Select Group emerges victorious in a highly-contested auction for the iconic tower located in Dubai Marina
In a significant real estate development, Dubai-based Select Group has successfully acquired the Pentominium Tower, poised to become the world’s tallest residential high-rise upon completion. The acquisition, finalized after a competitive auction earlier this year, saw Select Group emerge as the winning bidder, securing the monumental project for $100 million.
In a significant real estate development, Dubai-based Select Group has successfully acquired the Pentominium Tower, poised to become the world’s tallest residential high-rise upon completion. The acquisition, finalized after a competitive auction earlier this year, saw Select Group emerge as the winning bidder, securing the monumental project for $100 million.
Amidst intense competition with 46 bids, Select Group clinched the acquisition, positioning itself as the driving force behind the towering architectural marvel. The developer, however, did not disclose specific details regarding the tower’s height and number of floors. Notable existing residential skyscrapers include Central Park Tower, 111 West, Park Avenue 432, and Marina 101.
In the United Arab Emirates, Marina 101 currently holds the title of the tallest tower after Burj Khalifa, boasting an impressive height of 1,394 feet or 425 meters. Rahail Aslam, CEO and founder of Select Group, expressed excitement about the acquisition, describing it as a “once-in-a-lifetime opportunity” to develop an ultra-high-rise residence in the popular Dubai Marina vicinity, in close proximity to Palm Jumeirah, Emaar Beachfront, and JBR.
As Select Group embarks on this ambitious venture, they have enlisted the expertise of renowned partners, including engineering consultancy WSP, architectural firm Woods Bagot, and interior design firm Mitchell & Eades. Mark Farley, Managing Director – Property & Buildings at WSP Middle East, highlighted the tower’s significance, noting its intention to surpass many of the world’s notable residential developments while occupying one of the last remaining plots in Dubai’s bustling Marina precinct. The completion of this project is anticipated to set a new benchmark for residential skyscrapers on a global scale.
