Dubai Holding, through its real estate arm “Dubai Properties Group unveiled “Marasi Business Bay”, a new waterfront destination and its largest development along the creek within Business Bay destination.
The development embraces the longest promenade in the Emirates, spanning 12 kilometers, water homes, floating restaurants, retail options and five palm tree-lined marinas.
Marasi Business Bay features the region’s first purpose-built yachting destination with floating restaurants and cafes, 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, Chairman of Dubai Holding Mohammad Abdulla AlGergawi said: “The new project will strengthen the historic relationship between Dubai and its creek through the addition of a new dimension to the residential, tourism and leisure offerings along the Dubai Creek.””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.”
Al Gergawi added: “Marasi Business Bay, which costs a total of AED 1bn, 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.”The water-side promenade will feature a range of local and international businesses and a total of 250,000 square meters of open space, including parks and the waterfront promenade.
Over 100 shops and outlets span approximately 16,000 square meters. The Park area spans almost 60,000 square meters.
In addition, the Yacht Club will feature the first water homes in the UAE, providing views unlike any other in the region; and with its prime position along the waterfront promenade, these luxury homes will offer leisure and retail spaces for luxury dining, retail and entertainment facilities.
