By Michael Fahy
Work on the 427m high Marina 101 slowed considerably during the downturn as backers struggled to find an operator for a large hotel element.
Marina 101, the residential building set to become Dubai's second-tallest tower, is now running four years behind schedule, according to a newly-filed document.
The 427 metre high tower was originally scheduled to open in 2012, but after buying two of the building's three penthouse apartments at a substantial discount, Cayman Islands-registered Qannas Investments revealed that "the developer expects to reach completion in Q1 2016".
Work at the site had slowed considerably during the downturn as developer Sheffield Holdings struggled to find an operator for a large hospitality element of the site. After initially announcing a deal with Wyndham Group for a Dream Hotel property in 2013, founder Abu Ali Malik Shroff said the building would complete by the end of 2014.
However, that deal later fell apart and a new agreement for a Hard Rock Hotel was announced last year. In July 2014, Sheffield Holdings said the building was "80 percent complete".
Qannas Investments has paid $2.5 million for the two 88th-floor penthouses, or around $1.25 million each. It said this was a discount of 26.4 percent to the current sale price for unfinished units, or a 35.1 percent discount when compared to finished units of a similar size in Dubai Marina.
Marina 101 is being built by Turkish contractor TAV.
What about Dubai Lagoon by Schon Properties in DIP , its been 9 years now we have paid 1.5 million AED for bulk of payments
The project has been renamed to The Avalon Designer Residences