1st: Burj Khalifa, Dubai. At 828 meters high and completed in 2010, Burj Khalifa was built to help the country’s economy by attracting tourists. The government wanted to build a “new future” by shifting its solely oil-based economy to tourism and service-based economy.
2nd: Shanghai Tower, China. It stands at a height of 632 meters and completed in 2015. With 127 floors above ground, the Tower also serves as a hotel as well as an office building.
3rd: Makkah Royal Clock Tower, Saudi Arabia. It has the largest clock face in the world at 601 meters high.
4th : Ping An International Finance Centre, China. At 599 meters tall, it is the fourth tallest building in the world. It was completed in 2017 and it’s a home to Ping An Insurance company.
5th : The Lotte World Tower located, South Korea. Standing at 555 meters high, the Tower took thirteen years of planning before the construction began in March 2011.
6th: One World Trade Center, New York. Its construction was completed in 2014, with 104 floors and standing tall at 541 meters.
7th: CTF Finance Centre, China. The height is 530 meters with the fastest elevators in the world, at 71 km (44.7 miles) per hour. It houses a shopping mall, a hotel and offices.
8th : CITIC Tower, China. It was completed in 2018 with 527 meters high. It is the hub of Central Business District of Beijing.
9th: Taipei 101, Taipei. Located at Xinyi District of Taipei where the main financial services and shopping malls are, the tower stands at a height of 508 meters. It resembles a form of a Chinese pagoda and has many sustainable features and it achieved a LEED Platinum certification for Operations and Maintenance in 2011.
10th: Shanghai World Financial Center, China. Besides being a center for information and financial services, the building also houses Park Hyatt Shanghai. It stands tall at 492 meters.
16th: PETRONAS Twin Towers, Malaysia. Soaring high at 451.9 meters, the towers were the tallest buildings in the world from 1998 to 2004, until they were surpassed by Taipei 101. It is the landmark of Kuala Lumpur and was featured in Sir Sean Connery’s Entrapment movie (1999).
The Exchange 106 is a 95-floor building at 445 meters high. The construction started in December 2016 and expected to be completed by the third quarter of 2021.
Malaysia has another skyscraper that is currently under construction in Kuala Lumpur. PNB 118 Tower has 118 floors with 644 meters in height. It is the tallest building under construction as of 2020. When completed, the tower will be the tallest building in Southeast Asia and the second-tallest building in the world.
Why do countries like to build a skyscraper?
It’s as simple as to have the ability to maximize land utilization. Besides a large amount of profit it can bring, a skyscraper can be easily noticed, thus attracting more investments to the project.
It also serves as a landmark in an area or in a country. From the ranking above, we can recognize most of them as they are important symbols to their respective countries. Skyscrapers definitely contribute to the countries’ tourism industry that can also attract foreign investments.
Critical factors to be considered:
The company needs to have a very detailed pre-construction financial planning. It has to calculate the materials needed as well as a future expenditure that includes maintenance and management fees.
Besides that, environment factor needs to be considered ie the local microclimates. This is to ensure the building is safe to be built within the height and must be tested and taken into account from the earliest stages of the design process.
Compiled by Sue Thin, Analyst at 27 Advisory. She is grateful to have a beach backyard to call home. Apart from appreciating nature, she is interested in everything related to fundamental & technical analysis and value investing.
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