Marina 101, the second-tallest building in Dubai behind Burj Khalifa, is "close to completion", said The Real Estate Regulatory Agency (Rera) at Dubai Land Department (DLD).
Construction started in 2007 and was scheduled for completion in 2014, but while it hasn't been a smooth ride for investors, there now appears to be fresh hope.
Rera said in a statement that investors had been informed that construction on the project "is almost complete" and urged them to initiate payment to "ensure timely completion".
“Following the suspension of construction operations at the project, Rera addressed investors, in co-operation with the account trustee at Bank of Baroda, based on Article No 15 of the law concerning escrow accounts for real estate development in Dubai which states that, 'In the event of any emergency situation where the real estate development project is not completed, the escrow agent of that project must, after consultation with the department, take the required measures to preserve the rights of depositors and ensure that the real estate development project is completed or that depositors are refunded their payments'," said Marwan bin Ghalita, chief executive of Rera.
"As a result, a new timeline was prepared for the project’s completion within the specified period."
He added that a date has been set to to make a list of the housing units and commence issuing certificates of completion.
Rera has contacted government service entities in Dubai, such as the Roads and Transport Authority, Dubai Electricity and Water Authority and Dubai Civil Defence, to start preparing the site for operation and handovers.
UAE's tallest buildings
It has urged owners who have not paid up to 90 per cent of their due amounts to do so and is "beginning to issue final warnings to those who are violating the payment plan in accordance with the law, before starting any other legal procedures against the unit owners who defaulted on payments".
A Dubai Land Department representative told The National that there is not yet a proposed opening date.
The original developer, Sheffield Holdings, left the project uncompleted after running out of money in 2019. Bank of Baroda was one of the three Indian lenders along with Indian Overseas Bank and Bank of India.
Ananda Kumar, general manager at Bank of Baroda for the Middle East, told The National in 2019 that the project was "almost complete … over 95 per cent work is done. Currently, we are working with different stakeholders to reach a solution at the earliest". A new developer was being sought.
Owned by Indian businessman Abu Ali Malik Shroff, Sheffield Holdings had committed an investment of Dh1.2 billion in the project. Mr Shroff, who ran into financial troubles, was deported to India sometime back, Mr Kumar confirmed.
Sheffield Holdings' website remains unavailable and its Dubai office phone number was not reachable on Thursday.
Bank of Baroda has been contacted by The National.
Sheffield Holdings' catalogue of Marina 101 shows that 32 floors of the building will host a luxury hotel, while another 42 floors will feature exclusive hotel apartments. Residences will be from floor 80 to the top.
It was described as being inspired by the distinctive architectural style of buildings in Manhattan, New York. The catalogue said the highlight would be the 101st floor which would feature "a fancy nightclub lounge".
As well as being the second-tallest tower in Dubai, Marina 101 is also the 27th tallest in the world. It is slightly taller than Dubai Marina's Princess Tower, which stands at 413 metres and was overtaken as the tallest residential building in the world by 432 Park Avenue in Manhattan.