Sheffield Holdings Limited has revealed that 85% of construction work on its US $355 million (AED1.3bn) Marina 101 project in Dubai - which will feature a luxury hotel - has been completed.
Chief operating officer Patrick El Khoury told Construction Week at Cityscape Global that the company is already looking at another possible project in the Business Bay area of the Emirate - later named as a two-tower development worth US $326 million.
Marina 101, which is being built by Turkish giants TAV Construction, will reach 425 metres and will be the tallest tower in Dubai Marina and the second tallest tower in the UAE behind the Burj Khalifa.
El Khoury said: “As of now, we can say that we are most likely about 85% of progress. We’re expecting to finish the construction by early next year, within the first quarter. Nevertheless we will require another quarter for the completion certificate so handover will come around the second quarter of 2015.”
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The project was initially launched back in 2007 but suffered at the hands of the economic downturn in 2008.
“We never stopped the construction, but it was a bit shy for a moment. Later we resumed fully fledged in 2010/11 when things were coming positive again,” said El Khoury.
The huge tower is divided into three different levels, the first of which will be a five-star hotel up to level 33.
Marina 101 had been set to become home to the 300-room Dream Dubai Marina, which would have been operated by Hampshire Hotels Management, in association with Wyndham Hotel Group.
However Sheffield Holdings confirmed earlier this year that these companies are no longer involved with the project.
But El Khoury revealed discussions were taking place with regard to the signing of a Hotel Management Agreement, with an announcement on the operator due “some time soon”.
He said: “We are referring to some international brand. A very strong one that would give an added value to the tower.”
Above the hotel will be 420 one and two bed apartments (411 of which have already been sold), taking the project up to the 78th floor.
From level 80 to 94 there will be 60 three-bed apartments, each measuring 3,563ft2. The 95th and 96th floor will be a spa for the residential area, with selective penthouses, from 7,300ft2 to 14,600ft2 from the 97th floor to floor 100.
And at the very top will be a bar/lounge area serviced by external panoramic lifts from the ground.
El Khoury said: “In 2012 we resumed the sales. We were only concentrating on the hotel apartments so the residential units have been kept until now when we are launching them. It’s been successful for the time being and we sold pretty much all of them in a week to 10 days and we are expecting to be done with those a couple of weeks from now.”
With that in mind, he revealed attention was focusing to the next development at the other end of Dubai. It is understood one plot has already been bought and a second is being looked at.
El Khoury said: “We’re looking to invest again and start up something within the coming six months. We’re looking at Business Bay and mainly into the tourism sector. It might be something similar to what we have now, but it’s a bit early to discuss.”
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