Dubai Pearl skyscraper could be saved, thanks to new investment
The construction project to build the Dubai Pearl skyscraper could be salvaged, thanks to new investment from a Hong Kong-based group.
According to cnbc.com, Chow Tai Fook Endowment Industry Investment Development (CTFE) has acquired $1.9 billion (£1.16 billion) worth of property assets in the tower, which could see it get back on track. The skyscraper has fallen behind schedule in its construction thanks to the collapse of the property market in recent years.
The project was attained by consortium Pearl Dubai FZ LLC back in 2007. They had originally planned for the tower, based at the entrance of the Palm Jumeirah, to be completed by 2011.
CTFE says 20 million square feet of the development will be used by the company itself. However, the remainder of it will be sold onto its clients. It claims the space is perfect for firms who are…
“seeking good rental returns as well as property value appreciation”.
Meanwhile, it has also been announced that another Dubai scraper is proving popular amongst visitors.
The viewing deck at the world’s tallest building drew over 1.8m people
According to gulfbusiness.com, the viewing deck at the city’s Burj Khalifa drew in over 1.87 million people last year. This was a 13 per cent increase on 2012 figures, when 1.66 million visited the world’s tallest building.
Author: Samantha Bartlett Date Written: 14 February 2014