Safa One de GRISOGONO Escrow Account

The Safa One escrow account is held at Emirates NBD Bank (P.J.S.C) under account number 0205*****8902 (the full number is in the Escrow Details section above). The account is tied to DLD project 2374, which the Dubai Land Department register lists under the name DAMAC CITY, registered on 18 March 2022.

Safa One's payment plan is 20% on booking (with the 4% DLD registration fee paid separately to the DLD), 40% during construction and 40% on completion, with instalment dates set in the buyer's Sales and Purchase Agreement. Instalments paid for Safa One stay in the escrow account until the Dubai Land Department register logs construction progress, and the bank then releases funds to the developer in stages matched to that progress rather than to the payment calendar. The latest reading, dated 15 July 2026, records 68.66 percent, up from 58.83 percent on 24 March 2026, with the 40% completion payment still ahead under the plan at that reading. Every reading, with its inspection notes, is recorded on the Safa One construction updates page.

No. Off-plan payments for Safa One belong in the DLD-registered escrow account 0205*****8902 at Emirates NBD (the full number is in the Escrow Details section above), matching the escrow details written into the buyer's 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, fits the standard pattern of payment-diversion fraud however official the paperwork appears. Money sent to any other account sits outside the escrow protection altogether.

No. The Dubai Land Department charges its 4% registration fee on the purchase price at the point the Safa One sale is registered, and the buyer pays it directly to the DLD as a government fee, alongside but separate from the 20% booking payment. It never enters the project escrow account and is never released to the developer; escrow holds only the instalments that make up the purchase price itself: 20% on booking, 40% during construction and 40% on completion.

An off-plan Safa One purchase is first recorded on Oqood, the Dubai Land Department's interim register for units under construction, which links the buyer's name to the unit while payments flow into escrow. Once the project is completed and the final 40% is paid on completion, as the Sales and Purchase Agreement requires, the Oqood record gives way to a title deed issued in the owner's name. Handover is scheduled for Q4 2026.

Yes. On the register, 30 December 2025 is listed as the registered completion date, and it had passed before both 2026 readings; handover is scheduled for Q4 2026. The escrow rules do not depend on that date: money already in the account continues to be released only against progress the Dubai Land Department register records. Escrow preserves capital while the project completes but does not compensate for delay; any delay terms sit in the Sales and Purchase Agreement. A retention portion stays in escrow after completion, and how it works alongside a handover defect inspection is covered in the Safa One snagging inspection guide.

RERA takes control of the escrow account if a project is cancelled, and for a registered project such as Safa One, refunds to buyers are then paid out of the money held there under DLD oversight. Only payments made into the registered account sit inside that protection; money sent anywhere else does not. When the register was read on 15 July 2026, Safa One had 68.66 percent of construction recorded, well into the build, and the safety net applies at every stage regardless. How the DLD oversees escrow accounts and refunds is covered in the Dubai Land Department guide.

The Dubai REST app publishes the registered escrow details of off-plan projects. Under Services, then Project Status, a search for project number 2374 returns Safa One under its register name, DAMAC CITY, and the escrow panel lists the bank and the account number. Those details are the reference point for the escrow clause of the Sales and Purchase Agreement and for the Escrow Details section of this page.

The verifiable record is Safa One's own: registration with the Dubai Land Department on 18 March 2022, construction start on 1 June 2022, a 30 December 2025 registered completion date that has since lapsed, and register readings of 58.83 percent on 24 March 2026 and 68.66 percent on 15 July 2026. DAMAC Properties was established in 2002 and names brand partners including Versace, de GRISOGONO, Cavalli and Mandarin Oriental. Its wider portfolio is covered in the DAMAC developer profile.

Escrow protects the capital paid into the Safa One account; it does not compensate for delay, guarantee a handover date, or protect money paid to any other account. The 4% DLD registration fee, service charges after handover and the resale value of a unit all fall outside it. Delay terms and remedies are set by the Sales and Purchase Agreement, and defects found at completion are handled under the developer's obligations in that agreement, supported by the retention held back after completion.