Property Overview
A 3-bedroom apartment in Chelsea Residences Tower B by DAMAC, Dubai Maritime City at AED 4,450,000 for 2,049 sqft, equalling AED 2,172 per sqft. 17.1% below the original price of AED 5,371,000, saving AED 921,000. Corner unit with sea view on the 5th floor. Off-plan with handover expected December 2029. The seller is facing imminent SPA termination for missed payments. 23% of the purchase price has been paid with 77% remaining.
Property Highlights
- Type: 3-bedroom apartment (corner unit)
- Size: 2,049 sqft
- Asking price: AED 4,450,000
- Original price: AED 5,371,000
- Saving: AED 921,000 (17.1%)
- Rate: AED 2,172 per sqft
- Floor: 5th (of 28 floors plus podium)
- View: Sea (verify from this height)
- Handover: December 2029
- Paid: 23% (approximately AED 1,235,330)
- Remaining: 77% (approximately AED 3,430,150 to DAMAC plus AED 4,450,000 to seller)
Termination Distress
The agent states the seller is facing SPA termination very soon. Under Dubai Law No. 19 of 2020, when a buyer defaults on off-plan payments, the developer can cancel the SPA through DLD after issuing a 30-day notice. If DAMAC terminates, the seller loses a significant portion of the amounts paid (up to 25% to 30% of the purchase price at less than 60% project completion). The seller must therefore assign the unit before termination to recover whatever capital they can. This creates genuine urgency but also risk for the buyer: verify with the agent (a) whether DAMAC has issued a formal termination notice, (b) how many days remain, (c) whether DAMAC will approve the assignment (NOC) given the default status, and (d) whether the seller is current on service charges and admin fees.
Below OP Analysis
The asking price of AED 4,450,000 is AED 921,000 (17.1%) below the stated OP of AED 5,371,000. Including the 4% DLD fee the seller paid at purchase (AED 214,840), the seller's total loss is approximately AED 1,135,840 (19.3% of total investment). The seller has paid approximately 23% of AED 5,371,000 = AED 1,235,330. Selling at AED 4,450,000 means the buyer pays the seller AED 4,450,000 and assumes the remaining developer payments. The seller recovers AED 4,450,000 minus the AED 4,135,670 they did not pay = approximately AED 314,330 net, losing roughly AED 921,000 from the OP difference alone.
Active 3BR Listings
- AED 4,535,500 for 2,049 sqft (Bayut, may be primary developer sale with DLD waiver)
- AED 5,610,000 for 2,049 sqft (Bayut, expired listing)
- AED 5,789,000 for 2,048 sqft (Dubizzle, Tower B confirmed)
At AED 4,450,000, this listing is below the lowest active ask. The developer starting price for 3BR is AED 4,940,000, making this 10% below the developer rate. No DLD closed-sale data exists (project at approximately 5% completion).
Sea View from 5th Floor
Dubai Maritime City is a waterfront peninsula, so sea views are achievable from multiple orientations. However, the 5th floor sits just above the G+2 podium in a 28-floor tower. At this level, the sea view may be partially obstructed by podium structures, landscaping or the adjacent Phase 2 towers when built. Corner units have wider viewing angles, which helps. Full unobstructed sea views become more reliable from mid-floors upward. Buyers should request a floor plan showing the exact orientation and any available view renders.
Payment Structure
Standard plan is 60/40: 20% booking, approximately 40% during construction (1% monthly over approximately 40 months), 40% on handover. The seller has paid 23% (20% booking plus roughly 3 monthly construction payments). The buyer assuming this assignment inherits:
- Remaining construction payments: approximately 37% of AED 5,371,000 = AED 1,987,270
- Handover payment: 40% of AED 5,371,000 = AED 2,148,400
- Total remaining to DAMAC: approximately AED 4,135,670
- Purchase price to seller: AED 4,450,000
- Buyer's total outlay: approximately AED 8,585,670 (plus agency fees and DLD)
This is an important calculation. The buyer's total cost exceeds the OP of AED 5,371,000 because they pay both the seller and DAMAC. The value proposition lies in paying AED 4,450,000 to the seller (versus paying AED 5,371,000 to DAMAC for a new unit), effectively saving AED 921,000 on the assignment price while assuming the same remaining payment schedule.
About Chelsea Residences
A branded residential project by DAMAC in collaboration with Chelsea Football Club, launched with considerable marketing around the Chelsea brand. Phase 1 has three towers (Tower A at 25 floors, Tower B at 28 floors, Tower C at 30 floors) with over 1,400 units across both phases. Chelsea FC branded amenities include a rooftop football pitch (Stamford Summit), football simulation rooms, a high-performance training and recovery centre, and The Captain's Table (event dining). Additional amenities: private beach access (Chelsea Lion Beach), infinity pool, cryotherapy, spa, cinema, fine dining and pool bar.
About Dubai Maritime City
A man-made peninsula of approximately 2.27 sq km between Port Rashid and Dubai Drydocks. The area is still in active development with operational maritime facilities alongside emerging residential towers. Infrastructure includes a 3.5 km waterfront promenade and 7 km road network. Current gaps: no on-site supermarket, schools or hospital. The location is car-dependent with no metro station within walking distance (nearest are Al Ghubaiba and BurJuman at 10 to 15 minutes by car). Drive times: Downtown Dubai 12 to 15 minutes, DXB airport 18 to 20 minutes, Dubai Marina 25 to 30 minutes. Other projects in the area include Anwa (delivered), Oceanz by Danube and Coral Reef by DAMAC.
Verification Notes
The asking price, OP, size, corner unit, sea view, 5th floor, termination status and 23% payment are from the agent brief. The 2,049 sqft matches confirmed 3BR listings on multiple portals. The 17.1% saving is verified (921,000 divided by 5,371,000). The OP of AED 5,371,000 is within the building's 3BR range (4,535,500 to 5,789,000) and plausible for a corner unit. Handover December 2029 matches portal data. Project is at approximately 5% completion with over 3 years to handover. DAMAC has a documented history of delivery delays (recent projects average 3 to 6 months late). Buyers must verify the termination timeline, DAMAC's willingness to approve the assignment, and the exact payment schedule via DAMAC's statement of account.
