Dubai's 425m tall Marina 101 gets ready after 20 years!
Eager Property Owners Anticipate Handover in 2025.
Dubai’s iconic Marina 101, standing at 425 meters with 101 floors, is nearing completion after a 20-year construction period. Initially launched in the mid-2000s by Sheffield Real Estate, Marina 101 featured some of Dubai’s most luxurious freehold units. Property owners are now excited about the imminent handovers scheduled for 2025.
Final Stages of Construction Nearing End:
According to several investors, construction at Dubai Marina is almost complete, signaling the start of handovers. Many owners, who invested millions in apartments and penthouses, have awaited this moment for years.
“We need RERA (Real Estate Regulatory Agency) to issue all the final approvals,” stated an investor who purchased a Marina 101 unit for over Dh2 million in 2017. “All the years of waiting will have been worth it if we can have the handover soon. I don’t intend to sell the unit, at least for now.”
Project Delays and Revival Efforts:
Marina 101 faced numerous delays due to project challenges and cost overruns. The Global Financial Crisis severely impacted construction, halting progress when the project had reached 97% completion. Accumulated debts led banks, led by India’s Bank of Baroda, to intervene and attempt debt recovery from Sheffield Real Estate.
Despite these setbacks, the project saw multiple revivals over the past decade, with construction progressing briskly at times before stalling again. Recently, the development reached the brink of completion, thanks in part to the support of top RERA officials.
Hotel Component Auctioned:
The hotel section of Marina 101, occupying 33 floors, was auctioned off a few years ago. However, the entire building still lacked the final 3% of work needed to obtain a ‘building completion certificate,’ preventing the issuance of official handovers.
“One of the owners mentioned, “Once the final approvals are in place, we can expect new residents and a bustling hotel to join the building.”
Future Prospects and Property Values:
Over the past four years, several Marina 101 apartments have been listed for resale. Current listings on the Bayut portal show one-bedroom units priced at Dh1.5 million and two-bedroom units at Dh2.7 million. Future price appreciation depends on the completion and management of the hotel segment. Initially, Hard Rock Hotel was announced as the operator, but plans may have evolved since then.
Johan James, an investor, shared his optimism: “I’ve been waiting since 2016, and it's been a long wait. I’ve heard that for the hotel, they will completely redo that part. Once finished, it will probably be the best hotel in the area.”
Acknowledging RERA’s Role:
Investors appreciate RERA’s intervention in salvaging the project. “I would like to thank RERA for their hard work in saving the project. Without their intervention, all the investors would have lost everything,” James added.
Looking Ahead to 2025:
With final approvals expected, Marina 101 is poised to deliver its luxurious residences and a premier hotel experience to Dubai’s Marina district in 2025, marking the culmination of two decades of anticipation and investment.
You Also Have To Check:
- https://erehomes.ae/blog/buyer-loses-job-but-developer-refuses-property-transfer-in-uae
- https://erehomes.ae/blog/my-dubai-rent-living-in-dubai-marina
- https://erehomes.ae/blog/uae-announces-new-basic-health-insurance-for-private-sector-employees-and-domestic-workers-from-january1
