By Sarah Townsend
$272m Marasi Business Bay scheme also comprises ‘water homes’, shops, parks
The first component of Dubai Properties’ $272 million (AED1 billion) Marasi Business Bay scheme – a public promenade – is to open in November, the developer has announced.
The Marasi Business Bay Promenade is to open next month to coincide with the opening of the Dubai Water Canal, Dubai Properties said on Sunday.
More than 10 kilometres of the 12km promenade and surrounding infrastructure, including paving of open areas, has been completed to date, it added.
The promenade will eventually the setting for a range of new waterfront restaurants, shops and other public facilities adjacent to a new marina.
The entire Marasi Business Bay scheme is scheduled to complete by 2023, the developers have previously claimed.
The first phase, comprising the marina and a 50,000 square metre park area with 16 parks, water features, play areas and events space with amphitheatre, outdoor cinema and weekly markets, is targeted for delivery in the fourth quarter of 2017.
Also as part of the first phase, the UAE’s first ever ‘water-homes’, 200 of which are being built on the water with pedestrian and boat access, are scheduled to complete.
Marasi Business Bay is intended to be the city’s next landmark waterfront destination, following from Dubai Marina and Dubai Creek.
Abdulla M. Lahej, group CEO of Dubai Properties, said: “The Business Bay landscape will be redefined with the opening of the Marasi Business Bay Promenade and the Dubai Water Canal.
“Visitors and residents in this area, which has been known more for its commercial activities, will now have a unique venue in the heart of the city where they can enjoy a new active, urban lifestyle.”For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.