Cove Edition 3 by Imtiaz Escrow Account

First Abu Dhabi Bank P.J.S.C. holds the escrow account for Cove Edition 3 by Imtiaz, account number 1011*****8110040 (the full number is in the Escrow Details section above). The account belongs to DLD project number 3466, entered in the Dubai Land Department register on 16-01-2025.

The record sits in the Dubai REST app under Services, then Project Status, and is found by searching project number 3466 or the register name Cove Edition Residence 3 By Imtiaz. The Escrow panel on that record shows the bank and the account number, which should match this page and the Sales and Purchase Agreement digit for digit. Because the register name differs from the marketing name, the project number is the more reliable search.

Under both plans, booking and construction-period payments are made into the escrow account. Every dated instalment had fallen due by 15 June 2026, so half the price had been called on Option 1 (50/50) and 55% on Option 2 (70/30), while the DLD register read 37.13% on 20 July 2026. Money paid in is released to the developer only against construction progress recorded by the DLD. The register readings behind those releases are tracked on the Cove Edition 3 construction updates page.

The amount due on completion, half the price on Option 1 and 15% on Option 2, is payable when the building is completed, which Imtiaz gives as Q4 2026, and is paid into the escrow account recorded in the Sales and Purchase Agreement. The remaining 30% under Option 2 is paid at 2.5% a quarter over three years after handover; those post-handover instalments go to the developer under the Sales and Purchase Agreement rather than through the construction-period escrow cycle.

No. The 4% DLD registration fee is paid to the Dubai Land Department at booking, alongside the 20% booking payment, and does not enter the Cove Edition 3 escrow account. Only instalments of the purchase price are paid into escrow.

No. Off-plan instalments for Cove Edition 3 are payable only into the DLD-registered escrow account 1011*****8110040 at First Abu Dhabi Bank (the full number is in the Escrow Details section above), as recorded 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 that comes with a discount for paying that way, matches the usual pattern of payment-diversion fraud. Other projects can bank with the same institution under account numbers that look almost identical, so the safe practice is to compare every digit of any instruction with the Escrow panel for project 3466 on Dubai REST before money moves.

The escrow arrangement is tied to construction progress, not to the calendar. Money already paid stays in the account and is released only as the DLD records progress, whenever that progress happens. Escrow protects capital; it does not pay compensation if the timetable changes, and any such terms sit in the Sales and Purchase Agreement. Imtiaz gives Q4 2026 for handover and the DLD register lists 25-12-2026 as the registered completion date; the current timetable can be confirmed in writing with the developer, and newer readings appear on Dubai REST.

Under the Dubai escrow framework, RERA takes control of the escrow account if a project is cancelled, and refunds to buyers are then made from the money held in it under DLD supervision. The protection reaches only money paid into the registered account; payments sent anywhere else fall outside it. How the DLD handles cancelled projects is covered in the Dubai Land Department guide.

Yes. Under the escrow framework part of the money is retained in the account beyond completion as a reserve for defect repairs, so the developer still has funds tied to putting right faults reported after handover. The size and duration of that retention follow the regulatory framework and the project's escrow terms.

Imtiaz has announced several completed Dubai projects: Beach Walk Residence on Dubai Islands, reported as the first residential project completed and handed over there, with 80 residences; Westwood Grande in Jumeirah Village Circle, reported handed over ahead of schedule in December 2024; Westwood Grande II and Pearl House in Jumeirah Village Circle; and Hyde Walk in Jumeirah Garden City. These details come from developer announcements, not from the DLD register.

The DLD register and the RERA progress report list IMTIAZ REAL ESTATE INVESTMENT & DEVELOPMENT L.L.C, developer number 1129, as the developer of project 3466. The project is marketed under the Imtiaz Developments brand; the registered company name and developer number are what the Dubai REST record shows.

The escrow account protects purchase payments made into it. It does not hold the 4% DLD registration fee, money sent to any other account, or the Option 2 instalments paid after handover, and it does not pay compensation if the timetable changes. Those matters are governed by the Sales and Purchase Agreement and DLD rules.