$400m skyscraper goes ahead, is Dubai nuts? (Re-post)

News that the $400 million Pentominium skyscraper contract has been awarded in Dubai dominates the headlines today.

Privately held Trident Holdings has secured the backing of the state-owned Islamic bank Noor to build what will be the tallest residential building in the world in the Dubai Marina, with completion in 48 months.

Each apartment will take one or half a floor of the 120-storey skyscraper that will soar 618 metres above Dubai. Trident is an international property developer originally from Hong Kong and has delivered four out of six towers already announced, with the fifth on schedule for delivery by the end of 2010.