Chelsea Residences Escrow Account

Dubai Islamic Bank (PJSC) holds the escrow account for Chelsea Residences, account number 0015*****820101 (shown in full in the Escrow Details section above). The account sits on the Dubai Land Department record for project number 3719, which was registered on 30 April 2025.

Under DAMAC's 60/40 launch plan, the 20 percent deposit and the forty monthly instalments of 1 percent are all paid into the escrow account first. Those instalments fall due on dates counted from booking rather than on construction milestones, while the bank releases funds to DAMAC only against construction progress recorded by DLD inspections. The final 40 percent is payable on completion, which DAMAC anticipates in December 2029.

The DLD inspection dated 7 August 2026 moved the Chelsea Residences register reading to 5.19 percent, up from 0.65 percent on 9 April 2026, with the progress status Enabling Works - Progressing. The inspector's notes for that visit record mobilization under way and enabling and piling works at an advanced stage. Because releases follow recorded progress, the work that escrow payouts are measured against at this point is site preparation, shoring and piling rather than tower construction. Each dated reading is tracked on the Chelsea Residences construction updates page.

Yes, the protection continues. Money paid for Chelsea Residences stays in the escrow account and is still released only against recorded construction progress, whatever the date on the calendar. Escrow protects capital while the project is completed; it does not compensate buyers for a delay, and any delay terms sit in the Sales and Purchase Agreement. The DLD register currently lists completion as 31 December 2029.

No. Every off-plan payment for Chelsea Residences belongs in the DLD-registered escrow account 0015*****820101 at Dubai Islamic Bank (the full number is in the Escrow Details section above), matching the escrow details in the Sales and Purchase Agreement. A request to pay into a personal account, an agent's account, or a different company account, particularly one offering a discount for paying outside escrow, follows the typical pattern of payment fraud however official the paperwork appears. A genuine payment request matches both the escrow panel for project 3719 in Dubai REST and the Sales and Purchase Agreement; a request that matches neither is not a Chelsea Residences escrow payment.

If the Dubai Land Department cancels a registered project, RERA takes control of the escrow account and buyer refunds are paid from the protected funds under DLD supervision. That safety net covers only money inside the registered account, so payments made anywhere else fall outside it. With Chelsea Residences at an enabling works stage and several years of construction ahead, this mechanism is the core of what the escrow account gives buyers. The regulatory framework is explained in the Dubai Land Department guide.

No. DAMAC's payment plan states that the 4% DLD registration fee is paid in addition to the initial 20 percent deposit. The fee goes to the Dubai Land Department for registering the purchase, not into the Chelsea Residences escrow account, so it is not part of the money held against construction progress.

Oqood is the Dubai Land Department's register for off-plan sales. It records a buyer's purchase of a specific Chelsea Residences unit against the registered project, DLD project number 3719, through the construction period until a title deed can be issued after completion. Oqood and escrow do different jobs: Oqood records the sale, while the escrow account holds the money paid under it.

The Dubai REST app from the Dubai Land Department shows the escrow details of every registered project. Under Services, then Project Status, a search for project number 3719 or Chelsea Residences By Damac opens the project record, where the escrow panel lists the bank and the account number. When everything is in order, those details match this page and the Sales and Purchase Agreement.