Dubai, UAE: Finnish-owned alternative real estate company, Admares has announced that it has been awarded phase 1 of the Marasi Business Bay development in Dubai, a project featuring 10 homes, 2 restaurants and an exclusive yacht club, all of which will be floating buildings. The Marasi Business Bay, the announcement said, is being developed by Dubai Properties.

The architectural structures, the announcement said, will be designed, managed and manufactured in Finland by the company, before being transported to Dubai by sea in Q3 2017. The announcement added that the company started the production of the floating buildings in October 2016.

The entire Marasi Business Bay area is located on the Dubai Water Canal and, the company claimed, will include the longest waterfront promenade in the Emirates, and the UAE’s first-ever homes on water, with pedestrian and boat access, as well as restaurants, leisure and entertainment facilities, five palm tree-lined yacht marinas with approximately 700 berths, alongside retail and F&B outlets, an assortment of onshore boutique shopping and a range of local and international businesses.

The company mentioned that it combines marine and construction technology to provide unique real estate opportunities, and cited its previous project, the Burj Al Arab Terrace, as an example.

“Our objective is to create unique, innovative and environmentally friendly real estate products, utilizing ground breaking, multi-disciplinary off-site construction technology,” said Mikael Hedberg, CEO of Admares. “We started at the top with our first project in the Emirates, working with Jumeirah and Dubai Holding for the Burj Al Arab Terrace. Having successfully delivered the new resort extension – the biggest-ever undertaking of its kind in the world – we now have another project where the client was looking to create a landmark development with a high degree of innovation and quality.”

Saying that the company is “pleased” to partner with Admares, Abdulla M. Lahej, Group CEO of Dubai Properties, said, “As Marasi Business Bay weaves into the fabric of the city, and in line with the Dubai Plan 2021 to create a smart and sustainable city, ahead of the World Expo 2020, as a leading master-developer, we stay one step ahead by working with speed and efficiency to seamlessly create blueprints for success and deliver exceptional lifestyles, value and a lasting impact for the betterment of Dubai.”