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The numbers

Payment breakdown

UNIT PRICE

AED 12,100,000

PAYMENTS ON TRANSFER

1. Payment to seller	AED 5,190,940
2. DLD Transfer fee 4% + 40 AED	AED 484,040
3. DLD Registration Trustee fee + 5%VAT	AED 5,250
4. Buyer's agent commission 2% + 5%VAT	AED 254,100

PAYMENT PLAN SCHEDULE

On completion of 20% construction of the Project	AED 690,905
On completion of 30% construction of the Project	AED 690,905
On completion of 40% construction of the Project	AED 690,905
On completion of 50% construction of the Project	AED 690,905
On Handover	AED 4,145,440

SUMMARY

Total on Transfer	AED 5,934,330
Total remaining Payment Plan	AED 6,909,060
TOTAL COST FOR BUYER	AED 12,843,390

Distress Deal

PROJECT DESCRIPTION

OVERVIEW

This bulk opportunity comprises five apartments in Highgrove by Ellington, offered at AED 12,100,000. The combined reference price for these units is AED 14,370,865, which means a discount of AED 2,270,865, or 15.8% below the original price. The total area across the five apartments is 5,812 sq.ft, resulting in an entry basis of approximately AED 2,082 per sq.ft. The mix includes two one-bedroom, two two-bedroom, and one three-bedroom apartment, all positioned on higher floors (25–30), with balconies and a variety of views. Handover is scheduled for Q1 2028, and the payment plan allows for staged payments through construction and on completion. The immediate investment thesis is a below-market, multi-unit entry into a branded Ellington project in MBR City, with the flexibility to hold, lease, or resell individual units as the project nears completion and matures post-handover.

LOCATION & TRANSPORT

Highgrove is located in Meydan Horizon, within Mohammed Bin Rashid City (MBR City), one of Dubai’s largest and most strategically positioned master developments. The area is well connected to the wider city, with direct access to Al Khail Road and proximity to Downtown Dubai, Business Bay, and Dubai International Airport. Public transport options are developing, but the area is primarily car-oriented at present, with ride-hailing services widely used. For residents and tenants, the location offers a balance between city access and a quieter, master-planned environment. Investors should note that as infrastructure and retail offerings in MBR City continue to grow, the area’s connectivity and appeal are expected to strengthen, supporting both rental and resale demand over time.

AMENITIES & SURROUNDING

Highgrove by Ellington is designed as a high-amenity residential tower, with 36 storeys and a range of shared facilities. Residents will have access to an infinity-edge leisure pool, fitness studios, a two-storey clubhouse, cinema, barbecue areas, children’s play zones (indoor and outdoor), a dog park, pet grooming salon, yoga and meditation spaces, and a sky dining deck with city views. The project also features a crystal-clear lagoon, offering a water-centric lifestyle within the community. Retail areas, gardens, and observation decks further enhance the living environment. The broader MBR City master plan includes parks, schools, and retail centres, with ongoing development expected to bring additional infrastructure and lifestyle options to the area as it matures.

MARKET

At an average of AED 2,082 per sq.ft, this bulk deal sits below recent transaction levels in Highgrove, where one-bedroom units have transacted at AED 2,379–2,763 per sq.ft in 2026. The discount is therefore tangible against both the developer’s original pricing and current market evidence. The mix of unit types (1BR, 2BR, 3BR) provides flexibility for an investor to target different tenant and buyer profiles, from singles and couples to small families. Ellington’s brand positioning and amenity offering typically attract end-users and long-term tenants seeking design-led living, which can support rentability. Liquidity for bulk deals may be lower than for single units, but the option to resell individually post-handover can mitigate this. Key risk points include construction and handover timing, service charge levels, and the pace of area infrastructure delivery. However, the below-market entry and staged payment plan reduce upfront capital risk and provide time for the area’s value proposition to mature.

