# The DAMAC thread ...



## dubaiflo

:runaway: 


*Damac investors lash out over construction delays
By Khaleej Times Scrutiny Investigations Team 
*
2 June 2006 


DUBAI — Investors in several of Damac Properties' residential construction projects are threatening to withhold payments from the company in protest over the firm's failure to finish buildings on time. Damac, which started life as a catering company but now bills itself as Dubai's 'largest private property developer', is facing an unprecedented backlash from residential property investors who bought 'off plan' apartments in advance of construction.

Buyers are furious over repeated delays in construction, contractual wrangling over compensation, complaints over interior finishes and poor customer service. Of the five projects (out of its advertised 15) Damac has started, all are running substantially behind their projected completion schedules.

Damac's problem projects are:

The Waves — was due for completion May 2005, now projected to be finished mid-2006

Ocean Heights — originally scheduled for the end of 2007, then delayed to June 2008, now will not be delivered until end of 2009. 

Lake View — originally scheduled for completion by December 2006, construction will not be finished until first quarter of 2007, with the project's landscaping not ready until December 2007.

Jumeirah Lake Terrace — tower delayed six months until the end of 2006, with the showpiece lake and landscaping not ready until the end of 2007

Marina Terrace - Damac's first residential tower, delivered 14 months late. Was due for completion in October 2004, buyers were only given keys in March 2005. Subsequently, two floods from burst pipes caused damage to several apartments. Damac CEO Peter Riddoch has written to buyers apologizing for the 'protracted' delays in delivering apartments.

Many buyers have bought Damac properties as rental investments and are concerned that they will be unable to start earning income from their properties for years to come.

One Lake Terrace investor said: "Regardless that the apartment might be ready by the end of 2006, if the lake and landscaping are not completed for another year after that, I will never be able to rent the property while the project still looks unfinished and still resembles more a construction site than a place to live."

The Khaleej Times has learnt from buyers at Lake Terrace and Ocean Heights developments that a number of them have told the company they will hold back scheduled payments. Buyers are even discussing organizing mass withholding of payments.

The company, whose website boasts '4500 happy home owners' - markets heavily in the UK and Europe, but is now also receiving unflattering coverage there. Laurie McWhan, a The Waves buyer, told the London Times newspaper: "Three years after I made my investment, I don't have my house, a year's potential rent of £12,000 [Dh 82,000] is down the drain, and all they have offered me is a few thousand pounds in compensation. It's scandalous." Damac relied on wide-ranging 'force majeure' clauses to minimise contracted penalty payments to owners at Marina Terrace and The Waves.

Damac's delivery problems are adding to jitters felt by many of the Emirates property investors: particularly in the wake of the 'The Light House Affair' revelations. Developer Emad Ayoub fled Dubai in April having taken Dh14 million in advance payments for 'off plan' apartments. His Light House marina project, which was due for delivery in April, never made it past the foundations and Ayoub, after blaming 'unforeseen 

technical difficulties' for the delays in construction and promising the project would be completed, is now in hiding in the UK and being pursued by police and investors' lawyers.

The levelling out of recent property price rises and the predicted oversupply of new apartments is also adding to anxiety over delayed projects and the increasingly public grumbling over Damac's construction delays and other apparent problems now appears to be having a knock-on effect with newer developments.

A Damac salesperson, who spoke on condition of anonymity, confided that Ocean Heights remains undersubscribed with a significant number of 

apartments unsold. The Khaleej Times has also learnt that poorer than expected sales have led the company to offer unsold apartments at prices below their original offering price when the towers were first marketed.

The company has also launched more unusual sales incentives. 

Following on from its Jaguar car offer for new owners, the company is now offering free tickets and business class airline tickets to see World Cup 2006 in Germany.

Despite almost universal praise for the daring and elegant designs of the exteriors of Damac's towers, buyers have complained about their interiors. 

Bathrooms and kitchens in Marina Terrace have been described as 'cheap', 'poor' and 'horrible', with much criticism levelled at the tiles and finishings. At Marina Terrace and The Waves, much of that material is supplied by Damac's own Omani subsidiaries Al Shams and Al Amana.

