Palm Jumeirah AED 3,558/sqftDubai Maritime City AED 3,148/sqftDowntown Dubai AED 2,920/sqftDubai Islands AED 2,769/sqftDubai Creek Harbour AED 2,564/sqftBusiness Bay AED 2,511/sqftDubai Marina AED 2,484/sqftDubai Hills Estate AED 2,446/sqftJumeirah Lakes Towers AED 2,304/sqftMohammed Bin Rashid City AED 2,098/sqftAl Jaddaf AED 2,048/sqftJumeirah Village Triangle AED 1,664/sqftDubai South AED 1,651/sqftArjan AED 1,588/sqftJumeirah Village Circle AED 1,492/sqftDubai Sports City AED 1,328/sqftALL DLD SALES · OFF-PLAN + EXISTINGPalm Jumeirah AED 3,558/sqftDubai Maritime City AED 3,148/sqftDowntown Dubai AED 2,920/sqftDubai Islands AED 2,769/sqftDubai Creek Harbour AED 2,564/sqftBusiness Bay AED 2,511/sqftDubai Marina AED 2,484/sqftDubai Hills Estate AED 2,446/sqftJumeirah Lakes Towers AED 2,304/sqftMohammed Bin Rashid City AED 2,098/sqftAl Jaddaf AED 2,048/sqftJumeirah Village Triangle AED 1,664/sqftDubai South AED 1,651/sqftArjan AED 1,588/sqftJumeirah Village Circle AED 1,492/sqftDubai Sports City AED 1,328/sqftALL DLD SALES · OFF-PLAN + EXISTING
DLD · MEDIAN 12M TO OCT 2026
SoldDISTRESS DEAL: 2-BR IN CHIC TOWER — distress deal in Business Bay from Mitchell's Commercial Real EstateCHIC TOWER · Business Bay

DAMAC · Business Bay

DISTRESS DEAL: 2-BR IN CHIC TOWER

Asking price as listedAED 2,570,000AED 1,633 per sq.ft
Original price + DLDAED 3,041,000
DiscountAED 471,00015.5% below original price
Unit
2-BR
Size
1,574 sq.ft
Developer
DAMAC
Handover
Q4 2026

The discount is measured against the original price + DLD recorded for this unit, not against a valuation.

Sold
Listed 28 August 2026Status confirmed 17 September 2026

This unit has sold. The page is kept as a record of a deal we transacted. Every figure on it — the asking price, the discount to original price and the payment schedule — is the position as listed on 28 August 2026 and is historic. It is not an indication of what the same unit, or a comparable one, would cost today.

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The unit

Unit details

Property type
Apartment
Floor
(10-15)
View
Canal

Layout

Floor plan

Floor plan for DISTRESS DEAL: 2-BR IN CHIC TOWERFloor planView full size

Floor plan

Floor plan for DISTRESS DEAL: 2-BR IN CHIC TOWER

Distress Deal

PROJECT DESCRIPTION

OVERVIEW

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.

LOCATION & TRANSPORT

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.

AMENITIES & SURROUNDING

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.

MARKET

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, so the remaining developer commitment is correspondingly short. We hold the payment schedule and will set out the transfer costs alongside it.

CONCLUSION

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. 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.

Location

CHIC TOWER — Business Bay, Dubai

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Illustrative model

Scenario modeller

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.

Purchase

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Holding & income

Your figure. We have not assumed one.

0% holds rent flat. It may be negative.

Your figure — we publish none. A month vacant plus re-letting time is roughly 8%, if that fits your building.

Your figure — we publish none. Letting fees and routine repairs.

Your figure — we publish none. Look your building up on Mollak — rates run AED 3 to AED 30+.

Acquisition costs

4% is the Dubai standard.

Buyer-side. 5% VAT added.

Your figure — we publish none. The trustee tariff is tiered and the admin lines vary by office; ask your trustee office for the total, and add your NOC and any legal quote.

Exit

1 to 40 years.

0% by default: we publish no price forecasts.

5% VAT added automatically.

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Method
Handover
The date the unit is handed over, set in quarters from purchase. Gross rent, the vacancy allowance, maintenance and management, and the service charge all start there and not before — an unbuilt unit cannot be let and is not billed. The year handover falls in gets the exact fraction it is entitled to, not a rounded whole year. Capital growth is not treated this way: it compounds from today across the whole hold, because an off-plan unit can be sold before it completes. Where the holding period ends before handover, there is no operating income anywhere in the schedule and the whole return is capital movement less costs.
Gross yield
Gross annual rent ÷ purchase price. Before every cost. Where handover is in the future this is a stabilised full year from handover — a rate on the price, not a figure reduced by the construction period. The schedule shows what each year actually books.
Net yield
(Rent collected after the vacancy allowance − maintenance and management − service charge) ÷ purchase price. Stabilised on the same basis as the gross yield.
Rent growth
Compound annual movement in gross rent, applied from handover and stepping at each anniversary of it, which is when a tenancy renews. It may be negative. It does not touch the service charge, which is held flat in nominal terms.
ROI
Total profit over the whole hold ÷ total cash invested (price + all acquisition costs). Unlevered. Not an annual rate.
ROE
Total profit over the whole hold ÷ equity contributed (deposit + all acquisition and finance costs), after debt service. Levered. Not an annual rate.
Cash-on-cash return
Year-one operating cash flow, after debt service where there is a mortgage, ÷ cash invested. Reported separately from ROI/ROE and never merged with it. Year one means the first year of the schedule as it stands: where that year falls before handover it carries no rent, so on a mortgaged off-plan purchase the figure is negative — that is the year you fund out of pocket, and it is shown rather than smoothed away.
IRR
The annualised rate that discounts the dated cash-flow schedule above to a net present value of zero, solved numerically. Where the schedule has no sign change, or the solver does not converge on a single meaningful rate, we print “—” rather than substitute a simpler annualised-return figure.

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.

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