1BR Apartment in Canal Heights 2, Business Bay, Below OP Plus DLD, Burj and Canal View

Property Overview

A 1BR apartment is available in Canal Heights 2 by DAMAC Properties, located in Business Bay, Dubai. The unit offers 809 sqft of built-up area on a high floor with Burj Khalifa and Dubai Water Canal views. The asking price is AED 1,915,000 (AED 2,367 per sqft), representing a 25.7% reduction from the total OP plus DLD investment of AED 2,577,107. Off-plan handover is expected in Q4 2027.

Deal Analysis: OP Plus DLD Covered

The agent states an original purchase price of AED 2,477,987. Adding the 4% DLD transfer fee of AED 99,120 brings the total investment to AED 2,577,107. At the asking price of AED 1,915,000, the seller stands to lose AED 662,107 or 25.7% of their total investment.

The agent claims 22.72% below OP plus DLD. However, the 22.72% figure corresponds to the discount against OP alone (2,477,987 minus 1,915,000 equals 562,987, which is 22.72% of 2,477,987). The actual discount against the full OP plus DLD investment is 25.7%. This listing uses the calculated figure.

The precise OP of AED 2,477,987 (not a round number) is consistent with an SPA-derived figure, which supports its credibility.

DLD Transaction Corroboration

A DLD off-plan transaction from June 2026 recorded a 1BR apartment at exactly 809 sqft in Canal Heights 2 for AED 2,194,000 (AED 2,711 per sqft). This is the same unit size as the subject listing, likely representing a different unit of the same type. The agent's stated OP of AED 2,477,987 is AED 283,987 (12.9%) above this DLD figure.

The premium is plausible for a high-floor unit with Burj Khalifa views, as DAMAC typically applies floor and view premiums. A separate 1BR DLD transaction from July 2026 at 823 sqft recorded AED 2,291,000 (AED 2,783 per sqft), further demonstrating that 1BR prices in this building vary by unit specification.

This listing at AED 1,915,000 is 12.7% below the June 2026 DLD primary at AED 2,194,000 for the same size, confirming the distress pricing extends beyond the OP discount into below-DLD-transacted territory as well.

Competing Listings

A 1BR apartment at 809 sqft in Canal Heights 2 is listed on FAM Properties at AED 2,300,000 (AED 2,843 per sqft), described as a top-floor unit with canal views. That listing is AED 385,000 (20.1%) more expensive than this distress listing for the exact same unit size.

A separate 1BR at 818 sqft with community views is listed at AED 2,250,000 (AED 2,751 per sqft). Even this lower-view unit is AED 335,000 more expensive than the subject listing.

About Canal Heights 2

Canal Heights 2 is a residential tower by DAMAC Properties in Business Bay, overlooking the Dubai Water Canal. The project offers studios, 1BR through 4BR apartments and duplexes. 1BR layouts range from 892 to 1,072 sqft per the Property Finder project page, though DLD records confirm 1BR units at 809 and 823 sqft also exist, representing smaller layout types not captured in the standard floor plan directory.

Amenities include an infinity pool, gym, spa and sauna, landscaped gardens, children's play area, a Starlight Club, restaurants, 24/7 security, concierge and covered parking. The project sits along the Dubai Water Canal with canal-facing walkways.

Construction and Handover

Construction began in June 2023. As of December 2025, completion stood at 22.56% according to Property Finder inspection data. The developer handover is listed as Q3 2027 (September 2027) on Property Finder, while the agent states Q4 2027. With construction at approximately 23% at end 2025, reaching completion within 18 to 21 months is achievable but will require sustained build progress. Buyers should verify the current construction status directly with DAMAC.

Payment Plan

The developer payment plan is 20/60/20: 20% at booking, 60% during construction and 20% on handover. The specific installment obligations transferring to a new buyer depend on the seller's SPA terms and how much has been paid to date.

Layout and Views

The apartment provides 809 sqft across 1 bedroom with 2 bathrooms (per comparable listings of the same size). The agent describes a high floor with Burj Khalifa and canal views. Business Bay's position adjacent to Downtown Dubai and along the Dubai Water Canal makes dual Burj and canal views possible from higher floors with the right orientation. Similar 809 sqft units in Canal Heights 2 listings describe open-plan layouts with panoramic windows, a private balcony, a fitted kitchen with appliances, built-in wardrobes and covered parking.

Location and Connectivity

Canal Heights 2 is located in Business Bay, one of Dubai's central commercial and residential districts. The development sits along the Dubai Water Canal with access to canal-front walkways and promenades. Business Bay provides connectivity to Sheikh Zayed Road, Al Khail Road and the Dubai Metro (Business Bay Station). Downtown Dubai and the Burj Khalifa are within a few minutes by road. Dubai International Airport is approximately 15 minutes away.

Verification Notes

• The original purchase price of AED 2,477,987 is stated by the agent. A DLD primary transaction from June 2026 at the same 809 sqft recorded AED 2,194,000, which is 12.9% lower. The difference is plausible as a high floor and Burj view premium.
• The 4% DLD fee of AED 99,120 is calculated based on standard Dubai Land Department transfer charges.
• The agent claims 22.72% below OP plus DLD, but this figure reflects the discount against OP only (22.72%). The discount against the full OP plus DLD investment is 25.7%. This listing uses the verified figure.
• This listing at AED 1,915,000 is 12.7% below the June 2026 DLD primary at AED 2,194,000 for the same 809 sqft, confirming the pricing is below recent market transactions.
• An active comp at AED 2,300,000 for the same 809 sqft (top floor, canal view) is AED 385,000 more expensive.
• Property Finder lists handover as Q3 2027 (September 2027); the agent states Q4 2027. Construction was 22.56% complete as of December 2025.
• High floor and Burj plus canal view are agent-stated and should be confirmed with the unit floor plan.
• The 809 sqft 1BR layout is not shown in the PF floor plan directory (which starts from 892 sqft) but is confirmed by DLD records and active listings.