Two local developers, Emaar Properties and Dubai Holding, have formally revealed their plans for the 6-square-kilometre Dubai Creek Harbour at the Lagoons project on the banks of Dubai creek in the Ras al-Khor area of the city.

Unlike many other Dubai projects, the developer stresses that the project is a long-term concern and not based on short-term buying patterns and business cycles.

“This project is not for 2015 or 2016, it is long term,” said Mohamed Alabbar, chairman of Emaar Properties on 27 October. “Some years in the future will be slower than others, but that is how business cycles are.”

The project will aim to develop a residential, commercial and leisure destination for Dubai much like Emaar’s other developments, Downtown Dubai and Dubai Marina. “This is three times the size of Downtown Dubai, so it is great to get your teeth this opportunity,” said Alabbar of the new scheme.

The project’s budget has not been fixed and will depend on the phasing of the development. “ We will announce [the investment required] as we move forward with the phasing of the project,” said Alabbar.

Emaar says it has been working on the project since 2013 and is starting construction work on site. “We have been working almost a year on this project, we are practically at the execution stage, our contractors are starting on site,” said Alabbar.

The first part of the development to be built will be the Dubai Creek Residences, which are two 40-storey residential towers. Later phases will include 39,000 residential units, more than 8 million square feet of retail space, 3,664 office units, and 22 hotels with 4,400 rooms. The centerpiece of the development will be two tall towers.

Dubai Holding and Emaar signed a joint venture agreement to develop the site in 2013.

The site was previously being developed by Dubai Holding subsidiary Sama Dubai and was known as the Lagoons. Work on the project stalled in early 2009 before building started and as Dubai’s property market slumped.

Emaar and Dubai Holding have considered working together before. In 2009, the two companies were in advanced negotiations to consolidate their real estate businesses, forming a new company with total assets of AED194bn ($53bn), including the Lagoons. The proposed merger never happened.