Dubai: Offplan sales have started at a 500 metre plus skyscraper in Dubai – one that aims to be the world’s tallest standalone residential tower. In many ways, this is a relaunch for the project, located in Dubai Marina’s ‘tallest block’ cluster.
It is now called the ‘Six Senses Residences Dubai Marina’, featuring 122 floors and 251 residences. Prices start at an eye-catching Dh5.8 million for a 2-bedroom unit. (That, according to property market sources, would translate into around the Dh3,500 on a per square foot basis. It is at the 25 per cent project stage and with the full completion expected in 2028.)
The project was called the ‘Pentominium’ at the time of its original launch in 2007, and had most of its super-luxury units sold out within days at the time. At the time it was conceived as an all-penthouse tower by its developer at the time, the Trident group. Construction was launched with much fanfare before grounding to a halt as the developer made a quick exit.
Auctioned off for $100m
Last December, the Pentominium site was bought by the Select Group via an auction for $100 million, part of a process that saw long stalled projects being revived at a time when Dubai’s property market was passing through another burst of sustained growth.
“The Pentominium site was one of the most coveted, and multiple investors had considering acquiring it at various stages in recent years,” said an industry source. “When it was placed on auction, there was another flurry of heightened interest. The $100 million tag represents a good deal for Select.” (The Dubai Marina 'tallest block' also features the likes of 23 Marina, the Ocean Heights, and the Marina 101.)
Now, carrying the Six Senses branding, the project will ride the continuing Dubai property boom. Offplan sales had another exceptionally strong run over the first three months of 2024. Within this, branded luxury residences have been particularly coveted by buyers, with just about all the major brands now having attached their names to projects in Dubai.
Select Group already operates multiple high-rises in Dubai Marina, having been among the first set of private developers to pitch signature projects in the location.
In recent months, other flagship developments from the past have also been instant hits, the most notable being, of course, the Palm Jebel Ali. The masterplan had been reworked extensively, and initial releases of villas and mansions found buyers - immediately.
Now, attention will hover around the site formerly occupied by the 'Dubai Pearl' project in the Tecom area. The initial structures at the site have been torn down, and there is constant talk that a new project could soon start there.
Who will set the record?
While the Burj Khalifa remains the undisputed world's tallest tower, two projects in Dubai are competing to build the world's tallest only-residential tower. Select is aiming for that title with the new Six Senses, the other developer, Binghatti, is the other in the fry with its Burj Binghatti Jacob & Co. Residences in Business Bay. This was launched in late 2022.
More to follow...
