UAE daily Khaleej Times reported on August 3 that Sheffield willinvest an additional Dh200 million to the Dh1.4 billion Marina 101 concepttower — the group’s flagship project. Sheffield Real Estate yesterdayalso said that they have got clearances from the Government of Dubai,Department of Tourism and Commerce Marketing to operate a full fledged hotel atMarina 101.
Announcingthis, Abuali Malik Shroff, managing director, Sheffield Real Estate, said," While significantly increasing the value of this landmark tower, thehotel will help meet the surging demand for rooms at the exclusive DubaiMarina. According to Ministry of Planning forecasts, visitors at hotels andapartments in 2004 stood at 5.5 million and are expected to touch 8.5 millionby 2010. A lot of holiday and business travellers prefer seaside waterfrontliving and we believe the unique mix that our project offers will certainlyspell success to both the hotel as well as the residential components."
Rising 101floors at more than 412 metres, Marina 101 will now comprise of the hotelacross the first 32 floors, while 58 floors will be reserved for hotelapartments and individual investors who wish to buy real estate at this project and avail of the unique moneyback investment proposition on offer. The remaining 11 floors are reserved forretail space as well as food and beverage and recreational facilities beingoffered. The Marina 101 tower will have an approximate area of 1.65 millionsquare feet under development.
Sheffield Real Estate is developing Marina 101 in collaboration withRustar Real Estate, one of Russia’s most respected property firms. Marina 101will be a first of its kind tower which will be operated on the model ofserviced hotel apartments apart from the full service hotel component. This isfor the first time that investors will have the opportunity of owning propertyin the same tower that will house a premier hotel project as well. Marina 101will tap into the ever-expanding number of buyers who consider property inDubai as a second home or one that will also double up as a very attractiveinvestment.
Other Sheffield projectsinclude Supreme Residency and Universal Apartments at the Central BusinessDistrict in International City, Marina Suites at Dubai Marina, Sheffield OfficeTower at Jumeirah Lake Towers and villas at Emirates Hills. The group intendsto expand more into the hospitality industry and has a couple more projects forthe future.