Dubai: Another 100-storey plus skyscraper project in Dubai is being revived.
The ‘La Maison Tower’ in Business Bay initiated construction in 2016 but got in between after the piling and shoring works were finished. Now, a new investor is giving his helping hands to the developer – HDS – to merge fresh investments into the prestige development and get it working again.
It’s not known if any of the design or other angles will be redone. But informed sources provided that it’s highly unlikely there will be much to change on the 105-storey building that will increase to 365 meters. It is mostly to be a three-year development once the building starts again.
The project rescuing will also begin on a clean slate – there were no off-plan apartment deals done at the La Maison ever.
Bring back contractors
“Immediate priority is to restart work on-site; the funds are there and much of the initial construction work had already taken place,” said a source close to the project. “We are talking about a likely development cost of Dh550 million. It’s too early to talk about off-plan sales; hitting re-start is what matters now. The location in Business Bay and the quality of what’s going to be delivered will impress buyers.”
Further information of who the new investor is expected. It is believed that the investor is situated overseas and has had a prior submission to Dubai’s real estate.
Revival mode
Recent weeks have witnessed investors and funds looking around for obstructed or detained projects in Dubai and then begin on getting them back on road. The property market has seen an increase from the likely relaunch of activity at another skyscraper – the Marina 101 (371 meters high and 101 levels) and which has been stuck at the 97 percent finishing mark for years now. At that project, which started in 2005, off-plan transactions had taken place, leaving many buyers suffering over the delay.
Marina 101 is situated in one of the most prominent sites at Dubai Marina.
“If these two skyscraper projects get done, it would be the biggest vote of confidence for Dubai’s property market,” said a market source. “There’re plenty of funds interested if they find projects that can be easily revived with the right sort of funding support.”
Even finished projects are getting a lot of notice. There’s an impression among the investors that property costing is stabilizing, and thus presents chances to get in.