Dubai's stalled skyscraper project Marina 101 close to getting new investor. Dh800m tower is at 97% completion, but delayed after developer's payment issues.
Dubai , Dubai
13 February 2021, 12:00 AM
28 February 2021, 12:00 AM
Marina 101 - the stalled skyscraper project will be close to getting a new owner, which, if it happens, will offer some much-needed relief to investors who bought units as far back as 2005.
Dubai authorities are also working on ways to fast-track clearance to revive stalled or cancelled projects and ensure investor interests get safeguarded.
It was in December that Dubai set up a Tribunal to oversee all delayed or cancelled projects from over the years and ensures that investor interests are taken care of. The Tribunal's findings on all such projects will be deemed as the final word.
Dubai-based investor has done due diligence on a possible buy of Marina 101 – a six-basement plus 101-storey structure (and 371 metres high). The project is at the 97 per cent completion stage, and estimates are that injecting another Dh100 million to Dh200 million could see it being fit for occupation, Banking and construction industry sources said.
There had been past efforts to revive Marina 101, but there were always hurdles getting in the way. This time, everyone involved seems optimistic about the deal coming through, sources add.
The identity of the new investor has not been revealed, but real estate and construction sources say that the buyer’s intent is quite clear and comes with the required funds at hand.
The Dubai Marina based project stalled after the developer, Sheffield Real Estate, ran up sizeable debts with lenders as well failed to meet payments to contractors.