Sheffield Real Estate (SRE), one of the leading Dubai-based property developers, yesterday announced Marina 101, a landmark 1.4 billion dirham project at the exclusive Dubai Marina. The project is being developed in association with Rustar Real Estate (RRE), marking notable direct participation by a Russian firm for the first time in the UAE.
Marina 101 will be a residential tower operated on the model of fully serviced hotel apartments. On completion, the project is set to be the tallest hotel apartment tower in the world. Rising 101 floors at 412 metres, the development will comprise an area of 1.55 million square feet.
Marina 101 is part of SRE’s plans to widen its investor base by designing projects ensuring significantly higher returns. A global real-estate and freehold firm, Sheffield has so far conceived and implemented projects worth over Dh 1 billion in the UAE. SRE will develop Marina 101 in collaboration with RRE, Russia’s most respected property firm. The project will tap into the ever-expanding number of buyers who preferably consider property in Dubai as a second home and/or one that will also double as a very attractive investment.
Jamal Akram, SRE chairman, said: “At SRE, we believe a huge volume of demand is emerging from a new segment of the market: a segment wanting to be assured of consistent returns while simultaneously owning property.”