Plans for more super tall buildings were announced in the Middle East this week, despite predictions that the region’s real estate market faces a 20% downturn.
These include a 1km tall tower being developed by United Arab Emirates Government owned developer Nakheel.
"This is still an attractive market. If [demand for] some property falls by 10% to 20% it is not going to bring down the industry," said developer Omniyat Holdings chief executive Peter Walichnowski. "We can afford to make margins of 20% rather than 30% 40%," he said.
The value of real estate has been on an upward growth curve since the current construction boom began at the turn of the century. But global financial instability, regional stock market falls and government action to prevent rent increases through caps on rent rises are all expected to halt growth. This has so far failed to prevent the launch of increasingly ambitious structures.
As well as Nakheel’s one kilometer tall tower in the centre of Dubai, developer Tameer confirmed it was building a 600m tower also in the city. Nakheel’s 200 floor concrete structure is circular in plan and consists of four segments around a circular core.
The tower is part of the 270ha Nakheel Harbour and Tower project launched at real estate exhibition Cityscape in Dubai this week. UK consultant WSP is lead designer for the £20bn plus project for which the architect is Australian fi rm Woods Baggot.
The project was unveiled by Dubai World chairman Sultan Ahmed bin Sulayem, Dubai World is the owner of Nakheel. There is nothing like it. Nakheel has sought inspiration not just in Islamic design but also from Islamic principals of inclusion, diversity, growth and progress. It was not the only tall tower unveiled at the event. Consultant Atkins is working on a 600m tower for developer Tameer.