Emaar Properties' new mixed-use beachfront development in Dubai's Al Mamzar district is expected to have a preliminary cost of Dh10 billion ($2.72 billion), the UAE state news agency WAM stated on Wednesday.

The project, announced last year in cooperation with Dubai Municipality, will have 4,000 residential units, 300 hotel rooms, and 250,000 sq m of retail outlets, WAM said in a statement.

Emaar had last year revealed that the mixed-use beachfront lifestyle development was being planned around the 53-hectare Al Mamzar Lake.

The developer said it would conduct feasibility studies and submit a detailed project report outlining the development potential to Dubai Municipality.

Once the masterplan gets approved, the two parties will then finalise the project management structure,it stated.

Among the components being considered for the project are waterfront and serviced residences, retail amenities, fountains and water features, and water-themed leisure attractions, said Emaar.

Envisaged as a modern lifestyle hub, the project will further drive the economy through its value-added residential, retail and leisure components, it added.-Reuters and TradeArabia News Service