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%, 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."
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.”
Emirates 24|7
29 November
