Work is under way on Dubai Holding’s new $272-million waterfront destination along the creek within Business Bay. 

Located on the Dubai Canal, the master-planned Marasi Business Bay is said to be the region’s first purpose-built yachting destination with a 12-km promenade, the UAE’s first-ever water homes, retail options, floating restaurants, leisure facilities and five palm tree-lined marinas, said Dubai Holding.

The development’s residential units, which are to be built on water with boat access, provide direct canal views and create a unique new living proposition for the real estate market in Dubai.

Chairman Mohammad Abdulla Al Gergawi said the project will be developed in phases. Work has already started on the first phase, The Promenade, which will be completed by September this year in line with the opening of RTA’s Dubai Water Canal Project, followed by The Park and The Yacht Club.

A substantial part of the development is set for completion by 2020, with overall works concluded by 2023.

The total investment exceeds Dh1 billion ($272 million), and will be self-financed in partnership with local financial institutions.

The development will feature a range of local and international businesses spread over 250,000 sq m of open space, including parks and the waterfront promenade.

Over 100 shops and outlets will be built on a 16,000-sq-m area, while The Park area spans almost 60,000 sq m.