Dubai is now home to the world’s tallest residential building after The Torch in Dubai Marina surpassed the former record holder, Q1 Tower of Gold Coast, Australia, by 25 meters.
The Torch is 348 meters high while Q1 is 323 meters tall.
The Torch was judged based on the requirements of the Emporis Standards Committee and the Council on Tall Building and Urban Habitat.
It has 90 stories, 288 apartments, three penthouses and two and three-bedroom apartments and four-bedroom duplexes ranging from 1,709 sq. ft. to 5,775 sq. ft.
Darshan Hiranadani, Director of Hircon International, the Dubai-based developer of The Torch, said that utility connections are ready today and temporary power will be available next week. He also said that notices have been sent to investors and residents are expected to move in by August.
Eighty percent of the 675 apartment units already have buyers. The units are worth as low as 875 dinars per sq. ft. to 1,000 dinars per sq. ft.
According to CEO Rahail Eslam, the properties were sold at reasonable levels. For him, the key offering of the units are their prime location and design, in addition to the company’s offerings of lengthy payment plans beyond the completion date.
Some of the investors bought the apartments to rent and some of them bought them as holiday homes.
The overall occupancy rate is expected to be 50 to 60 percent, as most of the units have been bought by end-users.
The Torch’s achievement is going to add up to the present roster of Dubai’s record-holding buildings.