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(From PROPERTY WEEKLY, Issue 07, 18/05/2005)
KM Properties Aims For No. 2 Slot After Burj Dubai
World's second tallest tower could also be in Dubai's kitty
Manoj Nair
Editor
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After the Burj Dubai, Dubai is in line to have the world's second tallest tower as well. A new alliance between KM Properties and another local business group will construct a 140-storey structure that would lay claim to the No. 2 matle.
Details of the height of the proposed tower have not been revealed, nor the idendity of the local business group. What is known is that it will come up near Shaikh Zayed Road on Park Square, which, is a master development from K.M. Properties.
"There are many other competing tower developments in Dubai which are all aiming for the second tallest tower record," says Mohammed Haddad, Chief Executive Officer and Group Director of K.M. Properties. "The actual height of the tower will be finalised closer to the completion of the project."
This is the same strategy that Emaar is using for Burj Dubai as well. What is known is that it will eventually soar to over 700 metres, but the height will be finalised only as the project enters the home stretch. The Park Square project will cover 1.4 milion square feet. It represents one of the 20 add plots offered on 35-year concessions along the route of the planned Dubai Metro Rail project.
Apart from the one designed for it's own signature tower, K.M. Properties has been selling plots on the Park Square to private investors.
Eventually, the master development should see investments of DH14 billion, including cost of the land, plus those routed through it during the first phase itself.
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:runaway:
KM Properties Aims For No. 2 Slot After Burj Dubai
World's second tallest tower could also be in Dubai's kitty
Manoj Nair
Editor
------------------------------------
After the Burj Dubai, Dubai is in line to have the world's second tallest tower as well. A new alliance between KM Properties and another local business group will construct a 140-storey structure that would lay claim to the No. 2 matle.
Details of the height of the proposed tower have not been revealed, nor the idendity of the local business group. What is known is that it will come up near Shaikh Zayed Road on Park Square, which, is a master development from K.M. Properties.
"There are many other competing tower developments in Dubai which are all aiming for the second tallest tower record," says Mohammed Haddad, Chief Executive Officer and Group Director of K.M. Properties. "The actual height of the tower will be finalised closer to the completion of the project."
This is the same strategy that Emaar is using for Burj Dubai as well. What is known is that it will eventually soar to over 700 metres, but the height will be finalised only as the project enters the home stretch. The Park Square project will cover 1.4 milion square feet. It represents one of the 20 add plots offered on 35-year concessions along the route of the planned Dubai Metro Rail project.
Apart from the one designed for it's own signature tower, K.M. Properties has been selling plots on the Park Square to private investors.
Eventually, the master development should see investments of DH14 billion, including cost of the land, plus those routed through it during the first phase itself.
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:runaway: