The floating home, described as ?the first of its kind in the world?, was officially launched by developer The Kleindienst Group at The Dubai International Boat Show in March.
Each villa, designed and manufactured in Dubai, will have three levels ? one underwater, one at sea level, and an upper deck ? with a completely submerged master bedroom and bathroom, said the developer.
They will also be equipped with a kitchen, dining area, and a glass-bottomed jacuzzi.
In picking the name for the project, chief executive Josef Kleindienst said: ?The seahorse is an endangered species and we will create an artificial coral reef beneath the luxury retreats which will be a protected area in which seahorses can safely live and breed.?
?Very soon, people will be able to see up-close and personal, the beautiful and elegant Arabian horse of the ocean ? the seahorse.?
As part of the developer?s plans, 42 of the unique villas will each have their own plot in the Arabian Gulf, included as part of its stake in The World islands project, located 4km from the coast of Dubai.
A launch date has been set for the end of 2016.
Plans are in place to also make the concept available for sale to interested parties around the world, said the developer, adding they have already received interest from investors in Saudi Arabia, Maldives, Seychelles, the Caribbean, and Norway.
?The Floating Seahorse is not restricted to Dubai waters and can be designed and fabricated in Dubai for other resorts and destinations worldwide,? said Mr Kleindienst.
?We are confident that it will set a new benchmark in the luxury lifestyle market worldwide for outstanding innovation, contemporary design and underwater living at its best,? said CEO of chief executive officer Josef Kleindienst.