Distress Deal
Available when we last checked on 3 August 2026. The asking price shown is the one published when the listing was added on 28 August 2026, -25 days before that check, and it is not re-checked against the market automatically. Confirm availability and price with us before you act on it.
On this page
The numbers
| UNIT PRICE | AED 2,570,000 |
| Original price + DLD 4% | AED 3,041,000 |
| Selling price | AED 2,570,000 |
| Discount | AED 471,000 (15.5%) |
| Developer | Damac |
| Sub-community | Business Bay |
| Property type | Apartment |
| Built-up area | 1,574 sq.ft |
| Price per sq.ft (BUA) | AED 1,633 |
| Floor | (10-15) |
| View | Canal |
| Handover | Q4 2026 |
| Source listing | distressonly.deals/u/62aCk8 — listed 28 August 2026 |
Distress Deal
This two-bedroom corner apartment in Chic Tower, Business Bay, is offered at AED 2,570,000. The source records an original price plus the 4% DLD fee of AED 3,041,000, so the asking figure sits AED 471,000, or 15.5%, below original price. The apartment measures 1,574 sq.ft of built-up area, giving an entry basis of AED 1,633 per sq.ft on that built-up area. It sits in the tenth to fifteenth floor band with a canal aspect, carries a balcony, and is a corner unit. Handover is stated as Q4 2026 and the developer is Damac. Two details do the work here: the corner position, which brings a second elevation and light on two sides, and a 1,574 sq.ft floor plate that is well above the Business Bay norm for two bedrooms. The floor plan is available on request.
Business Bay sits immediately south of Downtown Dubai, wrapped around the Dubai Water Canal where it turns west towards the Jumeirah coast. It is one of the best-connected districts in the city: Sheikh Zayed Road runs along its western edge, Al Khail Road along the eastern, and Business Bay station on the metro Red Line serves the district directly. Downtown, the Dubai Mall and the financial centre are all within a short drive or a manageable walk from the northern end of the district. The canal itself carries the Marasi Drive waterfront promenade and a water-taxi service, and the pedestrian bridges across it link the district to Safa Park and the Jumeirah residential belt on the far bank. For an owner-occupier the practical consequence is that a car is optional here rather than essential, which is true of very few districts in Dubai and feeds directly into tenant demand.
Business Bay's amenity base is the canal and the dense street-level offer that has grown along it. Marasi Drive gives a continuous waterfront promenade with restaurants, cafés and moorings, and the district carries a deep concentration of gyms, clinics, nurseries, supermarkets and speciality retail at tower-podium level. Safa Park lies directly across the canal to the west, and the Downtown cultural and retail cluster, including the Dubai Opera district, is on the northern doorstep. This apartment looks onto the canal rather than into the district, which is the aspect that holds its value in a tower environment, and the corner position gives it outlook on two elevations plus its own balcony. For the building's facility list and the floor plan, please contact us.
The 15.5% reduction is measured against the original price plus the 4% DLD registration fee, the basis the source publishes. It compares the asking figure with the first buyer's commitment rather than with current resale evidence, and we have not attached a valuation. At AED 1,633 per sq.ft on built-up area the entry basis is notably low for a canal-facing unit in Business Bay, and the reason is visible in the floor plate: 1,574 sq.ft spreads the price across more area than a conventional two-bedroom layout. Handover is stated as Q4 2026, which is the nearest horizon of any apartment in this group, so the remaining developer commitment is correspondingly short. We hold the payment schedule and will set out the transfer costs alongside it.
This suits a buyer who wants a large, canal-facing two-bedroom apartment in a central, metro-served district with a near-term handover rather than a long construction wait. The corner position, the canal aspect and the 1,574 sq.ft floor plate are the three attributes that will still matter in five years, and none of them can be added later. A 15.5% reduction against original price on top of that is a strong combination by the standards of the current catalogue. The short remaining horizon to Q4 2026 also compresses the holding cost between purchase and occupation. Before an offer we will confirm the outstanding instalments, the transfer costs and the seller's position. For the floor plan, the payment schedule and current availability, please get in touch. We will also confirm the construction status and the expected completion sequence for the tower, since a Q4 2026 date leaves little margin.
