Dubai skyscraper gets new twist as property market rebounds

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The developer of an eye-catching ‘twisting’ tower at Dubai Marina tonight said 80 percent of the property has been sold, as the 75-floor skyscraper was officially renamed during an elaborate opening ceremony.

Infinity Tower, which ‘turns’ 90 degrees as it rises about 310 meters into the sky, will now be named after its Saudi-based developer Cayan Investment and Development, the company said.

Ahmed al-Hatti, president of Cayan Group, claimed that the majority of apartments in the landmark block had been sold – but was coy about revealing sale prices for the remaining units.

“The tower's name will be changed from Infinity to Cayan due to the strong connection between the developer and the owner – which is beyond a business level,” he said at the official opening of the building held tonight.

“Eighty percent has been sold already… There is no confirmed selling price [for the remaining 20 percent] yet... at the right time as per the market we will declare the prices.”

Today’s opening of what is claimed to be the tallest “twisted building” in the world comes after seven years of construction work, which cost more than Dh1 billion.

Architects told local media that the structure will most probably become a Dubai landmark. It comprises retail outlets on the ground floor with residential units above.

According to local press reports, prices will range between Dh2 million for a one bedroom apartment to Dh3.5 million for a two bedroom. However al-Hatti insisted the prices had not yet been set.

Dubai’s property market was hit hard by the financial downturn, with prices declining by more than 50 percent at the height of the recession. But several indicators suggest that the market is recovering.

The property consultancy Knight Frank today said that Dubai witnessed a 21.1 percent increase in property prices in the first quarter of 2013 compared to the same period last year.

Al-Hatti confirmed that demand for residential units is higher than in 2012. “I believe the increase in property sales proves that it's a healthy market,” he said. “The demand is extremely high… the increase is also encouraging investors like us to continue in the market”.

The executive said the company plans to “launch a huge project in Riyadh, Saudi Arabia, before the end of November”.

Dubai is already home to the world’s tallest building, the Burj Khalifa, which rises 828 meters into the sky.

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