Dubai: Hundreds of investors in Dubai’s Marina 101 skyscraper project are finally getting some relief. The long-delayed Dh1 billion project could soon see the completion of the additional 3 per cent external work that will then allow property owners to get on with fitouts and then move in.
Work was stalled in 2019 after the developer, Sheffield Real Estate, faced issues over loan repayments with its banks. The Marina 101 project was launched in 2005, and at the time was one of Dubai’s signature skyscrapers in the making. At the time when work was halted, the project had gone past the 97 per cent mark, according to the Dubai Land Department date.
“We have just heard that DEWA connections have been restored and that the final stretch of work has started,” said an investor of a multi-million dirham apartment at the tower. “From now, all of the required work should only take a matter of weeks.”
It is not clear whether the work has been launched by a new investor coming in and entering an agreement with RERA (Real Estate Regulatory Agency). Official word is awaited, but some sources say there are funds in escrow that could have been used for the final 3 per cent work.
The Marina 101 was launched as a mixed-use development, with more than 30 storeys designated for hotel apartments. It occupies a central spot in Dubai Marina, ringed by other impressive structures.
Height of Marina 101, which places it among the pantheon of super-tall towers in Dubai.
A huge break
For Dubai Land Department and RERA, the relaunch of work will be a major win, showing Dubai’s intent to clear all of the legacy projects that had been stalled or much delayed for various reasons. In the recent past, the Dubai Government had made it clear that investors would be protected in future decisions taken on these projects.
However, for some investors at Marina 101, the relaunch will not bring much cheer. These are the ones who could not get their apartments registered for the offplan ‘Oqood’ registrations. Some of these investments were in the Dh10 million and over range. The law of the land does not assign rights to those without these certificates.