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A Saudi based group, RP Global, is to build Dubai’s second tallest tower, to be located on Business Bay and fronting Shaikh Zayed Road. The architectural firm of Atkins is working on the design of RP 1, and a decision on what the eventual height has not been taken yet, according to the CEO of RP Global.
“A lot of the details – and the key one will be regarding the height itself - will be decided only at the time of the launch, expected in the fourth quarter of this year or early next,” said Ravi Pillai, who is also Chairman of the $4 billion group which has interests in industrial construction, hospitality and, going forward, real estate development.
Currently, the Burj Khalifa towers over all from a lofty 828 metres, while the Princess Tower is the second tallest in Dubai, at 414 metres. (On the global stage, second placed Shanghai Tower scales 632 metres. A recent Knight Frank report indicated there will be no paucity in projects with ‘sky-high’ ambitions, and which includes the one-kilometre long Kingdom Tower in Riyadh.) “What we do know is that RP 1 should be the second tallest tower in Dubai when it is complete, which I expect should be some time by 2020. Once we start on the construction, it would be on a 24-hour cycle and we will utilise our own in-house construction subsidiary (Gulf Asia) to do it.”
The development cost is reckoned to be around Dh4 billion to Dh4.5 billion. RP 1 will be mixed-use, featuring a hotel, serviced apartments, a freehold residential component as well as a retail area.
Meanwhile, on Tuesday, RP Global launched a Dh1.5 billion residential high-rise in the Downtown area. RP Heights (in a ground, two podium and 48 storey format) will have 268 apartments, with sales of the initial lot set for an immediate launch. The project has been assigned a 24-month completion timeline.
“We bought the plots two years ago and it was always the plan to anchor our projects firmly in the high-end space,” said Pillai.
According to Luke Hexter, Head of International Markets at Luxhabitat, “Ultra high-end properties, such as penthouses, cost around Dh14 million in Business Bay. The 450 retail and F&B outlets, world-class hotels being built and a huge canal in the making – these are contributing to a growing investor interest.”
Even as new projects get launched, Business Bay already has a sizable resident base. Plus, the offices there enjoy one of the highest take-up rates in the city, favoured by businesses who are setting up base as well as those tenants looking to shift there from older premises.
Source: Manoj Nair, Associate Editor, gulfnews.com