Dubai: There is finally some relief in sight for property owners with the Dh1 billion, 425 metre tall, 101-storey Marina 101 project. The construction of the skyscraper, which has been stuck at just over 97 per cent since 2019, is back in full swing. The building is expected to be complete in nine months.
Apartment owners at Marina 101 who own multi-million dirham units confirm they are receiving these positive feedbacks, confirming the project is indeed nearing its end. Sheffield Holdings completed the super-tall development in 2005 and it became an instant hit with investors. Throughout the next 16 years, the construction of the project faced multiple delays due to payment issues.
Now, there is light at the end of a very tall tower for owners who kept faith in the project. “The contractor has been given a deadline of a maximum of 9 months to complete the project – that’s what we have been informed,” said one owner who holds multiple units at the tower. “Luxury property in Dubai is still among the most affordable among global cities – even with the upturn that’s happening in the market.
“I will continue to hold my units at Marina 101 because this is still one of the best locations in the city.”
Prime address too
With Marina 101’s completion, the wider Dubai Marina locality will start experiencing a surge in demand for luxury apartments. The Marina 101 also has a hotel component, spread over 33 levels, currently for auction at a price of Dh182 million plus, which is significantly less than the Dh360 million set in an earlier auction.
In the opinion of one property owner, finding a buyer for the hotel component alone will significantly boost Marina 101’s prospects. “We have waited very long and hope that this time the action on the ground is for real,” he said. “A hotel buyer coming in now will definitely add further impetus for the completion of the building. With Dubai Marina being such a settled investment and residential destination, we could be in the home stretch on the Marina 101.”
Pressure from above
Top officials at the Dubai Land Department and RERA (Real Estate Regulatory Agency) have been working tirelessly to get the project moving again. During that time, some work was restarted on-site, but then slowed down. Now, the owners are confident that work will continue until completion.
“The Land Department’s relentless pursuit on Marina-101 has culminated in the appointment of a contractor for all the pending work,” said an owner. “The pro-active role played by the authorities in resolving this matter deserves applause.”
100% completion
For a tower that has already been topped out and with a good deal of work done to its interiors, the process of reaching project completion – and obtaining final certifications from the authorities – will be relatively easy.
For Marina 101 homeowners, however, they will be counting down the days until their final certification is issued. They have been waiting for years – and they will not mind waiting another nine months.