Property Overview
A 2-bedroom plus maid apartment in The Ritz-Carlton Residences Dubai Creekside by MAG Group, Al Jaddaf at AED 11,200,000 for 2,498 sqft, equalling AED 4,484 per sqft. Below the stated original price of AED 11,400,000, saving AED 200,000 (1.8%). Fully furnished by Ritz-Carlton. Downtown view. Off-plan with handover expected Q4 2027.
Property Highlights
- Type: 2-bedroom plus maid apartment (branded residence)
- Size: 2,498 sqft
- Asking price: AED 11,200,000
- Stated OP: AED 11,400,000
- Saving: AED 200,000 (1.8%)
- Rate: AED 4,484 per sqft
- Furnishing: Fully furnished by Ritz-Carlton (standard for all units)
- View: Downtown (distant skyline)
- Handover: Q4 2027
Below OP Assessment
The 1.8% discount (AED 200,000 on AED 11,400,000) is minimal. This is an off-plan assignment, not a distress sale in the conventional sense. The seller is likely exiting their purchase contract with a negligible loss, possibly to avoid the large completion payment due at handover.
Critical Context: Primary Market Pricing
A primary sale listing for a 2BR+maid at 2,498 sqft was found at AED 11,000,000 on Luxury Property, suggesting MAG may still have units available at this or a similar price. If the developer is selling the same size at AED 11,000,000, this resale at AED 11,200,000 is AED 200,000 above the primary price. Buyers should check whether new units are available directly from MAG before paying a premium on the resale market.
Active Resale Listings (2BR+Maid)
- AED 11,000,000 for 2,498 sqft (Luxury Property, primary sale)
- AED 12,500,000 for 2,550 sqft (Property Finder)
- AED 13,000,000 for 2,524 sqft (Property Finder)
- AED 13,313,398 for 2,660 sqft (Dubizzle, resale)
- AED 16,500,000 to AED 19,000,000 for 2,906 sqft (larger layout)
At AED 4,484 per sqft, this listing is at the lower end of the range. Other 2BR+maid resales at AED 4,902 to AED 5,151 per sqft suggest some sellers are trying to flip at a profit. The market for this project appears to range from AED 4,400 to AED 6,500 per sqft depending on size, floor and layout.
Location Clarification
The Ritz-Carlton Residences Dubai Creekside is in Al Jaddaf, on the southern bank of the historic Dubai Creek. This is the original waterway through old Dubai, not the newer Dubai Creek Harbour (an Emaar development near Ras Al Khor) or Dubai Creek Golf and Yacht Club area. The DLD registers this under Dubai Healthcare City Phase 2. The project is part of the Keturah Resort masterplan by MAG Group, which includes a five-star hotel, wellness centre, 12 standalone mansions (approximately 42,000 sqft each at around AED 200,000,000) and a 550-metre promenade with yacht mooring.
Downtown View
The agent mentions a Downtown view. Al Jaddaf is approximately 6 to 8 km from Downtown Dubai. From higher floors, views of the Burj Khalifa skyline would be visible to the northwest, but this would be a distant skyline vista, not a close-up panorama. The primary views are of Dubai Creek, the Ras Al Khor Wildlife Sanctuary and the wider creek landscape.
Ritz-Carlton Branding
The Ritz-Carlton brand is provided through a management agreement between MAG Group and Marriott International. All 249 residences are fully furnished to Ritz-Carlton standards as part of the agreement. Services include 24-hour concierge, valet parking, spa and wellness centre, fine dining, child care, pet grooming and yacht mooring. Service charges will reflect the premium management costs. This is a branded residence (freehold ownership), not a hotel apartment or serviced residence. The Ritz-Carlton provides services and branding, not a rental pool or revenue-sharing arrangement. Buyers should confirm the exact terms of the management agreement, annual service charge projections and any mandatory management fees.
Construction Timeline
Infrastructure works completed and main construction started November 2024 (per BusinessWire). Main contractor: CECEP Techand Middle East (AED 2.8 billion contract). The Q4 2027 handover target is approximately 3 years from construction start, which is ambitious for a project of this scale. Given that several sources had previously indicated Q1 2026 or 2025 handover dates that have already passed, delay risk is real. Buyers should verify current construction progress directly with MAG.
Payment Plan Consideration
The standard payment plan for this project is reported as: 5% booking, 15% on SPA, 20% at 180 days and 60% on completion. The 60% completion payment on an AED 11,200,000 purchase is approximately AED 6,720,000, which is a substantial lump sum due at handover. A resale buyer should verify exactly how much has been paid by the seller and how much remains due to MAG. The relatively small 1.8% discount suggests the seller may be exiting early in the payment cycle to avoid the large completion instalment.
Verification Notes
The asking price, OP, size, furnished status, Downtown view and Q4 2027 handover are from the agent brief. The 2,498 sqft is confirmed as the smallest 2BR+maid layout in this project (other listings show 2,524 to 2,906 sqft). The cheapest on market claim is approximately true for resale but primary units may be available at AED 11,000,000 for the same size. The 1.8% discount is negligible and does not constitute meaningful distress. No DLD transaction data exists for this project. Construction started November 2024. Buyers should verify the exact building within the Keturah Resort masterplan (Ritz-Carlton Residences vs Courtyard or Garden buildings), remaining payment obligations, management agreement terms and current construction status.
