This three-bedroom apartment in Canal Heights 2, Business Bay, is offered at AED 5,750,000. The source records an original price plus the 4% DLD fee of AED 6,062,160, so the asking figure sits AED 312,160, or 5.2%, below original price. The apartment measures 2,208 sq.ft of built-up area, giving an entry basis of AED 2,604 per sq.ft on that built-up area. It occupies a low floor band between the second and eighth storeys, looks onto the canal, and carries a balcony. Handover is stated as Q4 2027 and the developer is DAMAC. The low floor band and the canal aspect are worth reading together: at this height the water is close rather than distant, which is a different and, for many buyers, a better proposition than a long view from above.
Available
CANAL HEIGHTS 2 · Business Bay
CANAL HEIGHTS 2 · Business BayDAMAC · Business Bay
DISTRESS DEAL: 3-BR IN CANAL HEIGHTS 2
Asking priceAED 5,750,000AED 2,604 per sq.ft
Original price + DLDAED 6,062,160
DiscountAED 312,1605.2% below original price
- Unit
- 3-BR
- Size
- 2,208 sq.ft
- Developer
- DAMAC
- Handover
- Q4 2027
The discount is measured against the original price + DLD recorded for this unit, not against a valuation.
Available
Listed 18 August 2026Status confirmed 17 September 2026
Available when we last checked on 17 September 2026. The asking price shown is the one published when the listing was added on 18 August 2026, 30 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
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The numbers
Payment breakdown
Total cost for buyerAED 6,109,200The unit price plus the transfer fees and commission — the whole commitment, not the headline.
Unit priceAED 5,750,000
Fees and commissionAED 359,200
Step 01Due at transferAED 2,553,510Payable when the unit transfers to the buyer.
- Payment to sellerAED 2,194,310
- DLD Transfer fee (4% of OP + 40 AED)AED 233,200
- Trustee Office FeeAED 5,250
- Buyer's Agency Commission (2% + VAT)AED 120,750
- Total on transferAED 2,553,510
Step 02Payable to DAMAC after transferAED 3,555,690The balance of the payment plan, which the buyer takes over.
- 16-SEP-2026AED 174,870
- 16-OCT-2026AED 174,870
- 16-NOV-2026AED 174,870
- 16-DEC-2026AED 174,870
- 16-JAN-2027AED 174,870
- 16-FEB-2027AED 174,870
- 16-MAR-2027AED 174,870
- On CompletionAED 2,331,600
- Total remaining payment planAED 3,555,690
Ask us to walk through this schedule, or to confirm the current balance with the developer before terms are agreed.
Ask about these termsUnit details
- Property type
- Apartment
- Floor
- (2-8)
- View
- Canal
Layout
Floor plan
Distress Deal
PROJECT DESCRIPTION
OVERVIEW
LOCATION & TRANSPORT
Business Bay wraps around the Dubai Water Canal immediately south of Downtown Dubai, at the point where the canal turns west towards the Jumeirah coast. The district's connectivity is among the best in the city: Sheikh Zayed Road runs along its western edge and Al Khail Road along the eastern, and Business Bay station on the metro Red Line sits within the district rather than on its perimeter. Downtown, the Dubai Mall and the financial centre are all reachable in a short drive, and from the northern blocks on foot. The canal carries the Marasi Drive promenade and a water-taxi service, and its pedestrian bridges connect west to Safa Park and the Jumeirah residential belt on the far bank. For a household with school-age children the combination of direct metro access and two arterial roads materially widens the range of schools within a practical daily journey.
AMENITIES & SURROUNDING
The canal frontage is the district's principal amenity, and a low-floor canal-facing apartment sits closer to it than most. Marasi Drive runs as a continuous waterfront promenade with restaurants, cafés and moorings, and the surrounding blocks carry a dense concentration of gyms, clinics, nurseries, supermarkets and speciality retail at podium level. Safa Park lies across the water to the west, and the Downtown cultural and retail cluster, including Dubai Opera, is immediately north. For a family-sized apartment the walkable access to schooling, clinics and everyday retail matters more than a distant outlook, and Business Bay supplies both within the same few blocks. The unit carries its own balcony. For the building's facility schedule and the floor plan, please contact us. A low floor also shortens the daily lift journey, which matters more in a family apartment than it does in a studio.
