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Property buyers in Marina 101, the much-delayed skyscraper project at Dubai Marina, are willing to put together a “few more millions” of theirs if it means construction can be completed and they finally get to move into their apartments.
Another Dh15 million to Dh20 million will be required to complete the 101-storey structure, according to some estimates. If no outside investor is willing to take on the project, the property owners say they are willing to do whatever’s possible to put together the sums needed.
These buyers now hope to present their situation to the newly created judicial entity in Dubai, set up to fast-track revival of shelved or delayed projects. The entity has been empowered to take speedy decisions on all such pending work and, most important, ensure that investors’ rights are taken care of.
Marina 101, which launched in 2005, was stuck at the “97.3 per cent” completion stage when construction stopped in 2019 over the developer’s debt issues. Lender banks then tried to revive the project and bring on a new developer-investor to take it to completion. In February this year, such a deal was close to being finalized, according to sources in the know.
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