Marina 101 'to be completed next year'

27/11/2012 - Dubai Property News Posted by Neil King
Marina 101 'to be completed next year'

It seems that not a day goes by without details emerging about yet another huge skyscraper being built in Dubai.The city already has a mesmerising skyline thanks to the huge array of towers that have sprung up in the past few decades and builders have confirmed that a massive new hotel/apartment block in Dubai Marina will be complete by the end of 2013.Bosses at Sheffield Real Estate have insisted that Marina 101 is on schedule despite encountering a number of problems during the construction process.Speaking to Emirates 24/7, chairman of the company Abu Ali Malik Shroff said: "We have funds in place and we are proceeding with the construction. We expect to handover the building before the end of next year."The colossal development was first launched in 2006, but the global financial crisis has thrown one or two spanners in the works in recent years.However, the fact that it is still on the brink of completion highlights Dubai's resilience and ability to grow despite the issues caused by the economic downturn of 2008-09.The 101-storey tower is the tallest serviced hotel/apartment block in the world and it is likely to appeal to investors because of its location in the luxurious Dubai Marina.Stretching an incredible 432 metres into the sky, Marina 101 will have a multitude of high-class amenities.The first 32 floors will be dedicated to a five-star hotel, with the rest of the skyscraper being taken up by furnished apartments.There will also be five restaurants, retail space and a plethora of swanky penthouses.Apartments in more exclusive parts of the city have been selling extremely well in recent months and the high demand has forced prices upwards.In its Global Market Perspective - Fourth Quarter 2012 report, Jones Lang LaSalle confirmed that apartment transactions rose by four per cent in the third quarter of 2012 when compared to the corresponding period in 2011."The residential market in Dubai continues to experience higher levels of sales activity and the prime market is now considered to have bottomed out," the report stated.Contact The First Group if you need help finding apartments for sale in Dubai