May 02 2011 |
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23 Marina will be world's tallest residential tower
By Parag Deulgaonkar Tower surpasses The Torch by almost 47 metres; Hircon to begin handover from AugustCome August, Hircon International , a Dubai-based developer, will commence handover of 23 Marina, a 395-metre tower in Dubai Marina, which will then surpass The Torch as the world's tallest residential tower by almost 47 metres.
"We have got the utility connections... we will have temporary power connection by next week. Snagging notice has been send to investors and we expect residents to move into the apartments by August," Darshan Hiranandani, Director, Hircon International , told Emirates 24|7.
Earlier this week, Select Group, a private property developer, said it will begin handover of The Torch tower, a 348 metres (1,142 ft), 86-storey residential tower, in Dubai Marina from May.
In November, Tameer Holding President Federico Tauber told this website that the 107-storey Princess Tower and 91-storey Elite Residence in Dubai Marina will be handed over in the fourth quarter. The 414-metre tower has 763 units, while the latter 381-metre tower has 696 units.
According to Hiranandani, 23 Marina is likely to have an occupancy rate of between 50 and 60 per cent, as most of the apartments have been bought by end-users.
"A majority of investors are end users. Some of our investors have bought apartment to rent them while some have them as holiday homes," he added.
Although the developer has no apartments to sell, Hircon is assisting investors to resell their apartments if they wish to.
"We are offering a service to our investors if they wish to resell their apartments. The price will vary floor and view wise, it could be as low as Dh875 per square feet to a high of Dh1,100 per square feet."
In July 2010, Hiranandani had told this website that it had repossessed only eight to 10 units from investors who were not inclined to meet their financial obligations.
© Emirates 24|7 2011
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