JAKARTA - Marina 101, the second tallest building in Dubai, the United Arab Emirates with 101 floors, after the iconic Burj Khalifa is nearing completion, said The Real Estate Regulatory Agency (Rera) at the Dubai Land Department (DLD).
Originally, construction of the building began in 2007 and was slated for completion in 2014. However, while it hasn't gone smoothly for investors, now there seems to be new hope.
Rera said in a statement investors had been notified that the construction of the project was 'nearly complete' and urged them to initiate payments, to ensure timely completion.
"Following the suspension of construction operations on the project, Rera spoke to investors, in collaboration with the account trustee at Bank of Baroda, under Article No 15 of the law on escrow accounts for real estate developments in Dubai which state that, 'In the event of an emergency in Dubai, where a real estate development project is not completed, the project escrow agent must, after consulting the department, take the necessary actions to preserve the rights of the depositors and ensure that the real estate development project is completed or the depositors are refunded'", explained Marwan bin Ghalita, chief executive of Rera, as reported by The National News April 29.
"As a result, a new timeline has been prepared for project completion within the specified period", he said.
He added that a date had been set for listing housing units and starting to issue certificates of completion.
Rera has contacted government service entities in Dubai, such as the Roads and Transport Authority, Dubai Electricity and Water Authority and Dubai Civil Defense, to begin preparing the operation site and handover.
It has urged owners who have not paid up to 90 percent of the amount due to do so and "start issuing final warnings to those violating payment plans in accordance with the law, before initiating other legal procedures against owners of units that fail to pay".
Separately, a Dubai Department of Lands representative told The National that there is no proposed opening date yet.
It is known, The original developer, Sheffield Holdings, left the project unfinished after running out of money in 2019. Bank of Baroda is one of three Indian lenders along with Indian Overseas Bank and Bank of India.
Ananda Kumar, general manager at Bank of Baroda for the Middle East, told The National in 2019 that the project is "nearly complete. More than 95 percent of the work has been completed. Currently, we are working with multiple stakeholders to reach a solution as quickly as possible." New developers are being sought.
Owned by Indian businessman Abu Ali Malik Shroff, Sheffield Holdings has invested 1.2 billion UAE dirhams in the project. Shroff, who is experiencing financial problems, was deported to India some time ago, Kumar asserted.
VOIR éGALEMENT:
The Sheffield Holdings website remains unavailable and the phone number for its Dubai office could not be reached on Thursday. The Bank of Baroda has been contacted by The National.
Sheffield Holdings' Marina 101 catalog shows that 32 floors of the building will house luxury hotels, while the other 42 floors will feature exclusive hotel apartments. For residence will be on the 80th floor and above.
This building is described as inspired by the typical architectural style of buildings in Manhattan, New York. The catalog says the highlight will be the 101st floor which will feature a "luxurious nightclub space".
Apart from being the second tallest tower in Dubai, Marina 101 is also the 27th tallest tower in the world. It is slightly taller than the Dubai Marina Princess Tower which is 413 meters high. And, it was taken over as the world's tallest residential building by 432 Park Avenue in Manhattan.
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