Marina 101 in Dubai has stalled at 97.3 percent complete since 2019 over the developer’s debt issues, prompting a group of the building’s apartment owners to offer to chip in additional funds in order to finish final completion work.
Another Dh15 million to Dh20 million (US$4 million to US$5 million) will be required to complete the 2.7 percent of work left on the exterior of the 101-story structure, according to some estimates. There is also additional interior work to be done. The building was at least part occupiable since 2017.
These buyers hope to present their situation to the newly created judicial entity in Dubai, set up to fast-track revival of shelved or delayed projects. Many of the apartment owners were issued with Oqood certificates by Dubai Land Department. According to one unit owner, The Land Department had asked investors who paid 80 percent of the total property value to top up their payment to 90 percent.
The 32 floors making up the hotel portion of the structure have gone on auction until the end of May. A later auction is planned for any remaining unsold residential units.
Marina 101 was designed as a mixed-use high-rise, with nearly 300 hotel rooms and more than 400 apartments, including multiple duplexes. Many of the current owners bought their units between 2015-17.
Estimates about the cost of development are in the Dh700 million (US$191 million) range, but some suggest it could have touched Dh1 billion (US$272 million.)
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