Palm Beach Tower 1 Escrow Account

Mashreq Bank PSC holds the escrow account for Palm Beach Tower 1, account number 0190*****402 (the full number is available in the Escrow Details section above). The Dubai Land Department register lists the project as number 2406 under the name Palm Beach Towers -1, registered on 22 June 2022, with Mashreq Bank PSC as its trust account bank.

Buyer payments for Palm Beach Tower 1 are held in the escrow account and released to the developer in stages, only as construction progress is recorded through inspections in the Dubai Land Department register. The developer cannot draw the funds freely, and the release sequence follows the works on site rather than the sales calendar. The payment schedule for each unit is set in the buyer's Sales and Purchase Agreement.

The Dubai Land Department project register recorded 82.83 percent progress for Palm Beach Tower 1 on 12 August 2026, up from 80.7 percent on 19 May 2026. With enabling, foundation and structure works behind it and internal works well advanced, the releases still ahead relate mainly to finishing, MEP, external envelope and external works. Every dated reading is tracked on the Palm Beach Tower 1 construction updates page.

No. The 4% DLD registration fee on a Palm Beach Tower 1 purchase goes to the Dubai Land Department as a government charge at registration, and it never passes through the escrow account at Mashreq Bank PSC. Because it sits outside the purchase price, it is neither held in escrow nor released to the developer.

An off-plan Palm Beach Tower 1 purchase is recorded with the Dubai Land Department through Oqood, the interim register for units under construction, which links the buyer to a specific unit before the tower is complete. Once the tower is completed and the purchase price is settled under the Sales and Purchase Agreement, the Oqood record is replaced by a title deed issued by the Dubai Land Department in the buyer's name. Handover is scheduled for Q4 2026.

A later handover does not loosen the escrow controls: money already paid remains in the account, and each further release still depends on progress recorded in the Dubai Land Department register rather than on the date. The registered completion date is 31 December 2026, in line with the scheduled Q4 2026 handover. Escrow protects the capital while the tower completes but does not itself compensate for delay; any delay terms sit in the Sales and Purchase Agreement. After completion, a retention held in escrow backs defect repairs, the stage covered in the Palm Beach Tower 1 snagging inspection guide.

No. Each off-plan payment toward Palm Beach Tower 1 belongs in the DLD-registered escrow account 0190*****402 at Mashreq Bank PSC (the full number appears in the Escrow Details section above), matching the escrow clause of 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 outside escrow, follows the typical pattern of payment fraud however official it looks. Because Mashreq Bank PSC also holds escrow accounts for other projects, a matching bank name proves nothing on its own; the full account number has to agree with Dubai REST and the Sales and Purchase Agreement digit for digit.

Should a registered project be cancelled, RERA takes control of the escrow account, and refunds owed to buyers are then settled from the money it holds, supervised by the Dubai Land Department. That protection reaches only money paid into the registered account; funds sent anywhere else fall outside it. With 82.83 percent progress recorded in the register on 12 August 2026, Palm Beach Tower 1 is well beyond the point at which cancellation is a practical risk, although the mechanism stands either way. The regulatory background is set out in the Dubai Land Department guide.

The escrow details can be checked in the Dubai REST app under Services, then Project Status, by searching project number 2406 (listed as Palm Beach Towers -1) and opening the Escrow panel, which shows the bank name and the account number. The bank shown is Mashreq Bank PSC, and the number displayed there is the reference any payment instruction and the SPA escrow clause must agree with.

Nakheel, founded in 2003, completed the reclamation and core infrastructure of Palm Jumeirah in 2006, with the first residents arriving in 2007, according to the developer profile on this site. For Palm Beach Tower 1 itself, the Dubai Land Department register shows registration on 22 June 2022, a construction start on 1 December 2022, and readings of 80.7 percent on 19 May 2026 and 82.83 percent on 12 August 2026, with 31 December 2026 recorded as the completion date.

Escrow protects payments made toward a Palm Beach Tower 1 unit while the tower is built and releases them only against recorded progress. It does not compensate for delay, guarantee a resale price or rental return, or protect money paid outside the registered account. After completion, a retention portion stays in escrow as security for defect repairs, while the condition of an individual apartment at handover is established by the buyer's own inspection before acceptance.