Select Group acquires stalled Pentominium Tower in Dubai Marina for $100m

Select Group, a renowned real estate developer headquartered in Dubai, United Arab Emirates, has achieved a historic milestone in luxury high-rise development. The firm has successfully acquired the once-stalled development, formerly known as the Pentominium Tower in Dubai Marina, in a deal valued at 100 million USD. This acquisition promises to transform the tower into the world’s tallest residential high-rise.

Conceived in 2007, the Pentominium Tower has long been a symbol of architectural ambition in Dubai. However, the global financial downturn in 2008 posed significant challenges, leading to the project’s suspension. The recent auction through the Dubai Courts approved administration process, which saw a highly competitive bidding process with 46 bids, culminated in Select Group’s triumphant acquisition.

Rahail Aslam, CEO and Founder of Select Group, expressed his enthusiasm for this monumental project. “We are excited to have secured the acquisition of this once-in-a-lifetime opportunity,” said Aslam. He emphasized the project’s significance in redefining luxury living standards and the company’s commitment to ensuring its completion as a prestigious architectural marvel.

Select Group has confirmed partnerships with esteemed companies for this venture, including WSP, Woods Bagot, and Mitchell & Eades. Their collective expertise in engineering, architecture, and interior design will contribute to the project’s success.

Mark Farley, Managing Director – Property & Buildings at WSP Middle East, remarked on the project’s significance. “This super slender tower will not only aim to stand taller than many of the world’s most notable residential developments; it will also occupy one of the last remaining plots in Dubai’s bustling Marina precinct,” he stated.

The Pentominium Tower in Bayport, set to be the tallest residential high-rise tower globally, represents a significant achievement for Select Group. The development promises to elevate Dubai Marina’s status further as a hub of architectural innovation and luxury living. This strategic acquisition by Select Group is a testament to its vision and commitment to shaping the future of high-rise luxury living.