Many Damac investors have resorted to online forums to express their disappointment and anger over what has happened to their investment properties. One buyer raged: "Damac are falling back into mediocrity and when they do, nothing will sell at the exorbitant prices they are expecting.

"People will see through them and this will have a effect on their future projects. Maybe they want to be blind to that fact, who knows? They will learn the hard way I think."

Another wrote: "If everyone says their interior finishings are crap, their reliability appalling and their customer service non-existent (and EVERYONE DOES!), then Damac are really wasting their time."

-------

this is very bad for Dubai.

still it is 7 out of 500 projects, but anyway.. this is one of the major developers.


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## malec

Well, it's definitely time for those guys to clean up their act. First of all stop releasing new projects! They should just concentrate on what they've released and finish those. 

The guys who bought in lake view and lake terrace though should be shouting at Nakheel not damac.

"Regardless that the apartment might be ready by the end of 2006, if the lake and landscaping are not completed for another year after that, I will never be able to rent the property while the project still looks unfinished and still resembles more a construction site than a place to live."

^^ He's going to be VEEERY unhappy, that place will look like a construction site for another 5 years definitely 


It's too bad it has to be damac though since they do release the best-looking towers.


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## DUBAI

were those quotes off ssc?

Naz will be pleased anyhow.

WIND should take note of the compensation though. at least damac ave given out 'afew thousand'


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## kano

This Thread is for Naz ...........


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## thedubailife

^^ Khaleej Times don't like DAMAC maybe got off on wrong foot only reason they have run a few storeis in the recent months.

I'm sure DAMAC are aware of the problem areas and know of NAZ's DAMAC Appreciation club

But i'm not supprosed investors want to hold back money no project has been completed on time.

Well anyway DAMAC could always go back to making sandwiches or whatever they did in catering before.


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## DUBAI

If investors start witholding funds, DAMAC could go under. It would be a huge blow for Dubai's property market.


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## Krazy

dubaiflo said:


> Many Damac investors have resorted to online forums to express their disappointment and anger over what has happened to their investment properties.


Looks like they are talking about SSC but didn't bother mentioning our website and also fabricated the quotes.

Does anyone have any idea what KT has against Damac? This is their second hate article.

As for DAMAC, the solution is simple... stop releasing projects in Abu Dhabi and in Doha.... instead finish up your park towers and your ocean heights first!


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## dubayyy

*Damac's House of Cards*

*In my experience construction delays can almost always be traced back to a lack of finance.*

Informed property agents in Dubai have been predicting this all along - even as far back as 3 years ago when their first releases came onto the market.

Damac does not have a background in property development and (according to informed sources) entered the real estate market on the back of making good losses in other ventures.

The problem is their business model does not allow them to stop releasing new developments - they need the deposit cash from new launches to fund their ongoing cashflow and the construction costs of towers under development. 

Think about it - Damac have a large network of international sales offices (bigger than Nakheel and Emaar), they spend fortunes on international exhibitions and sales literature, they have numerous sales offices, manned with shiny sales executives in the UK, Europe and throughout the Middle East, they spend a lot on their free car promotions, and every week they run full colour adverts in the Sunday Times. 

In one case I went to an extravagant launch for their XL Business Bay tower. This sparkly launch was held in the Grand Ballroom at Emirates Towers and in addition to a champagne reception they provided a full 5 course sit-down meal for almost 1000 people - the whole thing must have cost at least $100k - $200k and this just for the launch event.

All these things taken together this adds up to a massive ongoing spend which even the likes of Nakheel and Emaar are not prepared to commit to - though they could afford it. 

Remember, construction by private developers in the UAE is financed by sales income, not by the banks. So investors hold 100% of the risk.

In any conservative company - the sales money from that development would be held in escrow to finance only that development - in Damac's case however i fear that cashflow and income/expenditure are poorly managed - new launches are vital to keep the company afloat - and investors are being exposed to additional risk.

Now given the current climate where off-plan sales are much slower than previously and Damac having a large cash burn for their running/marketing/construction costs - something has got to give!

Damac are reluctant to release any financial figures indicating the performance of the company - whilst this is their right - i strongly feel that the whole Damac business is a house of cards waiting to topple.

