Canal Bay by NED, Business Bay
Canal Bay by NED is an 18-storey residential tower on the Dubai Water Canal in Business Bay, with 2- and 3-bedroom freehold apartments across seven layouts. Royale Stays manages the setup, pricing and guest side of listing a unit here for a fee starting from 15%.
Storeys
18
Developer
NED Properties
Status
Completed, ready
Unit types
2BR, 3BR only
Ownership
Freehold
About Canal Bay
Canal Bay by NED is an 18-storey residential tower on the Dubai Water Canal in Business Bay, developed by NED Properties, the real estate development arm of NED Investment Group and part of the wider Al Ghurair Group. The building holds two and three-bedroom apartments across seven different layouts, with two-bedroom units running from roughly 1,099 to 1,327 square feet and three-bedroom units starting from around 1,449 square feet. There are no studio or one-bedroom units in this building. Canal Bay is a completed, ready-to-move-in freehold property with individually-owned, sellable units and 100% foreign ownership permitted.
Worth knowing if you come across it under a different name: Canal Bay is also referenced as N128 Tower on some listing platforms and maps, which is simply NED’s own internal project code for the same building, not a separate property. It is also a distinct building from DAMAC’s similarly canal-themed Business Bay projects, such as Canal Views and Canal Heights, a different developer, a different tower.
Location & Nearby Landmarks
Canal Bay sits directly on the Dubai Water Canal in Business Bay, with upper-floor apartments looking out over the canal and toward the Burj Khalifa. It is roughly an 11-minute drive to The Dubai Mall, around 17-18 minutes to Burj Al Arab and Palm Jumeirah, and about 22 minutes to JBR. The iconic Tolerance Bridge, one of the most recognisable stretches of the Dubai Water Canal, is a short distance along the waterfront.
Canal Bay joins Royale Stays’ wider Business Bay Building Guide cluster, alongside Peninsula Three, another Dubai Canal-front tower Royale Stays has covered separately, Hamilton Residency, another Business Bay tower Royale Stays covers, and Bayz by Danube, a further Business Bay tower in Royale Stays’ coverage.
Unit Types
Canal Bay offers two configurations only: two-bedroom apartments in the roughly 1,099-1,327 square foot range, and three-bedroom apartments from around 1,449 square feet, spread across seven distinct layouts. This makes it a good fit for small families or groups needing more space than a typical Business Bay one-bedroom, rather than a studio-heavy investment building.
Amenities
NED markets Canal Bay as offering 58 amenities in total, among them a swimming pool, a fitness centre, a kids’ play area, ground-floor retail shops, a roadside terrace, secure covered parking and smart home technology in the apartments themselves. The 58-amenity figure is the developer’s own marketing claim rather than an independently itemised list.
Transportation & Access
Business Bay Metro Station, on the Red Line and directly on Sheikh Zayed Road, is the nearest metro stop, with Dubai Mall and Burj Khalifa about one stop (roughly 3-4 minutes) north and DIFC and Emirates Towers around two stops (roughly 8-10 minutes) further on. Sheikh Zayed Road gives quick onward access to Downtown Dubai, DIFC and the rest of the city’s main arterial road network.
Rental & Price Trends
Canal Bay is a completed, actively-marketed freehold building with individually-owned units regularly listed for sale and rent, with two-bedroom apartments recently advertised from the low AED 2 millions. Royale Stays has not independently verified a building-specific long-term rental yield figure for Canal Bay at this time.
Airbnb / Short-Term Rental Income Potential
No third-party short-term rental listing specific to Canal Bay was located during this research pass, which is common for a recently-completed tower. For context, two-bedroom apartments across Business Bay more broadly have averaged around AED 801 a night at roughly 88% occupancy (about AED 21,874 a month), and three-bedroom apartments have averaged around AED 1,212 a night at a similar occupancy level (about AED 33,159 a month), based on Royale Stays’ own portfolio data across the wider area.
Canal Bay’s own two- and three-bedroom apartments, being canal-front units in a newly-completed building, are a plausible fit for this range, though actual performance for any individual unit depends on floor, view and furnishing standard. Canal Bay is a standard freehold residential tower, not a hotel-branded property, so the normal Dubai Department of Economy and Tourism holiday-home permit process applies.
No confirmed direct STR listing was found for this specific building during research; Business Bay area-level figures are used above for context, not as a building-specific claim.
Questions