Overseas investor set to pump in Dh500m plus to mega-project on track
Business Bay will see the ‘La Maison’ site get back into construction mode. Activity had ceased after the initial piling and shoring works. Now, with an investor coming in, the 365-metre structure is ready to go all the way up.
Dubai: Another 100-storey plus skyscraper project in Dubai is being revived.
The ‘La Maison Tower’ in Business Bay launched construction in 2016, but got stuck after the piling and shoring works were done. Now, a new investor is joining hands with the developer – HDS – to infuse fresh funds into the prestige development and get it rolling again.
It’s not known whether any of the design or other facets will be revised. But informed sources say that it’s highly unlikely there will be much to change on the 105-storey structure that will rise to 365 metres. It is likely to be a three-year development once construction re-starts.
The project revival will also happen on a clean slate – there were no offplan apartment sales done at the La Maison ever.
Bring back contractors
“Immediate priority is to restart work on site; the funds are there and much of the initial construction work had already taken place,” said a source close to the project. “We are talking about a likely development cost of Dh550 million.
“It’s too early to talk about offplan sales; hitting re-start is what matters now. The location in Business Bay and the quality of what’s going to be delivered will impress buyers.”
More details of who the new investor is are awaited. It is believed that the investor is based overseas and has had prior exposure in Dubai’s real estate.
Recent weeks have seen investors and funds scouting around for stalled or delayed projects in Dubai and then start on getting them back on track. The property market has received a boost from the likely relaunch of activity at another skyscraper – the Marina 101 (371 metres high and 101 levels) and which has been stuck at the 97 per cent completion mark for years now. At that project, which launched in 2005, offplan sales had taken place, leaving many buyers in distress over the delay.
Marina 101 occupies one of the most prominent sites at Dubai Marina.
“If these two skyscraper projects get done, it would be the biggest vote of confidence for Dubai’s property market,” said a market source. “There’re plenty of funds interested if they find projects that can be easily revived with the right sort of funding support.”
Even completed projects are getting a lot of attention. There’s an impression among investors that property valuations are stabilizing, and thus presents an opportunity to get in.