Now, Dont get me wrong - Damac in trouble means problems for the whole real estate industry in Dubai - one can only hope that they come clean - and can finance themselves adequately out of the problems they are currently facing.


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## thedubailife

The needs a good finance Director / Department asking them how a 5 course meal is going to make anyone buy more space in a tower.

If they ain't got the money the shouldn't just waste it. They got a nice website and nice towers and whats the point of repeating same advert in Sunday times every week surely if am a times reader i'd get the msg if i wanted a DAMAC tower where to go after a few adverts. 

Sounds like an ENRON scandel here.....too much marketing and not enough empahsis on the final product i.e interors etc, which they know they can get away with as it's to late for investor then.

DAMAC i hope your reading this.


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## zee

long time left until we see this sight!!

cant wait for naz's comments on this article!!


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## malec

They have a good website, and I recon a few ads every now and again is enough. Having an ad every week just makes them look desperate (which they are) and doesn't look good.


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## Krazy

one thing's for sure.. if damac crashes... it's gonna be a bad bad mark for dubai's real estate market simply because whether you like it or not.. damac is a dominant player in dubai and its towers are recognized all over


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## malec

dubayyy said:


> In one case I went to an extravagant launch for their XL Business Bay tower. This sparkly launch was held in the Grand Ballroom at Emirates Towers and in addition to a champagne reception they provided a full 5 course sit-down meal for almost 1000 people - the whole thing must have cost at least $100k - $200k and this just for the launch event.


Man, I'd love to have crashed that place! 

I think they should cancel their newest towers like the ones in abu dhabi and stuff like the new "business tower", etc, and sell any other plots they've bought including that huge business bay one (I'm sure they could make a good bit with that). Then they should just concentrate on finishing stuff like park towers, ocean heights and all the rest, and get out of this hole they're in. The more projects they launch the deeper the hole seems to get.

I kinda feel sorry for these guys (damac guys)


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## Naz UK

I'm glad i'm doing my little bit to highlight the situation. The above is something i've been saying for over a year about Damac now. And NO! i don't just "have it in" for Damac. I am talking through personal experience. 

There is nothing I would love more than for Damac to really get their act together now, listen to their investors and cut all the crap out of their operations in Dubai.

I would sincerely love to be proven wrong about Damac and for them to complete a tower with no problems, on time, at prices in keeping with the rest of Dubai. And I would really love to own a 1-bed in Ocean Heights, the first ever property I considered in Dubai Marina. But I'm afraid that is highly unlikely, given the current situation.


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## Toofif

dubayyy said:


> *In my experience construction delays can almost always be traced back to a lack of finance.*
> 
> Now, Dont get me wrong - Damac in trouble means problems for the whole real estate industry in Dubai - one can only hope that they come clean - and can finance themselves adequately out of the problems they are currently facing.


Dubayyy, I appreciate your articulate and well-reasoned post. However, unless you are privy to Damac's accounts it is only conjecture so let's not all automatically adopt your last statement as fact from hereon. 

Damac is unlikely to be an Enron! Interestingly, they are operating similarly to Nakheel and the Palms - Jebel Ali and Deira are being sold before the first one is handed over - and yet no-one suggests Nakheel are going under. Okay, so we know that Dubai plc is behind Nakheel, but I'm just highlighting that this mode of operation does not necessarily mean cashflow problems, in fact it might result in the opposite!

Undoubtedly Damac do have some isssues to sort out but I don't think they're alone. I bought in Lake View and have personally found Damac in London to be very professional in my own dealings with them - maybe I've been lucky but I've heard much worse of other developers. I also chose to buy face-to-face in London because I can visit in person should the need arise. (Incidentally I am looking to sell one of my apartments but purely for financial reasons, not because I have any real concerns about the delivery of Lake View). 

My opinion is that Damac has, up to now, been a victim of it's own success and as such has got too big for it's boots. It's architecture is fantastic and it's marketing promotions have had the buyers flooding in up until recently. However, I think they've taken their eyes off the prize with the final product and they are announcing too many new projects before completing those in hand - a symptom of Dubai in general (Dubailand, Falcon City.... and yet the Marina and the first Palm are work-in-progress). They need to reduce their margins (which I imagine are quite large compared to other developers) and fulfill their promise of interiors to match the exteriors.

