Skyscape Altius Escrow Account

Dubai Islamic Bank (Public Joint Stock Company) holds the escrow account for Skyscape Altius, account number 0015*****141801 (revealed in full in the Escrow Details section above). The account is held under DLD project number 3160, the Skyscape registration recorded on 09 October 2024.

No. The Dubai Land Department does not register the towers of this development individually, so the escrow account is the trust account of the whole Skyscape registration, project 3160, which covers all three towers. The register holds no separate account for Altius. Sobha Realty's floor plans label Skyscape Altius as Tower A, and the RERA report gives Tower A as B+G+5P+73F+R+UR; a Skyscape Altius buyer pays into the same registered account stated in the Sales and Purchase Agreement.

Payments toward the apartment, including the 20% down payment and the 40% paid during construction under the 60/40 plan, stay with Dubai Islamic Bank in the escrow account and are released to the developer only against construction progress recorded through RERA inspections; the timing of the construction 40% is set in each Sales and Purchase Agreement. The latest register reading for the Skyscape registration is 38.27% at the 21 September 2026 inspection, a figure for all three towers rather than for Skyscape Altius alone. Inspection-by-inspection detail is tracked on the Skyscape Altius construction updates page.

No. The 4% DLD registration fee falls due at booking alongside the 20% down payment, but it is settled with the Dubai Land Department itself as part of registering the purchase, and it never passes through the escrow account. Only payments toward the apartment price under the 60/40 plan go into the Dubai Islamic Bank escrow account for the Skyscape registration.

No. Every off-plan payment toward a Skyscape Altius apartment belongs in the DLD-registered escrow account 0015*****141801 at Dubai Islamic Bank (the full number is in the Escrow Details section above), as recorded in the Sales and Purchase Agreement. A request to route money to an individual, to an agency, or to any company account other than the registered one, particularly one paired with a discount for paying outside escrow, fits the usual pattern of payment fraud however genuine the paperwork appears. The reliable test for any such request is a comparison with the escrow account shown for project 3160 in Dubai REST and with the agreement, made before any money is sent.

Nothing changes in how the money is held: the balance stays with Dubai Islamic Bank, and each release still depends on construction progress recorded on site, whatever the calendar says. Escrow protects capital while the building is completed; it does not itself compensate buyers for a later completion, and any terms on that point sit in the Sales and Purchase Agreement. The Skyscape registration as a whole carries a registered completion date of 31 December 2029.

RERA takes control of the escrow account if a project is cancelled, and buyer refunds are paid from the protected funds under Dubai Land Department supervision. That protection reaches only money paid into the registered account; funds sent anywhere else sit outside it. The safety net applies at every stage of the build, including the 38.27% registration-wide reading of 21 September 2026. The DLD rules behind this protection are set out in the Dubai Land Department guide.

A retention portion stays in the escrow account after completion as a reserve for defect repairs, rather than being released to the developer in full at handover. Its size and duration are set by the escrow framework and the project documents. Q4 2029 is the expected handover quarter for Skyscape Altius, when the final 40% of the 60/40 plan falls due.

The Dubai Land Department register lists the developer of project 3160 as SOBHA L.L.C, developer number 966. Skyscape Altius is marketed under the Sobha Realty name, and escrow releases for the Skyscape registration are made to that registered developer.

No dated Sobha Realty handover appears in the project documents, so no delivery record is stated here. The register for the Skyscape registration records construction starting on 15 August 2024 and registration on 09 October 2024; the inspection of 21 September 2026 produced a 38.27% reading, and its RERA report records enabling and foundation works as completed. Sobha Realty describes itself as backward integrated, with in-house competencies to take a project from concept to completion; that is the developer's own description, not a record of completed projects.

Escrow protects capital paid into the registered account while the building is completed. It does not cover money sent to any other account, it does not compensate for a later completion date, and it says nothing about resale prices, rental income or the condition of an individual apartment at handover. Those matters sit with the Sales and Purchase Agreement, the market and the buyer's own inspection.