CONCLUSION

This bulk acquisition in Highgrove by Ellington offers a discounted, multi-unit entry into a branded project within MBR City, one of Dubai’s most ambitious master-planned communities. The 15.8% discount to original price, below-market price per sq.ft, and flexible payment plan create a clear investor case, especially for those looking to diversify across unit types or build a rental portfolio. The main considerations are construction risk, service charges, and the evolving nature of the surrounding area. For investors comfortable with off-plan exposure and seeking a mid-term hold with potential for both rental income and capital appreciation, this deal provides a structured, value-led entry point. As always, due diligence on payment schedules, developer track record, and area infrastructure is advised, but the fundamentals of the offer are grounded in a visible discount and a maturing location.

Illustrative model

Scenario modeller

Set your own assumptions and see how DISTRESS DEAL: BULK DEAL - 5 APARTMENTS IN HIGHGROVE behaves as a cash purchase, the same purchase mortgaged, or a capital-only resale.

Listed

21 May 2026

The date this listing was added to our records. The asking price below is the one published then, and was still 74 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.

Below original price

15.8%

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 2,082/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

Q1 2028

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.

Purchase

Purchase price

Seeded from this page — change it to your figure.

Unit size

Drives the service charge only.

Time to handover

Rent and service charge both start here.

Holding & income

Gross annual rent

Your figure — we have not assumed one.

Rent growth

0% holds rent flat. It may be negative.

Vacancy allowance

8% is roughly a month plus re-letting.

Maintenance & management

Letting fees and routine repairs.

Service charge

Replace with the building's own schedule.

Acquisition costs

DLD transfer fee

4% is the Dubai standard.

Agency fee

Buyer-side. 5% VAT added.

Conveyancing, trustee & admin

Trustee, title deed, NOC.

Exit

Holding period

1 to 40 years.

Exit price growth

0% by default: we publish no price forecasts.

Sale agency fee

5% VAT added automatically.

Total cash investedThe purchase price plus every cost of getting the keys. It is the denominator of the ROI, ROE and IRR figures.

AED 12.8M

Price plus every acquisition cost

Illustrative exit price

AED 12.1M

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.

−AED 1.53M

No rent set — costs and capital only

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

Cash out at t0AED 12,848,100

Cash back, years 1–5AED 11,322,820

Cash back is below cash out on these assumptions: over the whole hold this purchase returns less than it costs. Read the sensitivity table before drawing a conclusion.

Cash required at completion

Purchase priceAED 12,100,000

DLD transfer fee (4%)AED 484,000

Agency fee (2%)AED 242,000

VAT on agency fee (5%)AED 12,100

Conveyancing, trustee & adminAED 10,000

Total cash investedAED 12,848,100

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.

Annual operating position

Gross annual rentAED 0

Vacancy allowance (8%)AED 0

Maintenance & managementAED 0

Service charge (5,812 sq ft at AED 18/sq ft)−AED 104,616

Net operating income−AED 104,616

Cash-flow schedule — the 5-year figures the IRR is solved from

Year	Net operating income	Sale proceeds, net	Net cash flow
0 · today	—	—	−AED 12,848,100
1	−AED 104,616	—	−AED 104,616
2	−AED 104,616	—	−AED 104,616
3	−AED 104,616	—	−AED 104,616
4	−AED 104,616	—	−AED 104,616
5	−AED 104,616	AED 11,845,900	AED 11,741,284
Years 1–5	−AED 523,080	AED 11,845,900	AED 11,322,820
Less the year-0 outflow of AED 12,848,100 → total profit			−AED 1,525,280

Exit at year 5: illustrative sale price AED 12,100,000 less selling costs AED 254,100 = AED 11,845,900 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.

Sensitivity — the same purchase at −5% to +5% exit growth

Exit growth	Exit price	Total profit	ROI	IRR
−5% p.a.	AED 9.36M	−AED 4.21M	—	—
−3% p.a.	AED 10.4M	−AED 3.20M	—	—
0% p.a.your figure	AED 12.1M	−AED 1.53M	—	—
3% p.a.	AED 14M	AED 361k	—	—
5% p.a.	AED 15.4M	AED 1.75M	—	—

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.

How each figure is calculated

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.

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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 Realty is a trading brand; the RERA-licensed entity is The Luxury Real Estate Brokers LLC.

Location

HIGHGROVE — MBR City, Dubai

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DISTRESS DEAL: BULK DEAL - 5 APARTMENTS IN HIGHGROVE

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