Illustrative model
Set your own assumptions and see how DISTRESS DEAL: 2-BR IN CHIC TOWER behaves as a cash purchase, the same purchase mortgaged, or a capital-only resale.
The date this listing was added to our records. The asking price below is the one published then, and was still -25 days old when we last checked this listing on 3 August 2026. It is not re-checked against the market automatically, so confirm it with us before relying on it.
As stated on this listing: the asking price measured against the original purchase price recorded for this unit. It is not a discount to current market value and not a valuation — a unit priced below what it originally sold for may still be at or above what comparable units achieve today. Check the registered comparables before treating the gap as equity. It is not used in any calculation below.
The asking price divided by the stated size. Compare it against registered sales in the same building before deciding whether the asking price is competitive.
As stated on this listing. Rent cannot start before handover, so on an incomplete unit the early years of the schedule below are holding cost only.
Set service charge, maintenance & management, vacancy allowance above to see cash back — until then this figure would be assuming zero for them.
This is the ROI and IRR denominator: the price plus every cost of getting the keys, not the price alone.
No rental evidence is held for this unit. The rent figure is yours to set — we have not assumed one. Until you enter a gross annual rent, the yield, ROI/ROE and IRR figures reflect capital movement and costs only.
Figures marked “—” need service charge, maintenance & management, vacancy allowance entered above — we do not compute them on an assumed zero.
| Year | Net operating income | Sale proceeds, net | Net cash flow |
|---|---|---|---|
| 0 · today | — | — | −AED 2,726,770 |
| 1 | AED 0 | — | AED 0 |
| 2 | AED 0 | — | AED 0 |
| 3 | AED 0 | — | AED 0 |
| 4 | AED 0 | — | AED 0 |
| 5 | AED 0 | AED 2,516,030 | AED 2,516,030 |
| Years 1–5 | AED 0 | AED 2,516,030 | AED 2,516,030 |
| Less the year-0 outflow of AED 2,726,770 → total profit | −AED 210,740 | ||
Exit at year 5: illustrative sale price AED 2,570,000 less selling costs AED 53,970 = AED 2,516,030 net. The final column is the schedule the IRR is solved from. Rent is held flat in nominal terms — the rent-growth field is at 0% — as is the service charge, so no inflation is assumed on either side. This audit table is arithmetic, so every row must resolve to a number — but service charge, maintenance & management, vacancy allowance are not set above, and the figures here currently assume zero for them. Nothing on this table should be read as a result until you set them; the headline tiles above withhold theirs for exactly this reason.
| Exit growth | Exit price | Total profit | ROI | IRR |
|---|---|---|---|---|
| −5% p.a. | AED 1.99M | — | — | — |
| −3% p.a. | AED 2.21M | — | — | — |
| 0% p.a.your figure | AED 2.57M | — | — | — |
| 3% p.a. | AED 2.98M | — | — | — |
| 5% p.a. | AED 3.28M | — | — | — |
Each row re-runs the whole model with only the exit growth rate changed, over the same 5-year hold. The 0% and negative rows are not a worst case — they are simply what the same purchase returns if prices do not rise. Dubai prices have fallen in the past and can fall again. The return columns are shown as “—” until a gross annual rent is set; the total profit column reflects capital movement, purchase and sale costs and the service charge only.
We’ll send this scenario — your assumptions and the figures they produce — to your inbox.
Set service charge, maintenance & management, vacancy allowance above and we can email you this scenario. Until then every headline figure reads “—”, because the model would otherwise be assuming zero for them — and we publish no figure for them.
An illustrative model, not a forecast, a valuation, an offer or investment advice. Every figure is generated from the assumptions on this page — some yours, the rest stated defaults, not promises. Rents, service charges, fees, vacancy, handover dates, financing terms and sale prices vary by unit and over time; past prices are not a guide to future prices. Returns are not guaranteed and capital is at risk.
Mortgage availability, loan-to-value, rate and term are subject to lender criteria and underwriting; nothing here indicates that finance will be offered. Figures exclude any tax payable in your country of residence — take independent financial, tax and legal advice before committing. Mitchell's Commercial Real Estate is a trading brand; the RERA-licensed broker is Stephen James Mitchell, BRN 68593.
CHIC TOWER — Business Bay, Dubai
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