Dubai The last chapter in another successful story in Dubai was being written at the Marina Pinnacle Tower last week.
The 77-storey tower (280 metres high) is completed now and ready to be handed over to the owners of its 764 residential and commercial units.
Work on the tower was completed months ahead of the original schedule set by the developers, according to Taha Mohammad, CEO of Tiger Properties, the developer of the project.
Built on a prime plot in the Marina area, the Dh1 billion tower was completed in difficult economic times not only for many developers and contractors in Dubai but also in many parts of the world.
"When the economic crisis hit the world in September 2008 construction was just at the 45th floor. The challenge for Tiger Properties, the master developer of the project, was how to keep the cranes fitted to the tower functioning till the completion of the work," he said.
Taha Mohammad, CEO of Tiger Properties, told Gulf News that there was very little ‘oil' to keep the wheels of the engine of the project running.
"We have to use every drip available to us with a great sense of wisdom. At the end and at the time of handing over I can say that we have succeeded in achieving the objectives throughout the past two years. Marina Pinnacle is being completed as per the original specification to enrich the culture of excellence in Dubai and the UAE," he said.
He said the tower is equipped with 10 high-speed elevators (with a speed of 6 metres per second) in addition to the gym and the sports facilities including a number of indoor and outdoor swimming pools. "Three out of the 77-storey tower are designated for mechanical equipment and facilities needed for the operation of the tower in addition to four-storey parking facilities. Another parking area was created in the basement in order to cater to the growing needs of parking facilities in the Marina area," Mohammad said.
He continued: "Marina Pinnacle is not the only high rise tower in the Marina — although it was the highest at the time of designing the project — but living in the tower will be a different experience through its elegant facilities and advanced management system."
He said the success in handing over the Marina Pinnacle this month was made possible because it is in Dubai, the emirate that kept up its schedule of completing major projects like the tallest tower in the world, Burj Khalifa, and the Dubai Metro and the restructuring of Dubai World, Dubai Ports and Nakheel.
"At this stage, Tiger Properties is keen to hand over the flats in the tower to their owners and to conduct the general assembly of property owners meetings to elect the association committee. We need to see the owners taking charge of their properties from the first year of operating the tower. The association will be formed under the umbrella of the Dubai Land Department and the Real Estate Regulatory Authority [Rera]," he said.
He said Rera played a key role in facilitating the completion of the Marina Pinnacle by exercising utmost flexibility in releasing the payments to contractors.
"Rera was spontaneous in handling the request for payment from the escrow account of the project," he said.
Mohammad said Tiger Properties strives to maintain a high standard of living in the tower in cooperation with the owners.
"The crucial point at this stage is that the owners are the ones who will decide the standard of living in their tower. The election process will be transparent and democratic.
The company will help owners to move and live in the tower or to lease their flats to others through its net[work] of agents and based on its experience in managing real estate projects in Dubai and Sharjah," he said.
He said there are genuine indications about the steady recovery of the economy in the UAE and that full recovery of the market may take one or two years.
Mohammad said the real estate market in Dubai would however be the fastest in the healing process compared with other cities in the region.
"The city has established its image as a good place for living. People seeking good living conditions will come back to Dubai from all over the world," he said.
Established in 1977 as a contracting company, Tiger Contracting has grown over the past 33 years to become a leading business group in the UAE.
Tiger Contracting has so far built 193 towers in Dubai, Sharjah and Ajman. Towers built by the company comprise 23,000 residential and commercial units and a total built up area of 79 million square feet.
The group includes 10 companies: Tiger Contracting, Tiger International General Contracting, Tiger Properties, Tiger Industries, Al Durah Contracting, Al Durah Foundation, Al Waleed Commerce, Dubai Link Tours, Dana Hotel Management, and Samaya Hotels and Resorts.