Sales of residential units in the tallest tower in the Dubai Marina development, the 260-meter Marina Pinnacle, have started. The promoters, Tiger Real Estate, have established a price of Dh750 per square foot. The tower will have 61 residential floors and four floors for parking.
"This is the first project in Dubai Marina being built and marketed by Tiger," said Steven Corbelli, Tiger Real Estate's sales manager.
"We have looked at the rates offered by other developers within Dubai Marina, and believe our rate is quite competitive.
"It is our plan to have about 10 residential freehold developments over the next three years," he said.
In response to a question about whether the company will look at developing commercial space, of which there is a marked shortfall in the local market, he said, "We would certainly consider it."
Work on the Marina Pinnacle has started, with completion set for late 2007.
The company is part of the Sharjah-headquartered Tiger Group, which also owns Tiger Contracting, one of the bigger players within its industry.
In the meantime, Better Homes has been appointed the exclusive marketing and sales agent for the Marina Pinnacle. "We are pleased to be associated with the sale of another icon building in the Dubai Marina development," said Walter Hart, project consultant at Better Homes.
