Kicking off development of the pioneering 101-storey freehold residential money back concept tower, Marina 101 in Dubai Marina, the Dubai-based realty major, Sheffield Real Estate, today announced awarding piling and foundation contract for the AED1.4 billion million Marina 101 project to Dubai-based Middle East Foundation L.L.C.
Commenting on the award of the contract to the piling foundation company which has a trail of proven track record in the regional construction industry, a top official of Sheffield Real Estate said mobilisation of the work area has already begun preparing the ground for the construction of one of the tallest hotel apartment towers in the world, which is being developed in collaboration with Rustar Real Estate, Russia's most respected property firm in Dubai.
Mr. Jamal Akram, Chairman of Sheffield Real Estate said:
'We have chosen Middle East Foundation L.L.C because of the company's unmatched track record in piling and foundation work in the UAE as well as across the region. We wanted best-of-the-breed partnerships to lead the Marina 101 development to ensure that the project is delivered on time without compromising on quality.'
Middle East Foundation was chosen after a round of evaluation and assessment in which many piling foundation majors were scrutinized for their quality, experience and capability in executing mega projects.Commenting on the partnership, Mr. Abuali Malik Shroff, Managing Director of Sheffield Real Estate said: 'Marina 101 is being developed as a unique concept which will be a residential tower operated on the model of fully services hotel apartments with money back investment options to investors. Our choice of Middle East Foundation as our partner was dictated by our ambition to develop Marina 101 as a quality project which will complement and add value to the boom in tourism in Dubai and the region.'
Sheffield had recently announced investing an additional AED 200 million in Marina 101 to develop a hotel component across the first 32 floors of the project. Marina 101 will 412 metres to the sky and will be spread across approximately 1.55 million square feet. Sheffield has reserved 58 floors of the development for hotel apartments and individual investors keen to opt for the money-back proposition. Retail space will be on 11 floors which will offer food and beverage, recreational and leisure facilities.
'We have conceived Marina 101 after a careful assessment of the real estate and property investment market of Dubai and the region. There is a rapidly growing class of investors who are keen to own a property and generate sustained returns from it. Marina 101 will cater to this investor segment,' Mr. Abuali Shroff said.
He said that Sheffield Real Estate, through a property management option will guarantee up to a minimum of 75 per cent returns from Marina 101, ensuring that investors gain even when the apartments are not used by them.
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Marina 101 will offer to investors offers 252 1BR, 204 2BR and 42 3BR elegant apartments, besides eight luxury duplex penthouses. The construction of Marina 101 will commence during the 3rd quarter of this year and the project is expected to be complete by the 1st quarter of 2010.
Sheffield Real Estate is a part of the Sheffield Group, a firm with interests in freight forwarding, logistics and education. Real estate is a core area of focus for the Sheffield Group having developed high-end properties that offer innovative lifestyles and maximise returns to property investors. Its projects include Supreme Residency and Universal Apartments at the Central Business District in International City, Silver Office Tower at International City, Marina Suites at Dubai Marina and a cluster of villas at Jumeirah Village and Emirates Hills. The highlight of its projects is the prestigious Sheffield Office Tower at Jumeirah Lakes.
© Press Release 2006
