Guinness World Records has officially recognized Tameer\'s Princess Tower as the world\'s tallest residential building. The Dubai Marina skyscraper towers above the skyline at 414m from base to tip, Tameer said in a statement. The development stands 107 storeys tall and encompasses six basement floors, one ground floor, 100 above-ground levels and eight retail stores. The tower occupies a land area of 37,410 sq ft, housing 763 luxury apartments, including one, two, three and four bedroom apartments in addition to penthouse apartments overlooking Palm Jumeirah. \"This is one instance when saying we feel on top of the world is completely justified,\" said Federico Tauber, president of Tameer. \"This is a very proud moment for Tameer and for the city of Dubai, which now holds the twin distinction of being home to the world\'s tallest building and the world\'s tallest residential building.\" Last month, it was reported that the former Soviet state of Azerbaijan is looking to build the tallest building in the world. Tentatively named Azerbaijan Tower, the planned 1,050 metre structure will dwarf Dubai\'s Burj Khalifa to look over Baku\'s largest development project which is planned to include dozens of artifical islands and a Formula One race track. It is also likely to be taller than the Kingdom Tower, the planned 1km-high building backed by Saudi billionaire Prince Alwaleed.