Cove Grand by Imtiaz Escrow Account

Ajman Bank P.J.S.C. holds the escrow account for Cove Grand, account number 0111*****016 (revealed in full in the Escrow Details section above), registered against DLD project number 3774. The project entered the Dubai Land Department register on 12 June 2025.

In the Dubai REST app, the project appears under Services, Project Status as "Cove Grand Residence By Imtiaz", project number 3774. Its Escrow panel lists the bank as Ajman Bank /P.J.S.C together with the escrow account number, and both are meant to match the payment instruction and the Sales and Purchase Agreement before any transfer is made.

The Dubai Land Department register showed 13.4% construction progress for Cove Grand at the inspection of 8 October 2026, and releases from the escrow account to the developer follow recorded progress of this kind rather than the instalment dates. The RERA progress report for that inspection notes that the enabling, piling and foundation stages are finished, while substructure work is under way. Each new reading is tracked on the Cove Grand by Imtiaz construction updates page.

At the 8 October 2026 register reading of 13.4%, buyers on Option 1 (50/50) had been called for 40% of the price and buyers on Option 2 (3 years post handover) for 45%. After the instalment of 15 October 2026, those shares rose to 45% and 50%, and the next instalment under both plans is 5% on 15 March 2027. Instalments paid ahead of recorded progress remain in the escrow account until releases are made against work recorded on site.

No. The 4% DLD registration fee goes to the Dubai Land Department when the unit is booked, at the same step as the 20% booking instalment in both plans, and it is not held in the project escrow account. The escrow account receives purchase price instalments, not government fees.

Under Option 1, the final 50% is due on completion in Q4 2027. Under Option 2, 15% is due on completion and the remaining 30% is paid in 2.5% quarterly instalments over the three years after handover. The post-handover instalments are paid to the developer after handover under the terms of the Sales and Purchase Agreement, so their protection rests on that contract rather than on the construction escrow. Escrow also does not cover the 4% DLD fee, agency fees or service charges.

No. Off-plan payments for Cove Grand belong only in the DLD-registered escrow account 0111*****016 at Ajman Bank (the full number is in the Escrow Details section above), as recorded in the Sales and Purchase Agreement. A request to pay a personal account, an agent's account or a different company account, particularly one offering a discount for paying directly, matches the standard pattern of payment fraud however official it looks. Any such instruction can be checked against the escrow record for project 3774 in Dubai REST before money moves.

Money already in the escrow account stays there and continues to be released only against recorded construction progress, whatever the calendar says. Escrow protects buyer capital while the tower is completed; it does not pay compensation for a later handover, and any delay terms sit in the Sales and Purchase Agreement.

If a registered project is cancelled, RERA takes control of the escrow account, and refunds to buyers are handled from the funds held there under Dubai Land Department supervision. That protection reaches only money paid into the registered account, so payments sent anywhere else fall outside it. The regulatory framework behind it is covered in the Dubai Land Department guide.

The Dubai Land Department register and the RERA progress report for project 3774 record the developer as Imtiaz Cove Real Estate Development L.L.C, developer number 2275. The project is marketed under the Imtiaz Developments name, and the registered company name and number are the reference points for checking payment documents against the register.

Imtiaz has announced the completion and handover of several Dubai residential projects. It reported being the first developer to complete and hand over a residential project on Dubai Islands with Beach Walk Residence (80 residences), and reported Westwood Grande in Jumeirah Village Circle as 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 are also among its delivered projects. These are Imtiaz group projects; Cove Grand is registered to a separate company, Imtiaz Cove Real Estate Development L.L.C.