Studio Apartment at Canal Crown 2 by DAMAC (de GRISOGONO), Business Bay — Priced Below Original Purchase Price

Property Overview

This is a high-floor studio apartment at Canal Crown 2, the de GRISOGONO-branded DAMAC development in Business Bay, with Burj Khalifa and Dubai Canal views. The 459 sqft unit is offered at AED 1,170,000, which is AED 238,000 (16.9%) below the seller-stated original purchase price of AED 1,408,000, and it is listed as a distress sale below original price.

Property Highlights

• Type: Studio apartment
• Size: 459 sqft
• Asking price: AED 1,170,000
• Original purchase price (seller-stated): AED 1,408,000
• Saving vs. original price: AED 238,000 (16.9%)
• Rate: AED 2,549 per sqft
• Floor: high floor (agent-stated)
• View: Burj Khalifa and Dubai Canal view (agent-stated)
• Branding: de GRISOGONO branded residence
• Developer: DAMAC Properties
• Community: Business Bay

Why the Price Qualifies as Below OP

The classification uses the seller-stated original purchase price of AED 1,408,000 against the current asking price of AED 1,170,000. The savings amount is AED 238,000, or 16.9% below the original price. At 459 sqft the asking price is AED 2,549 per square foot. The brief notes the price 'was 1.408M', so the AED 1,408,000 should be confirmed as the seller's original purchase price rather than a previous asking price. The benchmark is not a DLD transaction or a dated market comparison, and DPF has not independently verified it.

About the Project, Developer and Community

Canal Crown 2 is an off-plan, de GRISOGONO-branded residential development by DAMAC Properties in Business Bay, Dubai's central business and waterfront district along the Dubai Canal, close to Downtown Dubai and the Burj Khalifa with connectivity via Sheikh Zayed Road and Al Khail Road. Project specifications, the branded-residence features and the exact handover date should be confirmed against DAMAC's official documentation.

Layout, Floor and View

The agent describes a high-floor studio of 459 sqft with Burj Khalifa and Dubai Canal views. Exact floor level, layout, bathroom, parking and furnishing should be confirmed on the floor plan and in the Sale and Purchase Agreement.

Payment Plan and Handover

No handover date or payment plan terms were supplied in the brief. As an off-plan resale, the developer payment plan, outstanding balance, handover date and assignment (resale) terms must be confirmed with DAMAC and in the SPA before commitment.

Verification Notes

• Agent-supplied facts: studio type, size (459 sqft), asking price (AED 1,170,000), original purchase price (AED 1,408,000), high floor, Burj/Canal view, and de GRISOGONO branding.
• DPF-calculated figures: savings amount (AED 238,000), savings percentage (16.9%), and price per square foot (AED 2,549).
• Benchmark flag: the brief wording 'was 1.408M' reads as a change in price; confirm AED 1,408,000 is the seller's original purchase price, not a previous asking price.
• External project research: Canal Crown 2 is confirmed as an off-plan DAMAC / de GRISOGONO development in Business Bay; unit-specific facts and handover were not independently verified.
• The original purchase price is a seller-stated benchmark and has not been checked against a DLD record. 'Hot distress' is agent marketing language, not a DPF-verified fact.