IHG Is Reviving a Forgotten Dubai Skyscraper Launched in 2007

IHG has announced the Six Senses Residences Dubai Marina project — a purely residential development vying for the title of “world’s tallest residential tower.”

IHG didn’t mention a height in its release, but the hotel company confirmed to Skift that the project is a redevelopment of the abandoned 516-meter Pentominium Tower.

Six Senses Dubai Marina will open in July 2028, IHG told Skift. With Pentoninium Tower announced in 2007 and put on hold the following year, this creates a project 21 years in the making.

IHG’s release did not include any renders or images.

Soaring 122 floors, Six Senses Dubai Marina will have 251 residences ranging from 2, 3 and 4-bedroom residences, 4-bedroom half-floor penthouses, 4-bedroom duplex “sky mansions”, and 5-bedroom “triplex sky mansions”. 

IHG and developers Select Group already have a Six Senses Residences underway on Palm Jumeirah

“Having had the opportunity to bring our first project on the Palm into fruition with Select Group, this residential community is the next step in appealing to Dubai’s wellness-conscious community,” said Six Senses CEO Neil Jacobs.

“Spearheading the residential wellness market, I am excited about the sheer breadth of wellness offerings layered into the masterplan as we evolve our thinking from places where people would like to stay to places that nurture the way they want to live,” Jacobs said.

What Happened To The Tower?

The upcoming Six Senses Dubai Marina is owned by a local real estate firm called Select Group. In December 2023, Select Group bid $100 million to acquire Pentominium Tower after the development was auctioned through the Dubai Courts-approved administration process via Emirates Auction. 

Before construction stopped, the building was expected to be completed in 2013. By May 2011, 22 floors had been completed. However, in August 2011, construction stopped after then-developers Trident International Holdings fell behind on payments for a $20.4 million loan following the 2008 financial meltdown.

Dubai Wants More Residents

In 2023, Dubai Tourism announced its new plan to convert tourists into residents.

Speaking at DET’s latest City Briefing, held at Dubai World Trade Centre in June, Dubai Tourism CEO Issam Kazim said, “Today we have two new key performance indicators (KPIs). We want to make sure Dubai continues to be one of the best cities to work in, and more importantly, one of the best cities in the world to live in.”

Around a quarter of all Dubai tourists return within a year. Kazim said convincing those people to make Dubai a permanent home is key.

“Once you bring them in, you’d hope they spend more money next time and stay for longer. Eventually, they would consider living in Dubai, and we have all the visas to facilitate that. We’d like them to work here, live here and retire here. It’s all about closing the loop,” Kazim said.

A prime example of this has been the Russian market. Russian tourism into Dubai soared in 2022 and 2023, later slowing down as the richest of them decided to move to Dubai permanently.

According to Henley & Partners, a company specializing in global residence and citizenship planning, Dubai currently hosts 210 individuals classified as centi-millionaires, with net worths surpassing $100 million, along with 15 billionaires. Projections indicate that the city is poised to solidify its standing further. In its 2023 Centi-Millionaire Report, the firm forecasts a 78% increase in Dubai’s centi-millionaire population over the next decade, marking the fastest growth rate globally.

Towards the end of last year, one of Dubai’s richest men warned this new rush for luxury real estate will likely cause the city problems. A large proportion of Dubai’s most expensive listings right now are hotel-branded projects.