penthouses and is supported by 957 parking bays, while 8 retail shops located on ground floor. About 98 per cent of the tower has been sold out.
Earlier this year, the tower was officially recognized as the World Tallest Residential Building by the Council on Tall Buildings and Urban Habitat (CTBUH) and the Guinness World Records (GWR).
The delivery comes at a time, when Dubai’s property market looks up for a slow but more structured growth
Although it is exactly half the size of the 828-metres tall Burj Khalifa — Princess Tower is the tallest in Dubai Marina and currently ranks 13th tallest tower in the world, according to CTBUH.
With the latest delivery, the UAE has become host to 22 of the tallest 100 completed buildings in the world, according to the CTBUH list. China leads the race for tallest buildings hosting 31 while the United States trail the UAE with 21.
With the latest delivery, Dubai — the city of superlatives – currently outshines all other global cities in hosting the highest number of the tallest 100 buildings – with 19 of its super tall towers are amongst the tallest 100 list.
This is the second delivery by Tameer, majority owned by Saudi investors Al Rajhi Group within a few weeks. The developer earlier handed over Elite Residences — a 381 meters tall residential tower, standing just 50 meters away from Princess Tower.