1BR Apartments in Binghatti Skyhall, Business Bay, Bulk of 54 Units Below Original Price

Property Overview

A bulk portfolio of 54 one-bedroom apartments in Binghatti Skyhall, Business Bay, offered at AED 1,700,000 per unit by a single owner. The original purchase price per unit is stated as AED 2,000,000, representing a saving of AED 300,000 (15%) per unit. The total portfolio value at the asking price is AED 91,800,000. The agent describes views of Burj Khalifa and the surrounding community.

Deal Summary

• Units: 54 one-bedroom apartments (single owner)
• Asking price per unit: AED 1,700,000
• Original price per unit: AED 2,000,000
• Saving per unit: AED 300,000 (15%)
• Total portfolio asking: AED 91,800,000
• Total portfolio OP: AED 108,000,000
• Total saving: AED 16,200,000
• Views: Burj Khalifa and community
• Status: under construction, 31% complete
• Tenure: freehold

Why the Price Qualifies as Below OP

The agent states the original purchase price at AED 2,000,000 per unit. At an asking price of AED 1,700,000, each unit sits AED 300,000 (15%) below the original price. The seller is exiting 54 units at a loss of AED 16,200,000 across the portfolio before accounting for the 4% DLD transfer fee paid at original registration. Including the DLD fee of AED 80,000 per unit (4% of AED 2,000,000), the total seller loss per unit is AED 380,000 and the aggregate loss across the portfolio is AED 20,520,000.

DLD Transaction Context

DLD records on Property Finder show the following 1-bedroom transactions in Binghatti Skyhall:

• September 9, 2026: AED 1,935,000 for 835 sqft (AED 2,317 per sqft)
• September 9, 2026: AED 1,909,000 for 838 sqft (AED 2,278 per sqft)
• September 2, 2026: AED 1,904,000 for 838 sqft (AED 2,272 per sqft)
• June 16, 2026: AED 2,256,000 for 993 sqft (AED 2,272 per sqft)

The asking of AED 1,700,000 is below all recorded 1-bedroom DLD transactions. The September 2026 transactions for 835 to 838 sqft 1-bedrooms ranged from AED 1,904,000 to AED 1,935,000, placing the asking AED 204,000 to AED 235,000 below the most recent comparable registrations. These DLD records during construction likely represent developer-to-buyer primary registrations or off-plan assignment transfers rather than completed-unit resales, given the building is only 31% complete.

Construction Status and Handover Risk

The agent states handover in October 2026. However, the DLD escrow-audited construction tracker maintained by Real Estate Club Dubai shows Binghatti Skyhall at 31% completion as of October 5, 2026. Construction commenced in February 2025 and the original handover was estimated for August 2026. The project is now classified as overdue, with no forward movement recorded since late September 2026.

At 31% completion after 20 months of construction, a realistic handover estimate could extend well into 2028, though construction pace can vary and may accelerate. Buyers of this 54-unit portfolio should model their investment returns against a significantly delayed handover timeline and the associated cost of capital.

Portfolio Scale and Concentration Risk

This bulk of 54 units represents approximately 7.4% of the total 728 units in Binghatti Skyhall and roughly 23.7% of all 228 one-bedroom apartments in the project. This concentration creates both opportunity and risk:

• A single buyer would hold a significant share of the building's 1-bedroom inventory, which could provide pricing influence but also creates absorption risk at handover
• Simultaneously listing or renting 54 units in one building could depress per-unit values and rental rates
• Staggered release or a hold-to-rent strategy may help manage supply impact

About Binghatti Skyhall and Business Bay

Binghatti Skyhall is a 29-floor residential tower developed by Binghatti Developers in Business Bay. The project comprises 728 units including 489 studios, 228 one-bedroom apartments and 11 retail units. Planned amenities include a swimming pool, gymnasium, jogging path, landscaped gardens, children's play area, cinema room, co-working spaces, meditation pods, three levels of podium parking, high-speed elevators, 24/7 security and central air conditioning.

Business Bay is a mixed-use waterfront district along the Dubai Canal, approximately 10 minutes from Burj Khalifa and Dubai Mall. The nearest metro station is Business Bay on the Red Line. The area is one of Dubai's most active real estate markets with established rental demand for apartments.

Payment and Financial Considerations

The developer's original payment plan for Binghatti Skyhall is 20% down payment, 50% during construction and 30% on handover. The agent has not specified the amount already paid by the current owner. Given the 31% construction status, payments to date could range from the initial 20% to a portion of the 50% construction tranche.

For 54 units at AED 2,000,000 OP each, the total original commitment is AED 108,000,000. If the seller has paid 70% to the developer (AED 1,400,000 per unit), they have invested AED 75,600,000 and are offering to exit at AED 91,800,000, which would still represent a gross return despite being below OP. Buyers must verify the exact paid percentage and remaining obligations with the seller and Binghatti's escrow account.

Verification Notes

• The original purchase price of AED 2,000,000 per unit is the agent's stated figure. The agent has not specified the unit sizes, floor numbers or exact layouts within the 54-unit portfolio.
• The agent's stated handover of October 2026 is contradicted by the DLD construction tracker showing 31% completion. Buyers should not rely on the agent's handover estimate.
• Unit size (sqft) is not supplied in the brief. DLD transactions show 1-bedrooms at 835 to 993 sqft. Price per sqft has been omitted because no size was stated.
• The paid amount to the developer is not stated. The remaining instalment obligations are unknown and must be verified.
• DLD transactions during construction likely represent primary registrations or assignment transfers rather than resales of completed units.
• The listing price of AED 1,700,000 is per unit. Total portfolio acquisition cost is AED 91,800,000 plus transaction fees.
• Bathrooms, parking allocation, furnishing and specific floor numbers are not stated and have been omitted.