Sheffield Real Estate, a leading Dubai-based private developer, has awarded a Dh1.1 billion ($299.4 million) contract to Tepe Akfen (TAV) Construction for building Marina 101, its flagship project in Dubai Marina.

Tepe Akfen Construction is part of Turkey-based construction major, TAV.

Marina 101, one of the tallest towers to adorn the skyline of Dubai is conceived as a predominantly hotel apartments project with a pioneering money-back concept wherein investors after possession stands to gain returns of 75 per cent from the management of the property.

’Since the Marina 101 was a challenging project we wanted to entrust the construction to a company which had 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,’ said Abu Ali Malik Shroff, Sheffield Real Estate managing director.

’We have selected TAV Construction after an extremely competitive sifting process and strict and diligent scrutiny to get the best-in-class contractor,’ he added.
 
Ever since its establishment in 2003, TAV Construction has carved a niche for itself as a major contractor of many exclusive and architecturally-demanding projects across the region with offices in the UAE, Egypt, Georgia, Qatar and Tunisia, he said.

The Dh1.7 billion Marina 101, which is being developed by Sheffield Real Estate, is set to be completed by end of 2010.

Sheffield which pioneered the money-back concept in Dubai’s real estate market will generate returns from Marina 101 by managing it prudentially and leveraging Dubai’s tourist attraction.
 
“Work on the project is on at 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 noted.

He said that Marina 101 was conceived in line with Dubai’s ambitious growth push in the tourism sector.

“Dubai is a global tourist destination and Marina 101 will gain from the Government’s efforts at increasing tourist inflows by offering an elegant apartment and hotel to accommodate them.”

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.

 The Marina 101 project will offer 252 1BR, 204 2BR and 42 3BR elegant apartments, besides eight luxury duplex penthouses.

Commenting on contract win, Yusuf Akcayoglu, regional director (UAE and Qatar), TAV Construction, said: “Over the years, 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.”-TradeArabia News Service