Canal Heights 2 by DAMAC Escrow Account

Emirates NBD Bank (P.J.S.C.) holds the escrow account for Canal Heights 2, account number 0205*****8402 (shown in full in the Escrow Details section above), opened under DLD project number 2615 when the project was registered in March 2023.

The entity registered with the Dubai Land Department against project 2615 is Resta Real Estate Development L.L.C, developer number 1555, while the tower is marketed under the DAMAC Properties brand. Both refer to the same project. The registered name is the one that appears in Dubai REST and in the RERA inspection reports, and matching it is part of confirming that a project record is the correct one.

The 60/40 construction linked plan means the booking amount and every construction instalment are paid into the escrow account first. The bank releases funds to the developer only against construction stages certified by DLD inspections, and the final 40 percent falls due on completion, expected in Q3 2027.

The inspection dated 22 April 2026 certified 28.06 percent completion, up from 22.56 percent at the previous inspection. Foundation works are complete, structural works are progressing at advanced stages, and internal, finishing and MEP works are underway at different levels of the tower. Inspection by inspection detail is tracked on the Canal Heights 2 construction updates page.

The protection continues regardless of the calendar. Funds remain in the escrow account and are released only against certified progress, whatever the schedule does. Escrow protects capital while a project completes; it does not itself compensate for delay, and any compensation terms sit in the Sales and Purchase Agreement.

No. Every off-plan payment for Canal Heights 2 must go into the DLD-registered escrow account 0205*****8402 at Emirates NBD (the full number sits in the Escrow Details section above), exactly as recorded in the Sales and Purchase Agreement. Any request to send funds to a personal account, an agent's account, or an alternative company account, especially one paired with a discount for paying directly, is the classic pattern of payment fraud, no matter how official the paperwork looks. Any such request should be checked against the escrow account registered in Dubai REST and the details in the Sales and Purchase Agreement before any funds are sent.

No. The 4 percent Dubai Land Department registration fee and the AED 1,000 Oqood fee are paid to the Dubai Land Department rather than into the project escrow account, so they sit outside the 60/40 payment schedule and outside the escrow protection that applies to construction instalments.

If the Dubai Land Department cancels a registered project, RERA takes control of the escrow account and buyer refunds are processed from the protected funds under DLD supervision. This is exactly why paying only into the registered account matters: money sent anywhere else sits outside that protection and outside that process. The wider framework is explained in the Dubai Land Department guide.

Yes, Canal Heights 2 is a freehold project, open to all nationalities.

It depends on the tier. Studios start from AED 1.33 million (approx USD 362,000), which sits below the AED 2 million property investment threshold for the 10-year Golden Visa. One bedroom apartments start from AED 2.828 million (approx USD 770,000) and every larger tier starts higher, so those purchases clear the threshold. The full requirements and application timing are covered in the Canal Heights 2 Golden Visa guide.