MARKET
The 5.2% reduction is measured against the original price plus the 4% DLD registration fee, the basis the source publishes, and it compares the asking figure with the first buyer's commitment rather than with current resale evidence. We have not attached a valuation. At AED 2,604 per sq.ft on built-up area the entry basis is a central canal-district basis, and the 2,208 sq.ft floor plate is generous for three bedrooms in Business Bay, where three-bedroom stock is scarcer than one and two. The reduction is modest in percentage terms, at AED 312,160 in cash. With handover in Q4 2027 the outstanding developer instalments sit alongside the payment due to the seller at transfer, and the two together set the real cost of entry.
CONCLUSION
This suits a family buyer who wants a large three-bedroom apartment on the canal in a central, metro-served district, with occupation in 2027. The scarcity of three-bedroom stock in Business Bay is the structural argument: the district's pipeline is weighted heavily towards smaller units, so a 2,208 sq.ft canal-facing apartment competes against a thin field both to rent and to resell. The low floor band will suit buyers who want proximity to the water rather than height, and it is worth viewing on that basis. The 5.2% reduction is a secondary consideration. Before an offer we will confirm the outstanding instalments, the transfer costs and the seller's position. For the floor plan and the payment schedule, please get in touch.
Location
CANAL HEIGHTS 2 — Business Bay, Dubai
Illustrative model
Scenario modeller
Set your own assumptions and see how DISTRESS DEAL: 3-BR IN CANAL HEIGHTS 2 behaves as a cash purchase, the same purchase mortgaged, or a capital-only resale.
Listed
18 August 2026
The date this listing was added to our records. The asking price below is the one published then, and was still 30 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.
Below original price
5.2%
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.
Asking price per sq.ft
AED 2,604/sqft
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.
Handover
Q4 2027
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.
Total cash investedThe purchase price plus every cost of getting the keys. It is the denominator of the ROI, ROE and IRR figures.
AED 6.10M
Price plus every acquisition cost
Illustrative exit price
AED 5.75M
After 5 yr at 0.0% p.a.
Total profit, capital onlyCapital movement over the hold, less every purchase and sale cost and the service charge. It carries no rental income at all, because no rent has been set.
—
Set service charge, maintenance & management, vacancy allowance above
Net yieldNet operating income (rent collected less management, maintenance and service charge) divided by the purchase price. It cannot be calculated until a gross annual rent is set.
—
Set a gross annual rent
Cash out, and cash back over 5 years
Set service charge, maintenance & management, vacancy allowance above to see cash back — until then this figure would be assuming zero for them.
Cash required at completion
Purchase priceAED 5,750,000
DLD transfer fee (4%)AED 230,000
Agency fee (2%)AED 115,000
VAT on agency fee (5%)AED 5,750
Conveyancing, trustee & adminAED 0
Total cash investedAED 6,100,750
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.
Annual operating position
Gross annual rentAED 0
Vacancy allowance (not set)—
Maintenance & management (not set)—
Service charge (2,208 sq ft at a rate not yet set)—
Net operating income—
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 6,100,750 |
| 1 | AED 0 | — | AED 0 |
| 2 | AED 0 | — | AED 0 |
| 3 | AED 0 | — | AED 0 |
| 4 | AED 0 | — | AED 0 |
| 5 | AED 0 | AED 5,629,250 | AED 5,629,250 |
| Years 1–5 | AED 0 | AED 5,629,250 | AED 5,629,250 |
| Less the year-0 outflow of AED 6,100,750 → total profit | −AED 471,500 | ||
Exit at year 5: illustrative sale price AED 5,750,000 less selling costs AED 120,750 = AED 5,629,250 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 4.45M | — | — | — |
| −3% p.a. | AED 4.94M | — | — | — |
| 0% p.a.your figure | AED 5.75M | — | — | — |
| 3% p.a. | AED 6.67M | — | — | — |
| 5% p.a. | AED 7.34M | — | — | — |
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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