Vision Iconic at Mercedes-Benz Places Escrow Account

Mashreq Bank PSC holds the Vision Iconic escrow account, number 0195*****976 (full number available in the Escrow Details section above). The account is linked to DLD project number 4544, registered on 12 August 2026 with Binghatti Developers FZE as the registered developer.

Buyer payments for Vision Iconic are deposited into the project escrow account first. The bank then releases funds to the developer in stages linked to construction progress recorded through Dubai Land Department inspections, so money leaves escrow as recorded work advances on site rather than as instalment dates pass. Under the 70/30 plan, the booking share of 20% and the construction share of 50% both enter escrow before handover, while the remaining 30% falls due on completion at handover; the date of each payment is set in the Sales and Purchase Agreement.

The DLD register reading for the inspection of 28 July 2026 is 0%, the pre-construction baseline, and the inspection report noted that no construction activities had started at the time. Progress-linked releases are therefore measured from that starting point. The register records construction as started on 1 August 2026, and every later reading is tracked on the Vision Iconic construction updates page.

The protection does not lapse with the calendar. Money already paid stays in the escrow account and continues to be released only as construction progress is recorded. The expected handover is Q4 2028, and the DLD register lists a registered completion date of 15 December 2028. Escrow safeguards capital while the tower is completed; it does not pay compensation for a delay, and delay terms are set out in the Sales and Purchase Agreement.

No. Every off-plan instalment for Vision Iconic belongs in the DLD-registered escrow account 0195*****976 at Mashreq Bank PSC (the unmasked number is in the Escrow Details section above), the same account recorded in the Sales and Purchase Agreement. A request to route money to a personal account, an agent, or a different company account, particularly one offering a discount for paying outside escrow, follows the standard pattern of payment-diversion fraud, however official the documents appear. Any such request is checked against the escrow account shown in Dubai REST and against the SPA before money moves.

RERA takes control of the escrow account if a project is cancelled, and refunds to buyers are then handled from the protected balance under the supervision of the Dubai Land Department. Only money paid into the registered account sits inside that safety net; a payment sent anywhere else does not. How DLD regulates escrow across the market is covered in the Dubai Land Department guide.

No. The 4% DLD registration fee is paid to the Dubai Land Department when the sale is registered, alongside the 20% down payment, and is separate from the purchase price. It does not enter the Vision Iconic escrow account, which receives the payments made toward the unit itself.

In the Dubai REST app, Services followed by Project Status opens the project search. Entering DLD project number 4544 or the name Vision Iconic returns the project record, and its escrow panel shows the bank name and the account number, which can then be compared with the SPA and with any payment instruction.

An off-plan Vision Iconic purchase is recorded on the DLD Oqood register once the sale is registered; Oqood is the interim registration that links the unit to the buyer before the building is complete. After completion and settlement of the final payment, the Oqood record is typically converted into a title deed issued by the Dubai Land Department, with exact timing following the Sales and Purchase Agreement and DLD procedures.

Escrow protects the capital paid toward a Vision Iconic unit while the tower is built. It does not guarantee a handover date, does not compensate for delays, does not hold registration or agency fees, and does not protect money sent to any account other than the registered one. Delay terms and other contractual obligations sit in the Sales and Purchase Agreement.

Per Binghatti's project literature, the developer was founded in 2008 with roots in contracting, has delivered more than 50 projects to date, and reports a total portfolio of over 80 projects valued at over AED 80 billion. Vision Iconic itself is at the start of its own record: a first DLD inspection on 28 July 2026 at the 0% baseline, construction recorded as started on 1 August 2026, and project registration on 12 August 2026.