This is a distress opportunity to acquire a 2-bedroom apartment in Onda, a 23-storey residential project by Kasko in Business Bay. The unit spans 876 sq.ft and is positioned on a mid-to-high floor, offering views over the project amenities and Business Bay Park. The asking price is AED 1,800,000, which reflects a 17.6% discount to the original price of AED 2,184,000. This equates to AED 2,055 per square foot, positioning the deal below the launch and current resale prices for comparable off-plan stock in the area. The immediate investment thesis is clear: the unit is available at a meaningful discount to both original and prevailing market rates, with a handover scheduled for March 2027. The payment structure is split between AED 581,889 due on transfer and AED 1,345,201 remaining on the developer’s payment plan, with a total buyer cost of AED 1,927,090 including fees. This arrangement may appeal to investors seeking a lower upfront capital outlay while securing a position in a developing project with a clear timeline to completion.
ONDA · Business Bay1 / 2Kasko · Business Bay
DISTRESS DEAL: 2-BR IN ONDA
- Unit
- 2-BR
- Size
- 876 sq.ft
- Developer
- Kasko
The discount is measured against the original price + DLD recorded for this unit, not against a valuation.
Available when we last checked on 17 September 2026. The asking price shown is the one published when the listing was added on 23 July 2026, 56 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.
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The numbers
Payment breakdown
- Payment to sellerAED 454,799
- DLD Transfer fee (4% of OP + 40 AED)AED 84,040
- DLD Registration Trustee fee + 5%VATAED 5,250
- Buyer's agent comission 2% + 5%VATAED 37,800
- Total on transferAED 581,889
- 70% ConstructionAED 103,477
- On HandoverAED 1,241,724
- Total remaining payment planAED 1,345,201
Ask us to walk through this schedule, or to confirm the current balance with the developer before terms are agreed.
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Layout
Floor plan
Distress Deal
PROJECT DESCRIPTION
OVERVIEW
LOCATION & TRANSPORT
Onda is situated in Business Bay, a central business and residential hub adjacent to Downtown Dubai. The area is well-connected by road, with easy access to Sheikh Zayed Road and Al Khail Road, facilitating straightforward commutes to the city’s main commercial districts, DIFC, and Dubai International Airport. Public transport options include proximity to the Business Bay Metro Station and multiple bus routes, which serve both residents and visitors. The neighbourhood is known for its walkability in select areas, with pedestrian-friendly zones around the Dubai Water Canal and Business Bay Park. For investors, the location offers strong fundamentals in terms of connectivity, visibility, and access to both business and leisure destinations across Dubai.
AMENITIES & SURROUNDING
Onda by Kasko is designed as a wellness-focused residential development, with a suite of amenities aimed at both residents and tenants. The building will feature a children’s pool, infinity pool with sunken seating, a gymnasium, yoga area, sauna, steam room, and spa facilities. There is a dedicated co-working space and a running track, catering to the needs of modern urban dwellers. The project’s immediate surroundings include landscaped communal areas and access to Business Bay Park, providing green space for recreation. The wider district offers a range of retail, dining, and service outlets, with several supermarkets, cafes, and restaurants within walking distance. The proximity to the Dubai Water Canal adds further lifestyle appeal, with waterfront promenades and leisure options nearby.
MARKET
Business Bay continues to attract both end-users and investors due to its central location and ongoing infrastructure improvements. Recent transaction data for Onda indicates that one-bedroom units have traded between AED 1,788 and AED 1,997 per square foot in 2026, with two-bedroom units typically commanding a premium. The current offering at AED 2,055 per square foot is below the original launch price and represents a discount to the prevailing market for comparable off-plan stock. Rentability prospects are supported by the area’s appeal to young professionals, executives, and small families seeking proximity to Downtown and DIFC. Liquidity in Business Bay is generally robust, though off-plan units may experience longer resale timelines prior to handover. Key risk points include construction timelines, potential delays, and the broader market’s absorption of new supply. However, the project’s mid-2027 handover and wellness-focused positioning may help differentiate it in a competitive landscape.
CONCLUSION
For investors, this distress deal in Onda presents a measured opportunity to secure a two-bedroom apartment in a developing project at a notable discount to both original and current market benchmarks. The payment plan structure reduces initial capital requirements, while the location in Business Bay offers strong fundamentals for both capital appreciation and rental demand. The project’s amenities and wellness orientation may enhance its appeal to a broad tenant base upon completion. As with any off-plan investment, considerations around construction progress and market absorption remain relevant, but the discount and payment flexibility provide a margin of safety. Overall, this listing may suit investors seeking exposure to Dubai’s central districts with a view to medium-term value creation and income potential.
Location
ONDA — Business Bay, Dubai
Illustrative model
Scenario modeller
Set your own assumptions and see how DISTRESS DEAL: 2-BR IN ONDA 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 56 days old when we last checked this listing on 17 September 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.
Set service charge, maintenance & management, vacancy allowance above to see cash back — until then this figure would be assuming zero for them.
ROI and IRR are calculated on this figure: the price plus every cost of getting the keys.
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.
Cash-flow schedule — the 5-year figures the IRR is solved from (incomplete, see note)
| Year | Net operating income | Sale proceeds, net | Net cash flow |
|---|---|---|---|
| 0 · today | — | — | −AED 1,909,800 |
| 1 | AED 0 | — | AED 0 |
| 2 | AED 0 | — | AED 0 |
| 3 | AED 0 | — | AED 0 |
| 4 | AED 0 | — | AED 0 |
| 5 | AED 0 | AED 1,762,200 | AED 1,762,200 |
| Years 1–5 | AED 0 | AED 1,762,200 | AED 1,762,200 |
| Less the year-0 outflow of AED 1,909,800 → total profit | −AED 147,600 | ||
Exit at year 5: illustrative sale price AED 1,800,000 less selling costs AED 37,800 = AED 1,762,200 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.
Sensitivity — the same purchase at −5% to +5% exit growth
| Exit growth | Exit price | Total profit | ROI | IRR |
|---|---|---|---|---|
| −5% p.a. | AED 1.39M | — | — | — |
| −3% p.a. | AED 1.55M | — | — | — |
| 0% p.a.your figure | AED 1.80M | — | — | — |
| 3% p.a. | AED 2.09M | — | — | — |
| 5% p.a. | AED 2.30M | — | — | — |
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.
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.
Email my results
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.
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