Dubai-based real estate firm Meraas Holding has announced the launch of La Mer, a new mixed-use beachfront development next to Pearl Jumeirah Island.
Spread across 9.5 million square feet, La Mer will feature commercial, leisure, residential and hospitality components, the company said. It will comprise of four zones including a beach, leisure and entertainment hub, North Island,and South Island, the company said in a statement.
The developer however did not reveal the value of the property, which will see construction begin in Q4 2014.
On North Island and South Island, La Mer will include fully integrated residential units that comprise a total of 688 apartments and villas along with a 160-key hotel. The project will also launch a range of retail and F&B concepts, some of which will mark their foray into Dubai, the statement said.
As part of its leisure and entertainment component, the project will additionally include two marinas for yachts and a park, while the existing beaches will be redeveloped.
“Our feasibility studies have confirmed that La Mer will be one on the projects which will positively contribute to Dubai’s economy and set new global benchmarks for beachfront developments,” said Abdulla Al Habbai, Group Chairman, Meraas Holding. “The project will innovatively combine upscale living with distinctive retail and leisure attractions, an integrated outdoor living environment and engaging beach activities.”
Meraas, owned by Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum, has launched a number of projects in recent months, including a complex that will house five theme parks, including the first outside North America by Six Flags Entertainment Corp and an island featuring a giant Ferris wheel.
The state-owned firm was also recently reported to be in talks with banks for a $4 billion loan to fund its mega projects, including La Mer.