Select Group, the well-known Dubai real estate developer, has set its sights on a new high in the luxury skyscraper scene. The company has recently taken over the previously suspended Pentolinium Tower project located in Dubai Marina. Once completed the so far troubled tower is projected to take the mantel as the world’s tallest residential tower.
Originally announced back in 2007, the Pentominium Tower was meant to reach sky-high ambitions in record-breaking architecture. However, all work came to a halt in 2008 with the economic downturn due to the effects of the Global Financial Crisis.
This all changed earlier this year when it the stalled project was put up for auction by the Dubai Courts and Emirates Auction. After much competition, Select Group was successful in purchasing the development for US $100 million.
CEO and Founder of Select Group Dubai, Rahail Aslam, was quick to express his enthusiasm: “Snagging this project is a milestone for us, one that’s right in the hub of Dubai Marina, and just a stone’s throw from Palm Jumeirah and other hotspots. We’re set to push the envelope on luxury living, and with top-tier partners and our proven project delivery record, we’re geared up to complete this iconic high-rise.”
At this stage, there is no indication as to when work on the purchased tower will recommence however if the enthusiasm of all those involved is anything to go by this should not be too far away.
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