Thursday, Feb 14, 2013
Dubai residents will soon see a new eye emerging off the Jumeirah Beach Residence coastline. This will become the world’s largest Ferris wheel and it comes as the prominent feature of the ‘Bluewaters’ island development, a Dh6bln mixed-use project by Meeras Holding. This is Dubai’s latest mega tourist hotspot. The development will feature a five-star hotel, a souq, residential areas and an entertainment zone.
Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai yesterday approved the Bluewaters project and construction is scheduled to begin in April, according to a statement by the Government of Dubai media office. Market studies forecast that the project would attract more than three million visitors annually, the media office said.
The announcement sends a “very bullish signal” to the property market that reflects the extent of its recovery over the past year, said Matthew Green, head of research at CBRE.
“However, despite a clear turnaround in fortunes, it is important that future development plans remain realistic and properly aligned with actual demand. We have seen in the past what can happen when a market becomes greedy, specifically how quickly oversupply can occur…We would stress the requirement for well thought our projects that are financially feasible and underpinned by a solid business case,” he said.
Construction of the Dh1 billion ‘Dubai Eye’ is scheduled to start in the second quarter of 2013. Hyundai Contracting and Starneth Engineering are the primary contractors for the design and construction of the Ferris wheel.
The 210-meter Dubai Eye will offer views of Dubai’s coastline and landmarks such as Burj Al Arab, Palm Jumeirah and Burj Khalifa. A large LED screen will be mounted on the wheel as an electronic platform for broadcasting and advertisements. A piazza at the base of the wheel will be an entertainment zone and a venue for conferences or special occasions.
The development, one of many mega-projects announced in the last few months, is part of a strategy to sustain tourism growth by creating more leisure drivers, analysts say.
“We are likely to see further announcements over the course of the year as local developers look 0074o exploit improving market sentiment and growing investment activity in the country,” said Green.
The Bluewaters project will feature a souq with retail stores and a fresh produce market surrounded by a promenade and restaurants.
The Bluewaters Island will be connected to the mainland by a direct roadway from Sheikh Zayed Road and it will have a mono rail system to transport visitors to the entertainment zone from the metro station. A pedestrian bridge will also link the island to the JBR beachfront and a cable car will ferry visitors to the entertainment piazza.
Dubai recently announced mega-projects such as the Dh10 billion five theme parks also by Meeras Holding, the Mohammed bin Rashid City and phase two of the world’s tallest hotel JW Marriott Marquis Dubai on Sheikh Zayed Road.
By Deena Kamel Yousef Staff Reporter
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