Dubai Holding unveils over Dh1bn waterfront destination along Dubai Water Canal
Dubai Properties Group (DPG), the real estate arm of Dubai Holding, on Tuesday launched Dh1 billion Marasi Business Bay on the stretch of the Dubai Water Canal that will house water homes, floating restaurants and beach club, and a 1,250 berth marina.
Mohammad Abdulla Al Gergawi, Chairman, Dubai Holding, said: “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.”
He added: “Our objective is to create innovative and unique developments, that accentuates the essence of Dubai’s culture and heritage, and presents what the future Dubai looks like; a city that enriches the lives of its residents and visitors alike through unparalleled lifestyle experiences, adding value for investors and Dubai’s economic diversification.”
“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. Our approach to the real estate landscape has gone far beyond the construction of towers and buildings, to encompass innovation and creativity; a symbol of the civilization of Dubai and the UAE and an essential instrument contributing to the happiness of the people as envisioned by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.”
The development, which will have a 12 kilometre promenade, will have three themed areas – The Yacht Club, The Park and The Pier. The waterfront will have a five palm tree-lined marinas with 1,250 berths, alongside boutique shopping, leisure and entertainment facilities.
The only residential unit in the project will be two and three-bedroom water homes in the Yacht Club area. Though no specific price of these homes were given, they are targeted at the luxury segment buyers. The minimum size of a two-bed water home would be 1,500 square feet.
Private developers in the emirate have already announced plans for floating homes in The World island in Dubai and RAK Properties launching Maldives-style water villa.
Marasi Business Bay will have 250,000 square metres of open space, over 100 shops and outlets, covering an area of 16,000 square metres, while The Park will be cover a 60,000 square metre area.
“Marasi Business Bay will be developed in two phases, and work has already started on the promenade,” Fadel Al Ali, Chief Executive Officer, Dubai Holding, said, while addressing the media at the launch event.
The first phase of the promenade is expected to be completed by September 2016 followed by The Park and The Yacht Club.
“The entire project will be completed in a span of five to seven years,” he said, adding it will be self-financed.
Fadel Al Ali, Chief Executive Officer, Dubai Holding, said: “Dubai Properties Group enjoys a long standing experience of creating unique and global destinations. We have an extensive experience spanning more than ten years in the field of planning, developing and managing a diversified portfolio of famous destinations and projects that respond strategically to the needs of the diverse city of Dubai and the requirements of its residents.”
Al Ali added, “Marasi Business Bay is yet another strategic project of Dubai Holding, set to mark a first in the city’s urban fabric with unique mixed-use landmarks. The project is being developed with the aim of boosting the tourism industry in Dubai, and will reinforce the emirate’s position as a global tourism destination, in line with the UAE Vision 2021.”