It will offer guests the chance to sleep with the sharks in a dream-like, watery marine setting.

In the race to bag the title of world's first undersea residence, Conrad Maldives Rangali Island looks to be in the lead. It announced that its US$15 million residence, The Muraka, will open later this year.  

Named after the local Dhivehi word for coral, the residence will span two levels, with the lower space featuring a king size bedroom, living area, bathroom and spiral staircase that leads to the upper floor.  

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Guests sleep 5m below sea level with 180-degree panoramic views of the Indian Ocean and its inhabitants: tropical fish, sharks, corals and other assorted marine life. When they need to come up for air, guests can climb upstairs to the first floor, which houses a living space, two more bedrooms, bathroom, gym, butler's quarters, security quarters, kitchen, bar, and dining room, and can accommodate up to nine guests. The infinity pool and deck have been designed to face the direction of the sunset for optimum viewing.   

The Conrad Maldives Rangali Island was the first to open an undersea restaurant, Ithaa, which is now in its 13th year. The title of world's largest underwater restaurant, however, goes to its sister property the Hurawalhi Island Resort, which opened the restaurant named 5.8, in reference to its watery location 5.8m below sea level.  

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Meanwhile, Dubai is also in the midst of building the world's first underwater luxury resort which will be modelled after the city of Venice. Expected to open in 2020, Floating Venice will be located 4 km offshore from Dubai's mainland and feature an underwater space that includes guest cabins, restaurants, and underwater spa.