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Dubai’s leading property developer Sheffield Holdings Limited has announced that the Marina 101 tower is 80 per cent complete
According to officials at Sheffield Holdings Limited, the cost of development of the project is US$326mn. Marina 101 comprises 101 floors and covers an area of 15,329 sq m.
At 425 metres, the building is poised to be the tallest in the Dubai Marina and the second tallest in the UAE, local reports stated.
Following approvals and certification of its completion, handover of the apartments and residential units is likely to be completed by early 2015. Mock-ups of the apartments and residential units are open for viewing by investors and potential users, the developer added.
Abuali Malik Shroff, chairman of Sheffield Holdings Limited, said, ”Investment in projects near completion has proven that a fast return of investment (ROI) will occur by handover. We believe that it is an opportunity for investors to seize at this stage of construction and take advantage of this market practice model.”
The tower will have 420 hotel rooms and apartments, 60 three-bedroom residential units, eight duplexes and a five-star hotel. In addition, there would be health clubs, swimming pools on different levels, conference rooms and restaurants.
Visually, the tower will be a distinctive mix-use one in the midst of the Dubai Marina, according to project manager Mohammed Jeilani.