Construction has begun on a 90-storey tower located at Dubai Marina, which will be one of the world's tallest residential buildings.
The 23 Marina project is the brainchild of Hircon International, a joint venture between Indian developers Hiranandani Group and ETA Star Properties, while the Dh500 million construction contract has been awarded to Dubai Civil Engineering.
The project is expected to be completed in 2009.
The piling works, which are currently being undertaken by Swissboring Overseas Piling Corporation, are nearing completion, thus allowing the main construction work to get under way.
Residential units at the 280apartment tower have been on the market for about 12 months, with around 200 already sold to date.
Up to 40 per cent of these have been sold to Dubai residents, with the remainder being bought by investors from Western Europe, India, Pakistan and East Asia.
The project is aimed towards the top end of the real estate market, with the apartments ranging from 1,700 to 2,600 square feet.
Hircon International director Darshan Hiranandani said: "I foresee Dubai as being the Monte Carlo of the 21st century in a few years and our real estate development has been designed to cater to that sort of clientele.
For sure, 23 Marina will set new benchmarks in the concept of luxurious living." Hiranandani said the apartments had a sale value of Dh900 million, with properties sold for about Dh1,000 per square foot.
Paul DeVylder, regional director of lead consultants KEO International, said: "As Dubai completes its hundreds of towers and projects in the coming years and the dust starts to settle, 23 Marina will be one of the few classics one of the most sought-after addresses in Dubai." The tower's apartments will each feature a Jacuzzi and splash pool, plus communal spas, health club, steam room sauna and a gym.
The Hiranandani Group has built a series of mega-projects in its native Mumbai.
By Matt Smith
© Emirates Today 2006
