Cove Edition 5 by Imtiaz Escrow Account

Dubai Islamic Bank (Public Joint Stock Company) holds the escrow account for Cove Edition 5, account number 0016*****507001 (shown in full in the Escrow Details section above), registered to DLD project number 3705. The same bank is named as the trust account bank on the RERA monitoring report for the 18 August 2026 inspection.

In the Dubai REST app, Services and then Project Status lead to the project record, which is found by searching project number 3705 or by the registered project name, Cove Edition Residence 5 By Imtiaz. The Escrow panel on that record shows the bank and the account number, and the RERA monitoring report for the project lists the registered developer as IMTIAZ REAL ESTATE INVESTMENT & DEVELOPMENT L.L.C, developer number 1129.

Both Cove Edition 5 plans open with 20% on booking and then set instalments by calendar date. Option 1 (50/50) adds six instalments of 5% dated 15 August 2025 to 15 February 2027 and 50% on completion; Option 2 (70/30) adds 5%, 5%, 10%, 10% and 5% dated 15 August 2025 to 15 October 2026, 15% on completion and 30% after handover. Construction-period payments are made into the escrow account, and the bank releases funds to the developer against construction progress recorded by DLD inspections rather than against the payment dates. Completion is estimated for Q2 2027.

The DLD inspection report card dated 18 August 2026 shows 26.32% for Cove Edition 5, beside an earlier reading of 16.07% that carries no date. The RERA monitoring report for that inspection recorded the enabling and foundation works as completed and the substructure, superstructure and internal works as progressing. Escrow releases follow recorded progress of this kind, Dubai REST very likely shows a more recent reading than the August one, and the dated record is tracked on the Cove Edition 5 construction updates page.

With the 20% booking instalment counted, Option 1 buyers had reached 40% of the price in dated payments by 18 August 2026, the day of the 26.32% DLD register reading, and Option 2 buyers 50%. Both plans then called a 5% instalment on 15 October 2026, and Option 1 still schedules another 5% for 15 February 2027 ahead of its completion payment. Construction-period payments are held in the escrow account and released against recorded progress, not against the payment calendar.

Yes. Money in the Cove Edition 5 escrow account continues to be released only against recorded construction progress, whatever the calendar says. Handover is estimated for Q2 2027, and 20-05-2027 is the registered completion date on the DLD register; the current timetable is confirmed by the developer in writing. Escrow protects capital while the building is completed, but it does not itself compensate for a change in timing, as those terms sit in the Sales and Purchase Agreement, and it does not cover money sent to any other account or the 4% DLD registration fee.

No. Every booking and construction-period payment for Cove Edition 5 belongs in the DLD-registered escrow account 0016*****507001 at Dubai Islamic Bank (the full number sits in the Escrow Details section above), as recorded in the Sales and Purchase Agreement. Payment fraud on off-plan projects usually arrives as a new bank detail: a personal account, an agent's account or a sister company, sometimes paired with a discount for paying outside escrow. Any such instruction, however official the letterhead, is measured against the account on Dubai REST and in the Sales and Purchase Agreement before money moves.

If the Dubai Land Department cancels a registered project, RERA takes control of the escrow account and refunds to buyers are handled from the protected funds under DLD supervision. That protection reaches only money paid into the registered account, which is why the account number matters more than any other detail of a transfer. The mechanism applies to Cove Edition 5 at every stage of construction, and the regulatory background is covered in the Dubai Land Department guide.

No. Under both Cove Edition 5 payment options the 4% DLD registration fee is settled with the Dubai Land Department at the booking stage, separately from the 20% booking instalment. It is a government registration charge, so it never enters the project escrow account and is never released to the developer.

Option 1 settles 50% of the price on completion and Option 2 settles 15% on completion, with completion estimated for Q2 2027. Before that transfer the receiving account is matched against Dubai REST and the Sales and Purchase Agreement, exactly as for every earlier instalment. Option 2 then spreads its remaining 30% at 2.5% quarterly over three years after handover; those instalments are paid to the developer after handover under the Sales and Purchase Agreement, outside the construction-period escrow cycle.

Yes. A retention portion remains in the escrow account after completion to cover the repair of defects, so money is still held while the issues buyers record during their pre-acceptance inspection of each apartment are put right. The exact retention terms that apply to Cove Edition 5 follow the escrow framework and the Sales and Purchase Agreement.

According to Imtiaz's own announcements, its completed projects include Beach Walk Residence on Dubai Islands, described by the developer as the first residential project completed and handed over there (80 residences), and Westwood Grande in Jumeirah Village Circle, reported handed over ahead of schedule in December 2024, along with Westwood Grande II and Pearl House in Jumeirah Village Circle and Hyde Walk in Jumeirah Garden City. These are developer-reported deliveries of the Imtiaz brand, and Cove Edition 5 itself has no handover yet.