Property News · May 24, 2016

Dubai Properties launches Dh1 billion Marasi Business Bay project


Dubai Properties Group has announced the launch of a Dh1 billion project along the banks of the Dubai Canal in Business Bay that will see five new marinas, up to 150 water homes and more than 100 shops and outlets, as well as a park and a number of floating restaurants.The project, known as Marasi Business Bay, has already begun on site with a contractor already building 6km-wide stretch of walkway along the 12km route which will house three distinct areas known as The Yacht Club, The Park and The Pier. This will eventually be extended to 15km in width to allow for the addition of retail and restaurant units. In total, the scheme’s five marinas will have a capacity to house 1,250 boats. The scheme will also feature floating restaurants where customers can hire a chef and a captain to take their own restaurant out onto the water.Fadel Al Ali, the chief executive of Dubai Holding, said that the project would be developed over a five- to seven-year period and could contain up to 150 water homes, which are not floating homes but will be permanently secured to the canal basin. He declined to say how much these units would sell for, but said that they would be at the “high end” of the market.Mr Al Ali added that Dubai Holding’s principal property arm, Dubai Properties, has a portfolio of completed projects worth Dh5bn, comprising around 35,000 homes. About 15,000 of these had been sold, and a further 15,000 were in its rental portfolio, with the remaining 5,000 being specialist units such as worker accommodation.He said: “Harnessing the excellence and track record of Dubai Properties and innovation that runs across the Group, Marasi Business Bay is being developed with the aim of boosting the tourism industry in Dubai, and will reinforce Dubai’s position as a global tourism destination.”mfahy@thenational.aeFollow The National’s Business section on Twitter

Source : thenational.ae
Read more…Dubai Properties launches Dh1 billion Marasi Business Bay project

You may also like...