The 432-metre high, Marina 101, in Dubai Marina, billed as the world’s tallest serviced hotel apartment building, will be completed before end of 2013, according to its developer.
Speaking to Emirates 24|7, Abu Ali Malik Shroff, Chairman, Sheffield Real Estate, confirmed: “We have funds in place and we are proceeding with the construction. We expect to handover the building before the end of next year.”
In 2010, Shroff told this website that despite default rates by bulk investors in the tower were as high as 60 per cent, the company has not yet terminated a single contract.
“Our first priority is to complete the tower and we are proceeding with construction. We are in constant talks with our investors and we are trying find solutions,” he restated.
Marina 101, launched in June 2006, comprises 101 floors, rising approximately 432-metres along with the crown and covering a total built up area of 1.68 million square feet.
The first 32 floors will be dedicated to a 5-star hotel, while the rest floors from 34 to 100 will be furnished apartments.
Retail space will only be on the ground floor.
Apart from five restaurants in the hotel tower, there will be 252 one-, 204 two- and 42 three-bedroom apartments with eight penthouses from the 97th to the 100th floor.
Sheffield has a land bank of two million square feet, but has no intentions of selling any, Shroff has said earlier.
“We plan to hold on to it till such time we are sure that the market will accept new projects.”
On Sunday, Dubai launched ‘Mohammed Bin Rashid City’, a mega development which will contain a huge park, 30 per cent bigger than Hyde Park in London, and will be surrounded by the largest mall in the world called ‘Mall of the World’, capable of receiving 80 million visitors a year.
It will also include over 100 hotel facilities to meet the requirement for accommodation.
Nakheel, a wholly owned Dubai government developer and Emaar Properties, Dubai’s largest developer by market value, have successfully launched new projects this year.
Citibank has stated that recovery of Dubai’s real estate sector is in line with the wider economic upturn and strong economic fundamentals of the emirate.
“For investors, we think the economic recovery and pick-up in the real estate market is unambiguously good news in the near-term.
“They signal a strengthening in cash flows to the Dubai sovereign and its Government Related Entities, most of which have a significant stake in the local economy and, specifically, the property sector,” said Farouk Soussa, Middle East economist at Citi in Dubai.