Dubai will be home to world's tallest serviced hotel apartment building before end of 2013, the developer of the 432-metre tall, Marina 101 development, revealed.
The Chairman of Sheffield Real Estate, Abu Ali Malik Shroff, confirmed that the funds are in place already, and construction work is under progress. The building is likely to be completed for handover prior to end of next year.
Early, in 2010, Shroff had mentioned that despite more than 60% default rates by bulk investors, the company did not terminate a single contract.
The priority of the company is to complete the tower, and it is in constant talks with investors to arrive at a solution, he emphasized.
Launched in June 2006, Marina 101 at Dubai Marina, comprises 101 floors, standing at 432 metres in height, covering a total built-up area of 1.68mn square feet. The first 32 storeys will be dedicated to a five-star hotel, while the rest of storeys will be furnished apartments, with retail space being allowed only on the ground floor.
Apart from five restaurants in the hotel tower, there will be 252 single, 204 double, and 42 triple bedroom apartments, with eight penthouses from 97th to 100th floor.
Sheffield has a land bank of two million square feet, but has no plans to sell any, Shroff said.
Shroff admitted that the company plans to hold on the project, until the market gets ready to accept new project.