Plans for a project worth more than AED 1 billion ($272m) have been unveiled by the Dubai Properties Group.
The Marasi Business Bay development, set to be built by the Dubai Water Canal, was announced on Tuesday by Dubai Holding’s real estate arm.
The master-planned waterside development will include a 12km promenade, the “UAE’s first-ever water homes”, retail areas, floating restaurants, leisure facilities and five palm tree-lined marinas, it was announced.
Residential units at Marasi Business Bay will be built on water with boat access, Dubai Holding said in a statement.
“The new project will strengthen the historic relationship between Dubai and its creek through the addition a new dimension to the residential, tourism and leisure offerings along the Dubai Creek,” said Mohammad Abdulla Al Gergawi, Chairman of Dubai Holding.
“Located along the Dubai Water Canal, this waterfront destination embraces the longest water-side promenades, comprising a space rich with green spaces. Our goal is to build a way of life,” Al Gergawi added.
“Marasi Business Bay will be developed in phases, and work has already started. The first phase, The Promenade will be completed by September 2016, in line with the opening of RTA’s Dubai Water Canal Project, followed by The Park and The Yacht Club. A substantial part of the development is set for completion by 2020, with overall works concluded by 2023. The total investment cost exceeds AED one billion, and will be self-financed in partnership with local financial institutions.”
