Dubai Property ‘the Torch’ Sets New World Record

By Author: Rebecca Smith
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Dubai, UAE: Property in Dubai reached new heights this month as residential development ‘The Torch’ at Dubai Marina officially became the world’s tallest residential building.

Developed by Select Group, one of the largest private property developers in the United Arab Emirates, The Torch beat the Q1 Tower on the Gold Coast of Australia by just twenty five metres when its completion was announced earlier this month.

Designed by award winning architects Khatib and Alami, ‘The Torch’ rises 351 metres (1152 feet) into the Dubai sky. The tower has 86 floors containing a total of 676 apartments along with a gym, a sauna, a steam room and an eight level garage.

It is the only one hundred percent residential project ever to break the world’s tallest tower record; under Guinness Book of Records regulations towers must be made up of ninety percent or more residential units to be eligible for the title.

“The Torch, a defining landmark of Dubai Marina skyline, offering stunning views across the Jumeirah beachfront, is a sold out property and a testimony to Select Group’s continuing commitment ...
... to Dubai and the potential of its property sector as it gradually emerges from the shadows of the impact of the global financial crisis,” commented Mr. Rahail Aslam, CEO of Select Group.

“This is a milestone for the Group and we are proud to be contributing to the list of global firsts Dubai has achieved over the years. We would like to position The Torch as our tribute to this cosmopolitan city which despite the downturn in the real estate sector and fluctuations in the economy has shown resilience to weather the extreme economic downturn,” he added.

The Torch is the latest development to be completed by Select Group at Dubai Marina. Others include; The Point which was completed in 2009 and reaches a height of 125 metres with 27 floors and 188 apartments; and Botanica, a 41 floor development made up of 360 residential units.

Despite the difficulties faced by property developers during the global economic downturn, Select Group has reported their properties at Dubai Marina are already enjoying up to 85 percent occupancy this year.

Prices at The Torch start from US$205,000 for a one bedroom apartment with a balcony and views spanning the length of the Dubai Marina and Jumeirah Beach.

Rebecca Smith
Ocean Villas Group - http://www.oceanvillasgroup.com

Article source... http://blog.oceanvillasgroup.com/dubai-property-the-torch-sets-new-world-record/
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Rebecca Smith is a real estate journalist with more than 15 years experience. She is currently the sales director for Ocean Villas Group who specialise in luxury ocean view property investments worldwide.

Email me: info@oceanvillasgroup.com