Work resumes on Marina 101 to be Dubai’s tallest residential and hotel apartment towerPosted on 19 February 2012 with no comments from readers
If you seek the proof then look aloft: the cranes are working again on Marina 101 in the northen end of the Dubai Marina which is already taller than the Empire State Building in New York. Only work on the even taller Pentominium tower is still stalled.
At night the contractors initials ‘TAV’ are picked out in lights against the upper floors of the building. Yes this project is moving again after stalling a little over three years ago. There has been no announcement but it is observable to the naked eye.
Originally intended to be 412 metres high it is hardly a stretch of the imagination to think that this tower will top the nearby Princess Tower currently the highest at 414 metres. Marina 101 offers 402 one-bedroom, 308 two-bedroom and 40 three-bedroom apartments, besides eight luxury duplex penthouses.
This tower was originally intended to be the world’s tallest serviced hotel apartment building by developer Sheffield Real Estate in collaboration with Russian group Rustar Real Estate. If this is still the objective then it would also be the world’s tallest hotel, ahead of the upcoming JW Marriott Marquis, also in Dubai.
Dubai real estate has come a long way since the sudden stop of late 2008 and up to 60 per cent plunge in property prices. Villa prices in some locations bounced 20 per cent last year and the market is generally considered stable.
That said the market absorbed 10,000 units last year and will have to cope with another 15,000 this year, according to the Real Estate Regulatory Authority. This could still be the year of maximum oversupply although some completions will undoubtedly be delayed into 2013.
Last month’s issue of the ArabianMoney newsletter weighed up opportunities in Dubai real estate, arguing that the time of maximum oversupply is always the best time to buy at least with the benefit of hindsight (subscribe here).
However, bargains are already impossible to find and certain favored areas are seeing rapid price advances spurred by agents who seem to have already ringed their prices, even in some unfinished projects now.
If a market reversal happens now it will most likely not be due to local market conditions but external factors like the eurozone financial crisis getting out of control or an attack on Iran by Israel.