Bay Grove Residences Phase 3 Escrow Account

Abu Dhabi Islamic Bank holds the escrow account for Bay Grove Residences Phase 3, account number 2919***** (the full number is in the Escrow Details section above), registered under DLD project number 3415, which the Dubai Land Department recorded on 13 December 2024.

Buyer payments for Bay Grove Residences Phase 3 collect in the escrow account first, and the bank releases funds to the developer against construction progress recorded by the Dubai Land Department, not against the payment calendar. The latest register reading was 5.7% on 22 July 2026, taken while enabling and piling works were progressing at the site. The inspection by inspection record is tracked on the Bay Grove Residences Phase 3 construction updates page.

No. Each off-plan payment for Bay Grove Residences Phase 3 belongs in the DLD-registered escrow account 2919***** at Abu Dhabi Islamic Bank (the complete number appears in the Escrow Details section above), as set out in the Sales and Purchase Agreement. A request to send money to a personal account, a broker's account or a different company account, particularly one offered with a discount for paying outside escrow, matches the standard pattern of payment fraud however official the documents appear. Any such instruction is checked against the escrow account shown in Dubai REST and the account named in the Sales and Purchase Agreement before funds move.

Oqood is the Dubai Land Department's interim register for off-plan units. Registering a Bay Grove Residences Phase 3 unit under Oqood records the buyer against DLD project 3415, the same project the Abu Dhabi Islamic Bank escrow account is attached to, and the down payment enters escrow once that registration is in place. After completion, the Oqood record gives way to a title deed issued by the Dubai Land Department.

No. The 4% DLD registration fee on a Bay Grove Residences Phase 3 purchase is paid to the Dubai Land Department at booking, alongside the 20% down payment, and does not go into the escrow account. Only payments toward the purchase price, from the down payment through to the final 30% on handover, belong in the Abu Dhabi Islamic Bank escrow account.

Yes. Money paid toward Bay Grove Residences Phase 3 remains in the escrow account, and the bank still releases it only as construction progress is recorded, however far the calendar moves; handover is scheduled for March 2029. Escrow keeps the capital protected while the build continues. It does not pay compensation for a delay, and any delay terms are set out in the Sales and Purchase Agreement.

RERA takes control of the escrow account if a project is cancelled by the Dubai Land Department, and buyer refunds are then handled from the funds held in it under DLD supervision. For Bay Grove Residences Phase 3, that protection covers money held in the escrow account at Abu Dhabi Islamic Bank under project 3415; money sent to any other account falls outside it. The wider regulatory framework is covered in the Dubai Land Department guide.

In the Dubai REST app, the Project Status service under Services opens the record for DLD project 3415, which the register lists as Bay Grove Residences C - Dubai Islands. Its Escrow Account panel shows the bank and the account number, which for Bay Grove Residences Phase 3 read Abu Dhabi Islamic Bank and an account number that matches both this page and the Sales and Purchase Agreement. The check takes about two minutes and is worth repeating before each instalment.

Nakheel, the master developer of Dubai Islands, was founded in 2003. Its developer profile records Palm Jumeirah's reclamation and core infrastructure completed in 2006, first residents on Palm Jumeirah in 2007, and a portfolio that includes Palm Jumeirah, Jumeirah Village Circle, Al Furjan and Jumeirah Islands. For Bay Grove Residences Phase 3 itself, the DLD register records registration on 13 December 2024, a construction start on 15 February 2025 and a 5.7% reading on 22 July 2026.

The escrow account for Bay Grove Residences Phase 3 protects the buyer payments made into it while the project is being built. It does not guarantee the March 2029 handover date, pay compensation for a delay, protect money sent to any other account, or shield a purchase from changes in market value. The instalment dates that apply to each unit are fixed in the Sales and Purchase Agreement, not by the escrow account.

Under the published payment plan, the final 30% of the Bay Grove Residences Phase 3 price falls due on handover, scheduled for March 2029, and like every earlier payment toward the price it goes into the Abu Dhabi Islamic Bank escrow account. A retention portion of the escrow balance is held after completion toward defect repairs. The instalment dates that apply to each unit are confirmed in the Sales and Purchase Agreement at booking.