The 107-storey tower, billed to be the tallest residential building on earth, is likely to be ready by late next year in the city that is also home to the 823 metres wonder Burj Khalifa.
The 414-metre tall Princess Tower in the city's high-profile Dubai Marina will be ready for delivery by fourth quarter of 2011, its constructor has said.
According to Council on Tall Buildings and Urban Habitat, Q1, located on the Gold Coast of Australia, is currently the tallest residential building in the world, standing 323-metre high with 78 floors.
A report in Emirates 24|7 said that besides the Princess Tower, the 91-storey Elite Residence in Dubai Marina will also be completed and ready for handover in the same quarter of next year, claims Tameer Holding, the developer behind the two towers.
"We are planning the handover of the 414-meter PrincessTower (763 units) and 381-metre Elite Residence (696 units) in Dubai Marina, and Imperial Residence (510 units) in Jumeirah Village South by the fourth quarter of 2011," company President Federico Tauber said.