Mercedes-Benz Places Escrow Account

Sharjah Islamic Bank holds the escrow account for Mercedes-Benz Places, account number 0011*****1096 (shown in full in the Escrow Details section above). The account sits under DLD project number 2545, registered on 15 December 2023 with Binghatti Developers FZE as the registered developer.

Buyer payments for Mercedes-Benz Places are held in the Sharjah Islamic Bank escrow account and released to Binghatti only against construction progress certified through DLD inspections, so releases follow verified work on site rather than the payment calendar. Each buyer's installment schedule is set in the Sales and Purchase Agreement, and the same release rule applies whatever that schedule is.

The DLD inspection dated 28 April 2026 certified Mercedes-Benz Places at 65.25 percent, up from 48.49 percent at the 14 October 2025 inspection. Enabling, foundation and substructure works were recorded as complete, with the superstructure, internal works and finishes, external works, the external envelope and MEP progressing at different stages. The dated inspection history is tracked on the Mercedes-Benz Places construction updates page.

Oqood is the Dubai Land Department's register for off-plan sales. A Mercedes-Benz Places sale is recorded in Oqood against DLD project number 2545, which ties the buyer's interest in the residence to the registered project and to its escrow account at Sharjah Islamic Bank. That record remains the reference for the unit, including for any resale during construction, until the title deed is issued after handover.

No. The 4% DLD registration fee is a government fee payable to the Dubai Land Department when the Mercedes-Benz Places sale is registered, and it is separate from the purchase price. The escrow account at Sharjah Islamic Bank holds price payments toward the residence, not government fees. The wider DLD framework is explained in the Dubai Land Department guide.

Yes, the escrow protection continues. Funds stay in the Mercedes-Benz Places escrow account and are released only against certified progress, regardless of the calendar. Escrow protects capital while the tower completes but does not itself compensate for delays; those terms sit in the Sales and Purchase Agreement. After completion, a retention portion remains in escrow as security for defect repairs, and how that period is used at handover is covered in the Mercedes-Benz Places snagging inspection guide.

No. Every payment due to the developer for a Mercedes-Benz Places residence goes into the DLD-registered escrow account 0011*****1096 at Sharjah Islamic Bank (the full number sits in the Escrow Details section above), as recorded in the Sales and Purchase Agreement. A request to route money to a personal account, an agent's account, or a different company account, particularly one paired with a discount for paying outside escrow, fits the standard pattern of payment fraud however official the documents appear. Any such request is checked against the escrow account shown in Dubai REST and the Sales and Purchase Agreement before funds move.

The Dubai REST app shows the registered escrow details for Mercedes-Benz Places under Services, then Project Status, by searching project number 2545 or the register name Mercedes-Benz Places | Binghatti. A payment instruction is consistent only when three sources agree: the escrow panel in Dubai REST, the escrow clause of the Sales and Purchase Agreement, and the Sharjah Islamic Bank account in the Escrow Details section above.

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 protection covers money paid into the registered Mercedes-Benz Places account at Sharjah Islamic Bank; money sent anywhere else sits outside it. With 65.25 percent of construction certified at the 28 April 2026 inspection the project is well into its build, and the safety net applies at every stage. The wider framework is set out in the Dubai Land Department guide.

The escrow account protects capital paid toward a Mercedes-Benz Places residence. It does not compensate for a delayed handover, guarantee a resale price or rental return, or protect money paid into any account other than the registered one at Sharjah Islamic Bank. Delay terms sit in the Sales and Purchase Agreement, and government fees are paid to the Dubai Land Department rather than held in escrow.

For a residence bought directly from Binghatti while the tower is under construction, payments due to the developer go into the Mercedes-Benz Places escrow account from the first installment. In an off-plan resale, the amount the seller has already paid, plus any premium, is settled between buyer and seller when the transfer is registered with the Dubai Land Department, and the installments still outstanding after the transfer continue into the same escrow account. In both cases the unit's registration against project 2545 is what links the buyer to the protected account.