Commenting on awarding the contract for the 101-storey project to TAV, Mr. 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 have selected TAV Construction after an extremely competitive sifting process and strict and diligent scrutiny to get the best-in-class contractor."
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.
The Dhs1.7bn Marina 101, which is being developed by Sheffield Real Estate FZC, is targeted to be completed by end 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," Mr. Shroff said.
He added that Marina 101 has been 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."
Marina 101 is part of Sheffield's over Dhs7bn 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 square feet and the hotel component which 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.
The Marina 101 project will offer to investors 252 1BR, 204 2BR and 42 3BR elegant apartments, besides eight luxury duplex penthouses.
Commenting on winning the Marina 101 contract, Mr. 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."