If you thought that development had stopped in Business Bay due to the ongoing construction of Dubai Water Canal and that developers were refraining from launching new projects, let us tell you about Business Bay’s all new Marasi development. It’s a new development that’s taking everyone by surprise.
Launched by Dubai Holding subsidiary Dubai Properties, Marasi has been conceptualised as an extension of Business Bay which would adorn the entire stretch of the Dubai Water Canal until Shaikh Zayed Road.
Per details revealed by the developer, the master-planned project would feature luxury water homes, green spaces, boutique retail outlets, a 12km promenade, yacht club, floating restaurants, an amphitheatre and five marinas. Dubai Properties expect yachting destination to turn into a compelling attraction for tourists visiting Dubai.
Dubai Holding Chairman Mohammad Abdulla Al Gergawi 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 is planned to be developed in phases and construction work has already started on the first phase. The Promenade is expected to be completed by September 2016, in line with the completion of Dubai Water Canal. It will then be followed by The Park and The Yacht Club. The waterfront promenade will be 12km long and 15m wide and there will be a total of 100 retail units in spread across 200,000 square feet in Marasi Business Bay.
Regarding the retail outlets Dubai Properties CEO Naman Atallah said, “We are in discussion with new retail concepts.”
The five marinas in the project would feature 1,250 berths, along with various leisure, shopping and entertainment facilities. The developer said that there will also be F&B outlets on water and a floating beach club. Visitors will also be provided with transient mooring, where they will temporarily berth their boats. Atallah said that within two years, people would be able to moor their boats in the Marasi marina and some retail outlets will also be open to cater to their needs.
The water residential units are part of a future phase and not only will they feature direct views of the mesmerising canal, they will also offer boat accessing areas. The 2-bedroom and 3-bedroom water homes will span a minimum area of 1,500 square feet. The developer has planned more that 150 such water homes, but has pledged to reveal more details about them this summer.
The entire development is expected to be completed in five to seven years and the developer plans on integrating it with Dubai’s 2020 vision. The development is worth AED 1 billion and most of its funding will be sourced using internal funds and help from financial institutions.