By Michael Fahy
Sheffield Holdings is currently building Marina 101, which will be the world’s tallest residential tower when complete in 2014
The developer of Dubai's Marina 101 tower - set to be the world's tallest residential tower when it opens next year - said it is willing to build an even taller tower and beat its own record.
Speaking to Construction Week at the recent Cityscape Global conference last week Sheffield Holdings' founder Abu Ali Malik Shroff said that his "first priority" was to ensure that the $355m (AED1.3bn) Marina 101 tower completes next year.
The building, which contains a 32-floor hotel that will be operated by the US-based Dream hotel brand as well as 76 floors of apartments and serviced residences that can be run for investors by the hotel brand.
It is being built by Turkish contractor TAV and was initially expected to complete in 2012. A series of delays pushed this back to April 2014, and Shroff said that following some redesigns after recently signing up Dream as the hotel operator this would now be pushed back to Q4 2014.
"We have a restaurant on the 101st floor and there has been some design changes with the interior, which has given us around a 3-4 month delay.
"There's a nightclub going to be there."
When asked if he'd be willing to build a tower as tall as Marina 101 again, Shroff said: "Maybe higher."
"It all depends on the time. If the necessity is there and the market is ready to accept another tower, I don't mind doing another tower. There is no restriction on the growth of our business."
Shroff confirmed the company has sold 220 of the 506 available apartments, meaning that it will also be "looking at bigger and better projects" in Dubai.
"For me, Dubai is the only place where I know that I am comfortable for my investments," he said.
"The boom is back," he said, but argued that current investments are being made by self-made individuals using their own cash rather than speculators relying on bank debt so is therefore more sustainable.
"The climate is very good for investment in Dubai," said Shroff. "We are all very positive about growth and with His Highness's guidance and vision we feel that Dubai is going to be the world's best city by 2020."