Dubai-based luxury real estate developer Omniyat has acquired Marasi Bay Marina from Business Bay LLC for an undisclosed amount.

The purchase of the waterfront space is a first of its kind for Omniyat, the developer said in a statement on Tuesday.

Located on the waterfront of the Dubai Canal, Marasi Bay is already home to Omniyat’s The Lana, a 30-storey tower.

The developer did not disclose the value of the acquisition or specific details of its plans for the site.

However, it said that with the new space, it intends to “craft an exclusive, conceptual lifestyle destination unseen in Dubai.”

“Our vision is to curate and create an incomparable ecosystem for global citizens seeking unmatched uber luxury lifestyle and experiences,” said Mahdi Amjad, Founder and Executive Chairman of Omniyat.

The developer is set to hand over the units in The Lana Residences in the fourth quarter of the year.

The property will be managed by Dorchester Collection, the luxury hotel operator behind five-star properties like Plaza Athénée and Hotel Meurice in Paris, The Dorchester London and The Beverly Hills Hotel, among others.

(Writing by Cleofe Maceda; editing by Brinda Darasha)