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.
CHIC TOWER · Business BayDAMAC · Business Bay
DISTRESS DEAL: 2-BR IN CHIC TOWER
- 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.
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.
On this page
Quick navigation
The unit
Unit details
- Property type
- Apartment
- Floor
- (10-15)
- View
- Canal
Layout
Floor plan
Distress Deal
PROJECT DESCRIPTION
OVERVIEW
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
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.
Enter the asking price to run the model.
Every figure recalculates as you type. Use the price you are considering.
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.
More deals
The latest distress deals
The most recently listed deals that were still available when we last checked. Sold units are not shown here.

Rashid Yachts and Marina
DISTRESS DEAL: 1-BR IN OCEAN POINT - TOWER 2
- Price / sq.ft
- AED 1,908
- Developer
- Emaar

Emaar Beachfront
DISTRESS DEAL: 1-BR IN SEAPOINT - TOWER 2
- Size
- 764 sq.ft
- Price / sq.ft
- AED 3,442
- Developer
- Emaar
- Handover
- Q2 2028

Bluewaters Island
DISTRESS DEAL: 2-BR + Maid's IN BLUEWATERS BAY - BUILDING 1
- Size
- 1,670 sq.ft
- Price / sq.ft
- AED 3,145
- Developer
- Meraas
- Handover
- Q3 2027

Sobha Hartland II
DISTRESS DEAL: 2-BR IN SKYSCAPE ALTIUS
- Size
- 1,268 sq.ft
- Price / sq.ft
- AED 2,129
- Developer
- Sobha
- Handover
- Q4 2028

Emaar Beachfront
DISTRESS DEAL: BULK DEAL - 9 APARTMENTS IN BAYVIEW - TOWER 1
- Size
- 10,041 sq.ft
- Price / sq.ft
- AED 4,681
- Developer
- Emaar
- Handover
- Q2 2027

Dubai Harbour
DISTRESS DEAL: 1-BR IN PALACE BEACH RESIDENCE - TOWER 2
- Size
- 796 sq.ft
- Price / sq.ft
- AED 2,450
- Developer
- Emaar
Read next
A discounted unit is bought the same way any other is. The questions are just sharper. These are our own guides and articles on buying from overseas, taking on a resale or an off-plan assignment, and what the purchase costs.
The gold rule under an entry is its length, against the longest piece here.
Guides
How to Buy Dubai Property from Overseas
Power of attorney, attestation country by country, remote AML checks, funding the purchase, and remote signing against a short trip.
How to Buy Ready (Secondary) Property in Dubai
The fixed sequence the Land Department sets for a resale — an agreed Form F, a deposit, a developer NOC and the Trustee Office transfer.
Pre-Handover Assignment (Off-Plan ‘Flipping’) in Dubai: How It Works
Assigning an off-plan unit before handover — the developer NOC and minimum-paid rules, the fees that come off the profit, and when it still loses money.
Off-Plan Payment Plans in Dubai Explained: 10/90, 50/50 and Post-Handover
Construction-linked and post-handover structures, what escrow protects at each stage, and what happens if a later instalment cannot be funded.
NOC (No Objection Certificate) for a Dubai Property Purchase
What the developer’s certificate confirms, how service-charge clearance runs through Mollak, and the usual reasons issuance is delayed.
How to Vet a Dubai Developer Before You Buy
Brochures are marketing; DLD registration, project escrow status and broker licensing are checkable public facts. How to verify all three.
A Due-Diligence Checklist for Buying in Dubai
Who owns the title, whether the unit carries a mortgage or a restriction, and whether its service charges are current. In order, with the tool that verifies each.
The True Cost of Buying Property in Dubai: All Fees Explained
Transfer, trustee office, agency commission, developer NOC and the mortgage costs, each set against the Land Department’s own published figures.
Mortgages for Non-Residents in Dubai
What a genuine non-resident can borrow, as distinct from a UAE-resident expatriate, which banks lend, and how a purchase is completed remotely.
Capital Gains & Property Tax in Dubai: What Investors Actually Pay
What an individual owner is and is not charged here, which transaction cost is the real one, and why your home-country position is a separate question.
Articles
How to Buy a Cancellation Unit in Dubai: Strategic Guide
A cancellation unit is a launch booking the first buyer lost — how they reach the market, and the steps to secure one at launch pricing.
How to Buy Dubai Property During Crisis and Build a Portfolio at Peak Fear
The historical entry points, yields by district, and a contrarian acquisition process for buying when confidence is at its lowest.
Buying a Resale Property in Dubai: Step-by-Step Guide for Investors
The process, the legal steps, the costs and the mortgage options, for residents and international investors alike.
How to Buy Property in Dubai as a Foreign Investor: Step-By-Step Guide
Costs, the legal process, the risks, and how to structure the investment — written for a buyer outside the UAE.
Buying Off-Plan Property in Dubai: Primary Market Guide
The primary market end to end. EOIs, SPAs, payment plans, Oqood, escrow, resales and mortgages.
Residential Mortgages in Dubai: Guide for Expats and Investors
Rates, loan-to-value limits, eligibility, fees and the documents a lender asks for, for residents and investors.



