The wait could finally be over as the 425m tall Marina is finally ready post 20 whopping areas of construction. Marina 101 is one of Dubai’s tallest skyscrapers that was launched in the mid-2,000s with some of the city’s most expensive freehold units at the time. As per some of the property owners, the work on the 425m tall Dubai Marina tower will soon be over.
According to some of the property owners, the work on the tower will soon be completed, paving the way for handovers to start early. According to some of them, the completion might have already taken place. Some of the property owners who had paid millions on their penthouses and apartments, have been waiting for many years for the completion day.
According to a statement by one of the investor who had paid Dh2 Million for a Marina 101 unit back in 2017, “We need RERA (Real Estate Regulatory Agency) to issue all the final approvals.”
“All the years of wait will have been worth it if I can have the handover soon. I don’t intend to sell the unit, at least for now,” he further added.
With 101 storey’s and a height of 425 meters, the tower experienced numerous project and cost-related delays throughout the years. The debut of a project by Sheffield Real Estate was successful, keeping in mind the peak demand during Dubai’s first freehold boom, which lasted from 2005 until mid-2008. When the Global Financial Crisis Stuck, the construction was immediately hampered negatively.
Since that time, the project has again been brought back to life several times in the past 10 years, and at one point of time, it even moved forward very quickly. Since then, it reached the 97% completion point, at which point it once more stalled. The developer had run up a debt load by that particular point of time. The banks, led by the Bank of Baroda in India, became engaged and made an independent effort to recover some of their exposure to Sheffield.
Hotel Components Auctioned
The hotel at Marina Tower 101, that occupies 33 stories were actually sold at auction, a few years ago. “But the issue was that the entire building was yet to be complete, with that 3% work still left before a ‘building completion certificate’ could be issued. Hopefully, when that’s done, you could soon have new residents as well as a busy hotel at some point, said one of the property owners in Marina 101.
“It’s only because top RERA officials gave their full backing to get this project completed that we are now at this point. 2025, I hope, should deliver us our homes in the Marina 101,” he further added.
How are Marina tower 101 Prices
From the last 4 years, most of the Marina 101 apartments had come up for resale, with the portal of Bayut showing listings for a 1-BR at Dh1.5 Million and a 2-BR for Dh2.7 Million. Any further appreciation in the future prices will need some clarity on the hotel part, which takes up 33 levels, and what sort of changes a hotel operator or an owner wants to make.
Source : propertynews.ae
