Bay Grove Residences Phase 1 Escrow Account

First Abu Dhabi Bank P.J.S.C. holds the escrow account for Bay Grove Residences Phase 1, account number 4031*****6208002 (the full number is in the Escrow Details section above). The account sits under DLD project number 3293, which the Dubai Land Department registered on 4 October 2024.

Payments into the account are released to the developer in stages linked to construction progress, under the supervision of the Dubai Land Department, rather than on the dates buyers pay. The latest DLD register reading in the record is 6.6 percent, from the inspection dated 21 July 2026, when enabling, piling and foundation works were progressing on site. Each reading since June 2025 is tracked on the Bay Grove Residences Phase 1 construction updates page.

Nakheel launched Bay Grove Residences Phase 1 with instalments fixed to calendar months rather than to construction stages: 20 percent on booking, 10 percent in March 2025, 5 percent in July 2025, 10 percent in November 2025, 10 percent in March 2026, 10 percent in July 2026, 5 percent in November 2026 and 30 percent on handover in September 2028. By July 2026 that schedule had called 65 percent of the price, while the DLD register read 6.6 percent on 21 July 2026; that comparison is simple sum-work on the launch terms and says nothing about what any individual buyer has paid. The dates govern when buyers pay into escrow, while release to the developer is governed by construction progress under DLD supervision. Each buyer's own due dates and amounts are fixed by that buyer's Sales and Purchase Agreement.

No. The 4% DLD registration fee goes to the Dubai Land Department when the unit is booked, at the same time as the 20 percent down payment, and it never passes through the escrow account. It is a government registration fee rather than part of the purchase price, so it is never held for release to the developer.

An off-plan purchase at Bay Grove Residences Phase 1 is recorded on Oqood, the Dubai Land Department register for off-plan sales, which links the buyer's interest in a specific unit to registered project 3293 while construction continues. After completion, and once the amount due at handover is settled, the Oqood record is converted into a title deed issued by the Dubai Land Department. Handover is scheduled for September 2028.

No. Off-plan instalments for Bay Grove Residences Phase 1 are payable only into the DLD-registered escrow account 4031*****6208002 at First Abu Dhabi Bank (the full number is in the Escrow Details section above), as written in the Sales and Purchase Agreement. A request to pay a personal account, an agent's account or a different company account, particularly one offering a discount for paying outside escrow, matches the usual pattern of payment fraud. Escrow accounts for other projects at the same bank can share this account's opening digits, so a genuine payment instruction matches all sixteen digits registered in Dubai REST and in the Sales and Purchase Agreement.

Yes. The protection is not tied to a date: releases from the account stay linked to construction progress rather than to any deadline. The DLD record gives a registered completion date of 15 March 2028 and the scheduled handover is September 2028. Escrow protects the capital held in the account while the project completes, but it does not itself pay compensation for delay; any delay terms sit in the Sales and Purchase Agreement.

RERA takes control of the escrow account if a project is cancelled, and buyer refunds are then handled from the funds held in that account under DLD supervision. That protection reaches only money paid into the registered account; a payment sent anywhere else sits outside it. How the Dubai Land Department oversees off-plan projects more broadly is set out in the Dubai Land Department guide.

The Dubai REST app shows them. Under Services, then Project Status, project number 3293 is listed as Bay Grove Residences, Dubai Islands, and its Escrow panel gives the bank name and the full account number. The same details appear in the escrow section of the buyer's Sales and Purchase Agreement, and a genuine payment instruction matches both exactly.

Bay Grove Residences Phase 1 is under construction, so its own record is the Dubai Land Department register: registered on 4 October 2024, construction start recorded on 22 December 2024, and register readings of 0 percent on 17 June 2025, 1.21 percent on 26 January 2026, 3.7 percent on 28 April 2026 and 6.6 percent on 21 July 2026. The developer brand is Nakheel, founded in 2003, whose Palm Jumeirah reclamation and core infrastructure were completed in 2006.

Escrow protects buyer capital paid into the registered account. It does not compensate for delays, which is a matter for the Sales and Purchase Agreement; it does not hold the 4% DLD registration fee, which goes to the Dubai Land Department; and it cannot protect money sent to any other account. It also says nothing about resale prices, rental returns or service charges, and it is not a guarantee of finish quality, although the retention held after completion gives the developer a financial reason to resolve defects.