Dubai: Dubai Properties is leveraging the Dubai Water Canal project with the launch of a high-end cluster at Business Bay. The company, a unit of Dubai Holding, on Tuesday launched Marasi Business Bay project, featuring an extensive water element. It will integrate retail and residential elements, and also feature water homes, said to be a first for Dubai.
The development embraces the longest promenade in Dubai, spanning 12km, water homes, floating restaurants, retail options and five palm tree-lined marinas, the company stated. It added that Marasi Business Bay features the region’s first purpose-built yachting destination with floating restaurants and cafés, alongside onshore boutique shopping and a range of leisure and entertainment facilities.
The development’s residential units, which are to be built on water with boat access, provide unparalleled direct canal views and create a unique new living proposition for the real estate market in Dubai.
Commenting on the new project, Mohammad Abdullah Al Gergawi, Chairman of Dubai Holding, said in a statement: “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.”
He added that the total investment cost “exceeds Dh1 billion, and will be self-financed in partnership with local financial institutions.”
