Dubai Properties Group, part of Dubai Holding, has unveiled a new AED1bn ($272mn) creekside property development on Business Bay.
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 direct canal views and create a unique new living proposition for the real estate market in Dubai.
Commenting on the new project, H.E. Mohammad Abdulla Al Gergawi, Chairman of Dubai Holding, 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.”
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 1bn, and will be self-financed in partnership with local financial institutions.
