The 432-metre high, Marina 101, rechristened Dream Dubai Marina, billed as the world’s tallest serviced hotel apartment tower, is scheduled for completion by end of 2014, Emirates 24|7 can reveal.
“We have got all the funding necessary to complete the tower, which will have a hotel and serviced apartments. We will deliver the tower by fourth quarter of 2014,” Sheffield Holding Limited Chairman Abuali Shroff said.
Marina 101 in Dubai Marina was launched in June 2006 and comprises 101 floors, rising approximately 432-metres along with the crown. It covers a total built up area of 1.68 million square feet.
There will be 252 and 168 one- and two-bedroom furnished apartments, respectively. Besides, there will be 60 three-bed residential units and with eight duplexes. The tower will have a restaurant at 101th floor. The tower will be operated by Hampshire Hotels Management, in association with Wyndham Hotel Group.
No new project
Shroff said they are currently focusing on completing Marina 101 tower and hence they are not concentrating on restarting their stalled projects.
“The investors are now more than willing to pay as the market has revived. They have all paid their arrears as well,” he informed.
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.