Work has started on a 101-storey tower within the Dubai Marina, following the award of a Dh1.1 billion (($299 million) construction contract to TAV Construction, part of Turkey-based construction major, TAV.

Rising to a height of 412 m, the Dh1.7 billion ($423 million) Marina 101 tower is the Dubai-based Sheffield Real Estate’s flagship development.
Commenting on awarding the contract to TAV, Abu Ali Malik Shroff, managing director of Sheffield Real Estate, said: “Marina 101 is a challenging project and we wanted to entrust the construction of this project to a company which has the requisite cutting-edge skills and knowledge to complete a project which will be part of one of the unique skyscrapers on Dubai’s skyline. We selected TAV Construction after an extremely competitive sifting process and strict and diligent scrutiny to get the best-in-class contractor.”
Marina 101 is conceived as a predominantly hotel apartments project with a pioneering money-back concept wherein investors after possession stand to gain returns of 75 per cent from the management of the property.
Marina 101 is targeted to be completed by end 2010.
“Work on the project is in full swing and we have already completed the casting of the raft. We are confident to complete the project with the support of TAV Construction,” Shroff said.
Marina 101 is part of Sheffield’s over Dh7 billion project portfolio in Dubai’s freehold real estate space which includes commercial realty and retail projects. Marina 101 will be spread across 1.65 million sq ft and the hotel component will be operated by a renowned hotel operator.
The hotel component will occupy the first 32 floors of Marina 101, while 58 floors will be hotel apartments and 11 floors for retail space offering food and beverage, recreational and leisure facilities.
Marina 101 will offer 252 one-bedroom, 204 two-bedroom, and 42 three-bedroom apartments, besides eight luxury duplex penthouses.
Commenting on winning the contract, Yusuf Akcayoglu, regional director (UAE and Qatar), TAV Construction, said: “We have earned a reputation in the UAE as a construction company which has executed within the assigned time-frame many pioneering projects. We are glad to have Marina 101 in our portfolio because it is a one-of-its-kind project in Dubai’s realty space.”