Dubai: The stalled skyscraper project Marina 101 might – finally – near to gaining a new owner, which, if this happens, will provide some much-needed reassurance to a financial backer who bought units as it was in 2005.
Banking and building industry sources provided that a Dubai-based investor has given due conscientiousness on a possible buy of Marina 101 – a six-basement along with 101-story building (and 371 meters high). The project is at the 97 percent finishing position, and calculations are that injecting another Dh100 million to Dh200 million could witness it being a match for the occupation.
The Dubai Marina Based project hinder post developer, Sheffield Real Estate, ran up sizeable debts with lenders, and also failed to provide the payments to the constructors.
The name of the new investor has not been said to the public yet, but real estate and building sources provided that the buyer’s intent is almost clear and comes with certain funds with them. Dubai authorities are also providing ways to accelerate clearance to bring to life or canceled projects and made sure that the investor interests get the project.
There had been past efforts to revive Marina 101, but there was always an obstacle getting in the way. This time, everybody included appears to be bullish about the arrangement coming through, sources add.
More or less renowned
At its start in 2005, it was poured as one of the most impressive new addresses being constructed in Dubai Marina and was also among the first to pop up with the hotel and residential elements within the building. (Hard Rock Hotel was even joined to deal with the lodging, which was to have in excess of 30 stories committed to it.)
Legal tangles
“There have been a number of lawsuits filed by both banks as well as individual investors against the developer,” said an industry source. “But equally, there have been negotiations that are at an advanced stage, which entails the building could be completed in an expedited time frame.
“This would come as a relief for investors as it would allow for the apartments to be monetized once the legal claims are removed.”
Assembling another arrangement
The transaction if affected with the interested buyer will need that all legal activities against the project be provided to a “standstill”. When that occurs, workers for hire are joined to finish the task, the Dubai Land Department is then drawn nearer for the last leeway testament, and the handovers to purchasers start.
It could also mean the “original developer possibly retain some stake in the project through units,” the source added. “An infusion of cash to finish the project would involve paying off existing contractors under some sort of a payment plan whilst having a standstill agreement with lender banks.
“This would allow for the new investor to monetize some of the assets. Agreeing to this standstill agreement is what has taken time, but a deal is close at hand.”
No more delays
All who had put resources into Marina 101 lofts will trust that an arrangement completes at the soonest. Following 16 years of pausing, it is the least they can anticipate.