Dubai Properties launches project on banks of Water Canal

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Dubai Properties launches project on banks of Water Canal
Marasi Business Bay will include a 12km promenade, luxury water homes, boutique retail outlets and floating restaurants.

Dubai - Marasi Business Bay will feature Dubai's first water homes, marinas and retail outlets

by

Deepthi Nair

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Published: Wed 25 May 2016, 2:18 PM

A new waterfront district will soon occupy pride of place in the heart of Dubai. Conceptualised as an extension of Business Bay, Marasi Business Bay will be developed by Dubai Properties, a part of Dubai Holding, along the entire stretch of the Dubai Water Canal until Shaikh Zayed Road.

This master-planned project will feature a 12km promenade, luxury water homes, boutique retail outlets, floating restaurants, green spaces, a yacht club, an amphitheatre and five marinas. The yachting destination is expected to turn into a magnet for tourists visiting Dubai.

Mohammad Abdulla AlGergawi, 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."


Marasi Business Bay will be developed in phases. Work has already started on the first phase, The Promenade, which will be completed by September 2016, in line with the opening of RTA's Dubai Water Canal, followed by The Park and The Yacht Club.

The waterfront promenade will be 12km long and 15m wide, of which work has commenced on the first six metres. There will be 100 retail units in Marasi Business Bay spread across 200,000 sq ft.

"We are in discussion with new retail concepts," said Naman Atallah, CEO of Dubai Properties.

The waterfront will host five marinas with 1,250 berths, alongside boutique shopping and a range of leisure and entertainment facilities. There will be F&B outlets on water and a floating beach club as well. The developer will also make way for transient mooring, where visitors can temporarily berth their boats.

Marasi Business Bay will be connected to Bay Square via a bridge.

"In less than two years, you can moor your boat in the Marasi marina and some retail outlets will also be open," added Atallah.

The water homes, part of a future phase, will have boat access and provide direct canal views. The 2-bedroom and 3-bedroom water homes will span a minimum area of 1,500 sq ft. There will be more than 150 such water homes, more details of which will be announced during this summer, DP executives said. They will be priced in the luxury property bracket, they added.

DP Asset Management will take care of leasing the units and U+A are the architects for Marasi Business Bay.

The entire development is expected to be complete in the span of five to seven years. "It also depends on the market demand. We will integrate it with Dubai's 2020 vision," the CEO added.

The development cost for Marasi Business Bay is Dh1 billion, most of which will be sourced using internal funds and help from financial institutions.
Dubai Properties has Dh5 billion worth of projects under construction, said Fadel Al Ali, CEO of Dubai Holding.

"All our projects are aligned with the country's vision. A market slowdown will not affect our project progress. Any business has ups and downs. This is a good time to execute projects since cheaper prices can be negotiated in the market," Al Ali added.

Commenting on progress on Mall of the World, Al Ali said: "It is a 15-year project. The funding and execution will take long. We are in the master planning stage and coordinating with authorities such as RTA, Dewa and Dubai Municipality. The first phase is on track."

- deepthi@khaleejtimes.com

Marasi Business Bay has been conceptualised as an extension of Business Bay by Dubai Properties.
Marasi Business Bay has been conceptualised as an extension of Business Bay by Dubai Properties.


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