Trio in hunt for 101-storey tower
Russians targeted for super-tall Marina 101 tower as project aims to break records by reaching over 400m in height
Dubai-based developer Sheffield Real Estate, is set to award a US $381 million (AED1.4 billion) design and build contract to one of three pre-selected bidders for its new tower — Marina 101 in Dubai Marina.
Construction of the tower will commence during the third quarter of this year and the project is expected to be completed by the first quarter of 2010.
The consultant on the project is the National Engineering Bureau (NEB).
“We are not going to invite bids for the project as we have internally short-listed three contractors, out of which we will select one,” said Jamil Jadallah, director of NEB.
The residential tower will include fully serviced hotel apartments. It will reach 101 floors at a height of 412m,
and will comprise an area of approximately 140,000m2.
Sheffield has tied up with Russian Rustar Real Estate Company in order to attract the growing Russian clientele in the UAE.
“After a lot of research we discovered that the largest tourists here are from Russia and so it only made sense to tie up with a Russian agency who can give us great exposure in Russia,” said Sheffield chairman, Jamal Abdullah Akram. “But that does not mean that we are only marketing the property to Russians,” he added.
He also said that this was the first time a UAE-based developer had tied with a Russian real estate agency.
Rafik Gubayev, chairman, Rustar Real Estate, said: “Russia has been one of the key markets for Dubai real estate and we are happy to take this to the next level through our collaboration with Sheffield Real Estate.”
The developer claims the structure will be the tallest
hotel apartment building in the world. To date, Sheffield Real Estate has implemented $272 million of projects in the UAE.