Positions on the desk

What we are underwriting.

Nothing here is presented yet. Each says what is still missing.

10On the desk
1Answered
0Presented

Answered means the four tests are written - including when the answer is no.

Furthest along

Answered · held on file

Belgravia Gardens

Ellington Properties · Apartment · duplex · Off-plan · Handover Q3 2028

Ellington’s fourth Belgravia, and the largest: four clusters wrapped around a central clubhouse, a lazy river threading between them. The design is genuinely considered - Ellington is one of the few Dubai developers whose interiors survive contact with the brochure. What the page does not tell you is what it costs to own.

Return Logic: Ellington publishes no price anywhere on the project page - not a from-price, not a range, not a per-foot figure. A price ladder circulates on broker sites beginning around AED 733,500 for a studio, but we have not been able to confirm a single figure of it against Ellington directly. We do not underwrite on numbers we cannot source, and the developer’s silence here is itself informative.
Delivery Risk: Off-plan with no handover date stated by the developer. Q3 2028 appears on secondary listings only. To Ellington’s credit they run a public construction-update feed, which is more than most of the market offers - but a progress page is not a date, and a date is what a buyer commits capital against.
Long-Term Implications: Sixteen amenities, including a lazy river, an urban beach club, a cinema room and two saunas. Amenity density drives service charge, and the AED 15 per square foot reported by brokers would sit at the upper end for this segment. On a 1,100 sq ft two-bedroom that is roughly AED 16,500 a year, every year, before anything else - and it is the cost most buyers at this entry point have not priced.
Exit: One to four bedrooms plus duplexes puts this in the broadest, most liquid resale band in Dubai. Finding a buyer is not the risk. The risk is the several hundred other apartments in the same development reaching handover in the same quarter, and what that does to pricing power in the first year.

We have a handover date, the payment plan, the unit mix, the amenity programme and the developer’s photography.

We do not have yield and per-foot, which no developer publishes.

The file so far

Where each one stands

Ordered by how far the work has got. Not by price.