World's tallest residential tower hits final height

Real estate developer Tameer said on Wednesday it has reached the final height on its landmark Princess Tower in Dubai, the world's tallest residential tower.

The Dubai Marina development now stands at 414 metres and has 107 storeys.

Tameer said the project is in its final stages of development and expected to be handed over in the second quarter of this year.

Federico Tauber, president of Tameer, said: "In a city of skyscrapers it is still an extremely satisfying feeling to have completed yet another record-breaking project.

"Princess Tower is now the tallest residential building in the entire world."

Occupying a land area of 37,410 sq ft, Princess Tower houses 763 apartments, outdoor and indoor swimming pools, car parking, eight commercial retail outlets, billiard and table tennis rooms, children's play areas and gymnasiums.

In December, Tameer officially handed over Silver Tower, a 27-floor commercial tower in Dubai’s Business Bay.

The tower, which is already 80 percent occupied, is part of a series of projects the developer plans to complete and handover in the next four months, said Tauber.

Up to 65 buyers in the developer’s Al Reem Island Tameer Tower project plan to push ahead with arbitration despite the developer announcing it will restart work by the first quarter of 2012.

The original delivery date for the towers on the Al Reem Island project was scheduled for June 2011, with a clause allowing a six month delay to December.

“Of course no one wants to have legal action taken against them but this will not affect our delivery date. We have communication with most of our investors and they know of our plans. We have faced difficulties in the approval processes,” said Federico Tauber in December.