Dubai: 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 Dubai’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.

The Dubai-based developer will hand over the 31-storey Silver Tower (350,000 square feet) in Business Bay and 180-unit Al Jawzaa Tower in International City by year-end.

“Over 2,100 residential units and 750,000 square feet of commercial space will be handed over by us by end 2011-end,” he added.

Although Tameer has been recording sales in its Palace Tower project in Dubai Silicon Oasis and the two Dubai Marina projects this year, Tauber said the company has reduced selling prices in some projects by almost 50 per cent compared to last year.

In a bid to sell it projects to overseas investors, Tameer is now focusing on markets such as China, Nigeria and Russia.

Asked if Tameer plans to launch any of the stalled local, regional or international projects, Tauber said they are currently focusing on delivering the existing projects.