Sheffield Holdings Limited has announced that its plans to build the second tallest tower in the UAE is over 80 percent complete.
Its Marina 101 project, which stands at 425 meters, is poised to be the tallest tower in Dubai Marina and the second tallest tower in the UAE.
The company said in a statement that the expected handover of the hotel part of the building is anticipated to be in early 2015.
Following the approvals and the certification of its completion, handover of the hotel apartments and residential units will then begin, the statement said.
Upon completion, the tower will house a total of 420 hotel rooms and hotel apartments, 60 three-bedroom residential units, eight duplexes and a five-star hotel.
The tower will also feature health clubs and swimming pools on different levels, along with other leisure facilities.
"Most of the tower has already been completed and mock-ups of the hotel apartments and residential units are ready for viewing by investors and interested end users.
Abuali Malik Shroff, chairman of Sheffield Holdings Limited, said: "Investment in projects near completion has proven that a fast ROI will occur by handover. We believe that it is an opportunity for investors to seize at this stage of construction and take advantage of this market practice model."
Last year, Sheffield Holdings announced that its Marina 101 project will be branded Dream Dubai Marina and will be managed in association with Wyndham Hotel Group, the world's largest hotel provider.