Developers of the new tower say that it will be “a notch” taller than the Burj Khalifa, also situated in Dubai.
As a result “The Needle,” as the new tower has been nicknamed, will become the highest building in the world. Property buyers are now being offered the chance to buy a new home in the 600-hectare development site that surrounds the tower.
Developers Emaar to beat own record in Dubai
The development will be known as Dubai Creek Harbour and sit around the base of the new tower. The Burj Khalifa is currently the tallest building in the world, at 2,717 feet tall.
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It is not known exactly how tall the new tower will be, but it will reportedly come in “a notch” higher than the Burj Khalifa. Developers Emaar, who also built the Burj Khalifa, say that the entire site will be able to accommodate 170,000 people.
The Dubai Creek Harbour development will be made up of 9 districts, including a central Island District. It will feature a promenade that reaches some 4.5 kilometers in length.
Investors invited to Harrods to look at plans
Those interested in investing in the development have been invited to take a look at the plans at high-end department store Harrods in London. The $1,023 million tower will be built by 2020, according to developers.
Emaar, which is backed by the government of Dubai, is apparently hoping to attract British investors to buy the new properties. Dubai is an increasingly popular holiday destination for British tourists.
While the Burj Khalifa, which opened in 2010, is a traditional skyscraper, the new tower is best described as a spire supported by cables. It will have a boutique hotel, restaurants and glass balconies as well as “garden” observation decks.
Affordable luxury homes and amazing views
Properties in the new development are being offered from $269,000 for a one-bedroom apartment. Emaar is hoping that the affordability of the apartments will attract investors. The development has been designed by Spanish-Swiss architect Santiago Calatrava Valls.
‘We believe UK second-home purchasers, investors and tourists will be fascinated by the iconic tower and drawn to this new Riviera,’ Ahmad Al Matrooshi, managing director of Emaar, said.
According to a report in the Evening Standard over 19,000 British nationals already own property in Dubai. It is thought that the stunning views from the new tower will make it an attractive proposition for investors, as will the affordability of the new homes.
The new development is part of the regeneration of the historic creek area of Dubai, with other areas already well developed.
“When we look at downtown and the Burj Khalifa, the area is almost full to the brim,” said Emaar chairman Mohamed Alabbar.
The company wants to make an “elegant monument that will be celebrated by the world,” said Alabbar.
Emaar has proposed its ambitious plans despite fears that the real estate sector is softening. The developer evidently believes that it can attract enough buyers with its affordable prices.
Given the design of the new tower it is unlikely that it will be recognized as the tallest building in the world. However even if it is it won’t hold the title for long.
It looks as though it will be pipped to the title by the planned Kingdom Tower in Jeddah, Saudi Arabia. The huge building will rise to over 3,281 feet and is also scheduled for completion in 2020.