Business | Shipping
Sheffield awards Dh1.1b Marina 101 deal to TAV
Sheffield Real Estate, one of the leading Dubai-based private developers yesterday said it has awarded a Dh1.1 billion contract to build its flagship project, Marina 101, in Dubai Marina, to Tepe Akfen (TAV) Construction, part of Turkey-based construction major TAV.
- Staff Report
- Published: 23:21 August 17, 2008
Dubai: Sheffield Real Estate, one of the leading Dubai-based private developers yesterday said it has awarded a Dh1.1 billion contract to build its flagship project, Marina 101, in Dubai Marina, to Tepe Akfen (TAV) Construction, part of Turkey-based construction major TAV.
Marina 101, which will be one of the tallest towers on the Dubai skyline, is conceived as predominantly a hotel apartment project with a money-back concept in which investors after possession stand to gain returns of 75 per cent from the management of the property.
Abu Ali Malik Shroff, Managing Director of Sheffield Real Estate said: "Marina 101 is a challenging project and we wanted to entrust the construction of this project to a company which has the requisite cutting-edge skills and knowledge to complete a project which will be part of one of the unique skyscrapers on Dubai's skyline. We selected TAV Construction after an extremely competitive sifting process and strict and diligent scrutiny to get the best-in-class contractor."
Ever since its establishment in 2003, TAV Construction has carved a niche for itself as a major contractor of many exclusive and architecturally demanding projects across the region with offices in the UAE, Egypt, Georgia, Qatar and Tunisia.
The Dh1.7 billion Marina 101, which is being developed by Sheffield Real Estate FZC, is targeted to be completed by end of 2010.
Sheffield which pioneered the money-back concept will generate returns from Marina 101 by managing it prudently and leveraging Dubai's tourist attraction.
"Work on the project is on at full swing and we have already completed the casting of the raft. We are confident to complete the project with the support of TAV," he said.
He added that Marina 101 has been conceived in line with Dubai's ambitious growth push in the tourism sector. "Dubai is a global tourist destination and Marina 101 will gain from the Government's efforts at increasing tourist inflows by offering an elegant apartment and hotel to accommodate them."
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