UAE: The 432-metre high Dream Dubai Marina is scheduled for completion by end of 2014.
The project, formerly known as Marina 101 is billed as the world’s tallest serviced hotel apartment tower, and will consist of 1.68 million square feet of accommodation over 101 floors.
It will feature 252 and 168 one- and two-bedroom serviced apartments, respectively. There will also be 60 three-bedroom residential units and with eight duplexes. The tower will have a restaurant on the 101st floor. The tower will be operated by Hampshire Hotels Management, in association with Wyndham Hotel Group.
Abuali Shroff, chairman of of the project’s developer Sheffield Holding Limited, said: “We have got all the funding necessary to compelete the tower, which will have a hotel and serviced apartments. We will deliver the tower by fourth quarter of 2014.”
The project was launched in 2006, but fell in to difficulty during the financial crisis. In 2010, Shroff said default rates by bulk investors in the tower were as high as 60 per cent.
“The investors are now more than willing to pay as the market has revived. They have all paid their arrears as well,” he said this week.
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