Dubai authorities, who have a controlling stake in Dubai Holding master developer’s company, intend to spend nearly USD 270 million (USD 1 billion) on Business Bay further improvement along the Dubai Canal.
“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,” Mohammad Abdulla Al Gergawi, Chairman, Dubai Holding, said.
Most of the project’s elements will be infrastructural, aimed at meeting the needs of tourists and visitors in a quality time spending and resting by the water in the heart of the modern metropolis. But for those who believe such an environment to be an ideal place to live in, a number of mini-villas, bungalows will be built in Marasi Business Bay, similar to those underwater villas being now developed in The World project. Though no specific price for water villas 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.
Therefore, 250,000 square meters of space in Marasi Business Bay will be given to outdoor recreation areas with more than 100 retails units and restaurants with a total indoor area of 16,000 square meters. And the green project’s part The Park will occupy 60,000 square meters of space in the complex. Floating restaurants and a beach club, together with a 1,250 berth marina will give the final touch to the whole picture.
“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,” added Al Gergawi.
“The entire project will be completed in a span of five to seven years,” he said, adding it will be self-financed, while the first phase out of two, The Promenade is expected to be completed as early as by September 2016.