Nakheel, the real estate development arm of Dubai World, on Wednesday launched the masterplan for Waterfront City, which will be the centrepiece of the 1.4 billion square feet Waterfront.
Covering a land area of more than 330 hectares, Waterfront City consists of a central island surrounded by four neighbouring districts - the Boulevard, Madinat Al Soor, the Resort, and the Marina. Waterfront City will accommodate 144 high-rise towers of more than 100 metres, with the residential component taking 45 per cent of the area, Frank Konings, Nakheel Project Director for Waterfront City, told Emirates Business.
“Waterfront City is set to form the ‘heart’ of Waterfront and the masterplan has been designed in such a way to cater not only for businesses, but for Dubai residents and visitors alike. Each of the five districts making up Waterfront City possess their own individual character and are vital for the promotion of a diverse and unified city,” Matt Joyce, Nakheel Managing Director for Waterfront, said.
“It will have a density similar to that of Manhattan, and with that in mind, commerce, retail, culture, and private accommodation will be overlapped to create a compact city centre. Waterfront City will include a central park, a large mosque area, and iconic attractions that will enable visitors and residents to enjoy a lively global city.”
The Central Island district, a grid of five streets by five streets, is an important element of the Waterfront City design, which will create walkable distances between blocks, easing traffic flow through the city. The city is expected to have a residential population of 92,000 and a working population of 310,000 people.
“Infrastructure work will commence by early June and we expect to complete the city by 2018,” Konings said.
The company is yet to award any contracts for the initial works. Even sales have not begun yet, with the date to be established as part of the overall Nakheel strategy.
About 33 per cent of the space will be devoted to offices, 11 per cent to hotels, six per cent to retail, and five per cent to civic and culture.
Nakheel unveils Waterfront City masterplan