Dubai: Finally, there is relief in sight for property owners at the Dh1 billion, 425 metre tall, 101-storey Marina 101 project. Work on the skyscraper, which was stuck at just over the 97 per cent mark in 2019, is back in full swing and aiming for completion in another nine months.
Various apartment owners of the multi-million dirham units at the Marina 101 have confirmed they are getting this positive feedback that the project is indeed heading for the finish line. The super-tall development was launched in 2005 by Sheffield Holdings and was an instant hit with investors. But right through the next 16 years, the project’s construction had to endure multiple delays over 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
Once complete, Marina 101 will emerge as a coveted address in itself, as the wider Dubai Marina locality starts feeling the boost in demand for luxury apartments. Marina 101 also features a hotel component, spread over 33 levels, and which is currently up for auction at a Dh182 million plus price tag, but well down on the Dh360 million set as the base in an earlier auction play.
According to one property owner, finding a buyer for the hotel component will on its own provide a major boost to 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 the top
In recent months, top officials at Dubai Land Department and RERA (Real Estate Regulatory Agency) have made every effort to get the project moving again. In between, there was some work that got restarted on-site, but then tapered off. This time, owners are sure work will proceed right to the end.
“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
Reaching the project completion mark – and with that issuance of the final round of certifications from the authorities – will be relatively easy for a tower that has already been topped out and with a good deal of work done to the interiors.
But for Marina 101 homeowners, they will be ticking off each day until that final certification gets issued. They have kept waiting years – and certainly they will not mind doing so another nine months.
