Dubai: The stalled skyscraper project Marina 101 could – finally – 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.
Banking and construction industry sources say that a 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.
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.
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. Dubai authorities are also working on ways to fast-track clearance to revive stalled or cancelled projects and ensure investor interests get safeguarded.
There had been past efforts to revive Marina 101, but there were always hurdles getting in the way. This time, everyone involved seems bullish about the deal coming through, sources add.