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29 March 2024

Marina 101 completion by 2011

Dubai-based property developer, is going all out to complete Marina 101, by 2011-end despite default rate being as high as 60 per cent. (SUPPLIED)

Published
By Parag Deulgaonkar

Sheffield Real Estate, a Dubai-based property developer, is going all out to complete Marina 101, by 2011-end, despite the default rate being as high as 60 per cent.

Abu Ali Malik Shroff, Chairman, Sheffield Real Estate, told Emirates 24/7: “Marina 101 is almost 75 per cent complete and is expected to be completed by 2011-end.”

Although default rates by bulk investors in the tower are as high as 60 per cent, the company has not yet terminated a single contract.

“We are trying to discuss with the buyers ways and means to come to a mutual understanding but we at the present time are not looking at terminating their contracts. We haven’t finalised on what action we will take against the defaulters in the future.”

Marina 101 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 penthousesfrom the 97th to the 100 floor.

Sheffield, which had guaranteeing up to 75 per cent return on the net income in the first three years after possession of the unit in the tower, still intents to keep its promise.

“The rent plan, offered to the initial investors, still stands,” he added.

Although Marina 101 was proclaimed to be the world’s tallest hotel and furnished apartments at the launch in June 2006, the developer now said they do not want to comment on anything till such time they get an official status of the project as being the world’s “tallest hotel and furnished apartment.”

According to Shroff, they have cancelled five projects in Dubai where no sales were registered.

“So technically, we haven’t’ cancelled any project since we did not register any sale in these projects. So we haven’t paid any compensation nor have we issued any credit notes.”

Sheffield currently has a land bank of two million square feet, but has no intentions of selling any.

“We plan to hold on to it till such time we are sure that the market will accept new projects,” Shroff added.