01 December 2006

Dubai-based Middle East Foundation (MEF) has bagged the piling and foundation contract for the Dh1.4 billion ($381 million) Marina 101 project from realty major Sheffield Real Estate.

Mobilisation of the work area has already begun preparing the ground for the construction of one of the tallest hotel apartment towers in the world, which is being developed in collaboration with a Russian property firm Rustar Real Estate.
Middle East Foundation was chosen after a round of evaluation and assessment in which many piling foundation majors were scrutinised for their quality, experience and capability in executing mega projects.
“We have chosen Middle East Foundation because of the company’s unmatched track record in piling and foundation work in the UAE as well as across the region. We wanted best-of-the-breed partnerships to lead the Marina 101 development to ensure that the project is delivered on time without compromising on quality,” says Jamal Akram, chairman of the Dubai-based Sheffield Real Estate.
Marina 101 is being developed as a unique concept, which will be a residential tower, operated on the model of fully services hotel apartments with money-back investment options to investors.
Sheffield had recently announced investing an additional Dh200 million in Marina 101 to develop a hotel component across the first 32 floors of the project. Marina 101 will rise 412 m to the sky and will be spread across approximately 1.55 million sq ft. Sheffield has reserved 58 floors of the development for hotel apartments and individual investors keen to opt for the money-back proposition. Retail space will be on 11 floors, which will offer food and beverage, recreational and leisure facilities.
“We have conceived Marina 101 after a careful assessment of the real estate and property investment market of Dubai and the region. There is a rapidly growing class of investors who are keen to own a property and generate sustained returns from it. Marina 101 will cater to this investor segment,” said Sheffield managing director Abuali Shroff.
Marina 101 will offer to investors 252 one-bedroom, 204 two-bedroom, and 42 three-bedroom elegant apartments, besides eight luxury duplex penthouses. The project is expected to be complete by the first quarter of 2010.

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