Princess Tower world’s tallest residential building launches in Dubai

PanARMENIAN.Net - The world’s tallest residential building, Princess Tower, was officially delivered by its developer Tameer in Dubai. The building, which cost Dhs1.5 billion to build and measures 414 metres in height, is 98 per cent sold to investors, said Tameer, Gulf Business said.

The tower offers 763 individual residential units, and Tameer has handed over 150 units in the last six weeks. Federico Tauber, the company’s president, told Gulf Business that the company hopes to complete the entire handover by the end of this year.

Located in Dubai Marina, Princess Tower is spread across 37,410 square feet and includes 100 floors (with the top three reserved for service units). It has 957 parking bays, and facilities include gyms, swimming pools and a billiard and table tennis room. There are also eight retail shops on the ground floor.

Prices for the apartments vary between Dhs1,200 per square foot to Dhs2,500 per square foot, with apartment sizes ranging between 800 and 2,300 square foot. The building also has 31 penthouses, with the largest stretching 14,000 square feet across an entire floor.

In terms of investors, Tameer clarified that most of them are individuals rather than companies, with the majority of clients hailing from Saudi Arabia.

Speaking to Gulf Business, Tauber said most of the investors had bought the property immediately after its launch, between 2006 and 2007.