Water Homes is Part of Dubai Mega Project
The project, called Marasi Business Bay, will be developed by Dubai Properties
State-owned conglomerate Dubai Holding has announced a new Dhs 1-B project in Business Bay which will be developed by its real estate arm, Dubai Properties Group.
Called Marasi Business Bay, the waterfront development will extend 12 kilometres across the Dubai Water Canal and offer a mix of residential, retail and leisure projects.
In what is claimed as a 1st in the United Arab Emirates (UAE) , the development will launch around 150 to 200 water homes that will be built on the water canal.
“Currently we have floating houses in Dubai but these houses will not float; they will be solid plots on the water to ensure that they are steady and stable,” said CEO of Dubai Properties’ development arm Naaman Atallah.
The houses will have two or three bedrooms and will be spread across a minimum of 1,500sqft.
The homes are being designed by architects U+A.
Officials declined to reveal when construction will begin on the villas or by when they will be completed. No details were also disclosed about their prices.
“It’s too soon for us to reveal the prices. But I can confirm that they will be on par with the higher-end of the market,” said Dubai Holding Chairman Mohammad Abdulla Al Gergawi.
Along with the water homes, the development will feature 100 retail units including floating restaurants and cafes, five palm tree-lined marinas that will have 1,250 berthing spaces, 250,000 sqm of open space and 60,000sqm of park area.
Marasi Business Bay will also have a floating beach club and a unique restaurant concept where guests can order and have their meal on a boat that will also have a chef on board.
Overall it will be divided into three themed main areas, the yacht club, the park and the pier.
Mr. Gergawi said: “Marasi Business Bay will be developed in phases, and work has already started. The 1st 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 Y 2020, with overall works concluded by Y 2023. The total investment cost exceeds Dhs 1-B, and will be self-financed in partnership with local financial institutions.”
All the elements of tourism within the project will be completed by Y 2020, added Mr. Atallah. Most of the retail outlets and the park are anticipated to be ready in 2 years.
“The delivery of the project depends on the market – we can accelerate it if we see additional supply in the market,” added Mr. Gergawi.
By Arrti Nagraj
Paul Ebeling, Editor
Latest posts by Paul Ebeling (see all)
- DHS Found SEC had ‘Critical’ Cyber Weaknesses in January - September 22, 2017
- Morning Briefing Global Stocks - September 22, 2017
- Gold, Silver, Copper and Crude Oil Briefing - September 22, 2017