Al Habtoor Group announced the construction of one of the world’s tallest residential towers. The project called Habtoor Tower will have 81 floors and have an area of about 327,000 sq. m. The building will include a total of 1,701 residential units. At the moment, there is no information about its height and price.
The tower will be built on the Dubai Creek promenade near the Dubai International Financial Center. The high-rise building will overlook the metropolis and the Burj Khalifa skyscraper.
According to the developer, the project will be ready to be moved into within 3 years. If this works out, it will be a record in erecting high-rise buildings of this type.
The management of Al Habtoor Group informed that it is at the final stage of selecting the contractor. The list of applicants includes developers from the UAE, Europe, India, and China.
According to Mr Al Habtour, the company’s director, "Innovative construction technology will significantly reduce carbon dioxide emissions in the emirate."
Dubai is home to two of the five tallest residential buildings in the world — the 413.7 m high Princess Tower and the 392.8 m high 23 Marina in Dubai Marina.
The first is the third-tallest building in the emirate after the Burj Khalifa skyscraper and the off-plan Marina 101 project.
Dubai also has 7 of the 10 tallest hotel buildings, including:
- JW Marriott Marquis Hotel;
- Gevora Hotel;
- Rose Rayhaan by Rotana.
The development projects tell us about the fact that the emirate's real estate market is recovering after the pandemic.
According to official data, the value of transactions in the Dubai’s real estate market increased by 80% year-on-year to AED 157 billion ($43 billion) in Q1 2023.
The number of deals also rose by 49% during this period and amounted to 38,715.