World's Tallest Residential Tower Set To Welcome Occupants SoonFriday, April 29, 2011
Dubai's property market has had its share of tall claims from developers, with many of them never making it beyond the drawing board. But this developer has certainly delivered on its promise. At 348 metres and 86 floors, The Torch in Dubai Marina has won formal recognition as the world's tallest residential tower, surpassing the earlier claimant, the Q1 Tower in Australia's Gold Coast (323 metres). To lay claim to the title, The Torch met the requirement set by the likes of Emporis Standards Committee and the Council on Tall Building and Urban Habitat, in that a building should at least have 90 per cent residential use to qualify.
The Torch's newfound status sits well with what Dubai and its towers have achieved in the recent past, most notably by the Burj Khalifa's 828 metres. In fact, Dubai has got strong representation in the Emporis Standards Committee's list of the world's tallest residential towers. The Torch, a development by UK-based Select Group, is set to take in its first residents next month. While chuffed at the new accolade, the developer is also sitting pretty as more than 80 per cent of the 676 apartment units have buyers. The units carry a price tag of Dh1,000 a square foot and up. So what made investors hold on in a soft market?Source: Gulf News