Sheffield Real Estate in partnership with Rustar Real Estate, Russia’s most respected property firm in Dubai, today officially launched the sale of its prestigious AED 1.4 billion Marina 101 at a gala ceremony and announced joining hands with the world’s leading hotel company, the UK-based InterContinental Hotels Group, to manage and operate the 32-storey hotel complex, part of the 101-storeyed, 412 metre tower development in Dubai Marina.
Commenting on the tremendous enthusiasm Marina 101 has generated among local, regional and global investors, senior officials of Sheffield Real Estate said the unique money back concept Marina 101 proposes, which guarantees 75 per cent returns from the property after possession, has catalysed interest in the development. Work on the property has already begun with the developer recently awarding piling and shoring contract to Dubai-based Middle East Foundation L.L.C. The Dubai-based National Engineering Bureau is the consultant for the project.
Mr. Jamal Akram, Chairman of Sheffield Real Estate said: “Marina 101 is a pioneering concept and has been conceived in the context of the exponential rise in interest in Dubai as a tourist hot spot and a gateway to the Middle East tourist circuit. Demand for quality living space for tourists has soared over the years and Marina 101 through its money back concept will provide investors a one-of-its-kind opportunity to generate returns from their property when not in use.”
He said the 32-storey hotel component crown the Marina 101 concept, has positioned the project in a league of its own. “We are indeed proud to partner with the world’s leading hotel company, the InterContinental Hotels Group, and we are confident that the Marina 101 hotel complex will be operated and managed by them as a world-class development, complementing Dubai’s reputation of excellence in hospitality and service.”
The hotel component will be owned by Sheffield Real Estate and Rustar Real Estate and will be managed and operated by InterContinental Hotels Group.
The hotel apartment will occupy the first 32 floors of Marina 101, while 58 floors will be hotel apartments and 11 floors for retail space offering food and beverage, recreational and leisure facilities. The Marina 101 project which will be spread across approximately 1.55 million square feet will offer to investors 252 1BR, 204 2BR and 42 3BR elegant apartments, besides eight luxury duplex penthouses. The construction of Marina 101 will commence during the 3rd quarter of this year and the project is expected to be complete by the 1st quarter of 2010.
Commenting on the investor enthusiasm to the project even before the commencement of sales, Mr. Abuali Malik Shroff, Managing Director of Sheffield Real Estate said: “We have solid inquiries from local, regional and global investors for Marina 101, driven by the fact that returns from investing in Dubai property is way above the world average and is in the range of 9-15 per cent. Marina 101 has redefined the concept of investing in property by offering investors the unique facility of managing the property with an aim to maximise returns.”
He said Sheffield believes in joining hands with best-of-the-breed partners and this is reflected in the choice of the InterContinental Hotels Group. “The InterContinental Hotels Group has a solid reputation and proven track record in Dubai as well as the region in managing and operating world-class hotels, which will complement the stature of Marina 101. Right from the start, our aim has been to be seen as a quality developer with clear understanding of the dynamics of Dubai’s and the region’s property market. The unique concept of Marina 101 is a result of our detailed study of the realty market and investor demands.”
He said Sheffield’s partnership with Rustar real Estate was also in line with its intention to bring reputed entities to join in the development of Marina 101. Rustar Real Estate is a reputed Russian property management, consultancy and marketing firm.
Commenting on the partnership with Sheffield Real Estate, Mr. Pascal Gauvin, Director of Operations, the UAE and Qatar, InterContinental Hotels Group, said: “We have extensive exposure to Dubai and the region’s hospitality market through our various operations and the Marina 101 hotel complex will add value to our presence in this market. We are proud to partner with Sheffield Real Estate for the pioneering Marina 101 development and we are confident that together we will be able to offer best-in-the-class hotel property within the development.”
