CHIC Tower Escrow Account

Mashreq Bank PSC holds the escrow account for CHIC Tower, account number 0190*****732 (shown in full in the Escrow Details section above). The account sits under DLD project number 2460, registered with the Dubai Land Department on 7 October 2022.

The Dubai Land Department register and the independent progress monitoring reports record PAX INVESTMENT L.L.C, developer number 1470, as the registered developer of CHIC Tower under project number 2460, while the tower is marketed by DAMAC Properties. Escrow releases are tied to that registered project, so project number 2460 and the Mashreq Bank PSC account are the reference points when a payment instruction is checked, together with the parties named in the Sales and Purchase Agreement.

No. Every off-plan payment for CHIC Tower belongs in the DLD-registered escrow account 0190*****732 at Mashreq Bank PSC (the full number sits in the Escrow Details section above), as recorded in the Sales and Purchase Agreement. A request to send money to a personal account, an agent's account or a different company account, particularly one that comes with a discount for paying outside escrow, follows the standard pattern of payment fraud however official the paperwork appears. Such a request is checked against the escrow account shown in Dubai REST and the details in the Sales and Purchase Agreement before any funds move.

Money paid into the CHIC Tower escrow account is released to the developer in stages against construction progress recorded by DLD inspections, not on the dates buyers pay. The latest DLD register reading, dated 17 August 2026, is 84.01 percent, up from 73.77 percent on 8 April 2026. The inspection history behind each reading is tracked on the CHIC Tower construction updates page.

The 2022 launch plan for CHIC Tower runs to 18 instalments: a 20 percent deposit on booking, thirteen instalments totalling 56 percent due between 3 and 39 months from the sale date, four 1 percent instalments linked to 70, 80, 90 and 95 percent completion, and 20 percent on completion. Every instalment is paid into the escrow account, so buyer due dates follow the calendar while the developer's access to the money follows inspected progress. The 84.01 percent reading of 17 August 2026 sits past the 70 and 80 percent milestones and before the 90 percent milestone. Terms for a purchase made today are set in the buyer's own Sales and Purchase Agreement.

The 4% DLD registration fee is paid in addition to the 20 percent deposit and sits outside the 100 percent price schedule. Oqood is the Dubai Land Department register for off-plan sales: once the deposit and the fee are paid and the Sales and Purchase Agreement is signed, the CHIC Tower unit is recorded in Oqood against project 2460, which ties the buyer's purchase to the registered project and its escrow account.

The DLD register lists a registered completion date of 30 July 2025 for CHIC Tower, a date that has passed, while handover is expected in Q4 2026. The register does not state a reason for the difference. The escrow mechanism is the same under either date: funds remain in the account and are released only against inspected progress, which stood at 84.01 percent on 17 August 2026.

Yes, the protection continues for as long as construction does. Money in the account is released only against inspected progress, whatever the calendar says, and a retention portion stays in escrow after completion to cover defect repairs. Escrow protects capital while the project finishes; it does not itself compensate for delay, and delay terms sit in the Sales and Purchase Agreement. How that retention works alongside the handover defect check is covered in the CHIC Tower snagging inspection guide.

If the Dubai Land Department cancels a registered project, RERA takes control of the escrow account and buyer refunds are handled from the protected funds under DLD supervision. That safeguard covers money paid into the registered Mashreq Bank PSC account only; payments sent anywhere else sit outside it. At 84.01 percent on the DLD register reading of 17 August 2026, CHIC Tower is far past the stage where cancellation is a realistic concern, but the safeguard applies at every stage. The wider framework is explained in the Dubai Land Department guide.

The Dubai REST app shows the registered escrow details for off-plan projects. Under Services, then Project Status, a search for project number 2460 or "Chic Tower" opens the project record, where the escrow panel lists the bank and account number. Those details match the Mashreq Bank PSC account 0190*****732 shown in the Escrow Details section above, and the same details appear in the Sales and Purchase Agreement.

CHIC Tower has not yet been delivered; handover is expected in Q4 2026. Its DLD register history runs from registration on 7 October 2022 and a construction start on 15 March 2023, through a registered completion date of 30 July 2025 that has since lapsed, to register readings of 73.77 percent on 8 April 2026 and 84.01 percent on 17 August 2026. At developer level, DAMAC Properties reported approximately 42,000 homes delivered as of 30 June 2022.