Dubai Investments will begin construction of its first $272.48m skyscraper before the end of this year, according to its chief executive officer.
In an interview with Arabian Business, Khalid bin Kalban, managing director and chief executive officer of Dubai Investments, said the construction tenders would be issues soon.
“We have got all the government approvals and now we will proceed upon issuing of the tender documents,” he said. “We expect to break ground by year-end and complete the tower in the next three years.”
The Dubai Financial Market-listed company purchased the land plot last year, which is fully paid. It has deposited the requisite 20 percent of the project value as deposit with the Real Estate Regulatory Agency.
When asked how the tower will be funded, Kalban said the company plans to raise bank finance of between $109 million (AED400m) and $123m (AED450m) for the development of the project.
“We require $109 million to $123m funding for our project. We are getting ready to approach banks in coming weeks,” he said.
While Kalban remained confident of Dubai’s real estate market, particularly their new iconic project, he said the hi-rise will allow it to join the “prestigious skyscrapers club” in Dubai and the world.
The company, which has a real estate development portfolio of $1.77bn (AED6.5bn), will gradually launch more hi-rise towers on the land banks it owns across in the emirate, Kalban added.
At present, Dubai has only ten 70-floor and above completed residential towers, which include Princess Tower, 23 Marina, Elite Residence, The Torch, HHHR Tower, Ocean Heights, Cayan Tower, Sulafa Tower, Marina Pinnacle and D1 Tower, according to the Council on Tall Buildings and Urban Habitat.
The CTBUH also just released a report on Lebanon’s tallest building, recently completed in Beirut.