My contracts include late delivery clauses and payments are made in line with construction progress. As I have already received written notification that delivery will be late (1st qtr 2007) and given no specific reason for this, then I expect to receive compensation from the original completion date of December 2006. If Damac come up with some 'force majeure' argument then I will be taking legal advice, simple as that.

Also, if the apartment specs are not as described in the brochure then I will be taking legal advice prior to my final payments. I would expect other purchasers to do the same.

What would make sense is for purchasers of Damac (or any other developer) towers u/c, if unhappy with current reports on quality, to contact the developer NOW and make them aware that finishes below the original specification will not be tolerated and they are in for a big headache and withheld final payments if that is the case at handover. At least this then gets discussed when something can be easily done about it, ie NOW. 

If I were CEO of Damac I would be looking to overcompensate to ensure that original promises are more than delivered - they will still make their profits, maybe just a bit less than they would like. Their ongoing success depends on it.


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## Krazy

buyers flooding in? have you heard of a project called ocean heights?


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## AltinD

Krazy said:


> Does anyone have any idea what KT has against Damac? This is their second hate article.


Duh, don't you remember that KT and DAMAC had a long running Legal Battle about an article they run accusing Damac of entering the Real Estate market for the fast buck, after loosing tens of millions of dollars (even more maybe) in international stock market transactions.


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## Toofif

Krazy said:


> buyers flooding in? have you heard of a project called ocean heights?


Agreed. I should have been more specific, I meant PRIOR to Ocean Heights being released my perception was that their developments were selling well. Certainly the sales lists I was getting for Lake View and other developments at the time (end 2004) were changing on a weekly basis and as cynical as I am I doubt that they were just rotating the list.


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## DarkBlueBoss

this is so typical of dubai market, i mean has there actually been a single project in dubai that actually fnished on time ... never


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## Naz UK

Krazy said:


> buyers flooding in? have you heard of a project called ocean heights?


The only thing that's been flooding is Marina Terrace. :runaway:


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## Krazy

No Damac! What are you doing!! :doh:

*Damac enters China with Dh10b project*









Residential and commercial cluster will overlook Tianjin Port.

Dubai: Damac Properties, the UAE's largest private-sector real estate developer, will build a Dh10 billion mix-use project in China's Tanggu District.

This is the first real estate venture by any UAE developer in China.

The residential and commercial cluster will overlook Tianjin Port, where a DP World-led joint venture will invest Dh1.83 billion in the harbour. The project, Damac's single largest venture, takes its total project value to Dh25 billion ($6.8 billion) from Dh15 billion involving 50 buildings housing 7,000 residential units.

Hussain Sajwani, Chairman of Damac, told Gulf News yesterday, "This is the beginning of a number of projects that we are planning in China."

He said, Damac won't require bank finance for the project. "We are going to finance the project from our own resources. This project took us about eight months to finalise."

China allows 100 per cent foreign ownership of land and property, a rule that will help Damac to attract buyers.

"We are going to market this project extensively across our network of offices in 16 countries, including Dubai," he said.

Peter Riddoch, CEO of Damac, signed a MoU with the Zhang Jiaxing, Governor of Tanggu District, Tianjin City, on the project.

Damac's China venture consists of a number of residential towers, along with retail, offices, and a five-star hotel and a marina with a capacity of 100 boats.

Sajwani said, his company will invite a number of international companies to enter into a design bid for the project, which will take a "few years to complete".


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## city of the future

at least its in china and not pakistan


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## dubaiflo

what idiots.

well china might like their cheap quality projects.


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## Krazy

^^ IF IT'S EVER BUILT


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## Krazy

Thanks to Altind for letting us know about this 

*Damac Properties launches Dubai Summer Surprises 2006 mega promotion*


Luxury lifestyle provider, DAMAC Properties has announced its mega-promotion during Dubai Summer Surprises (DSS) 2006 which runs from 21st June until 1st September 2006. Through the promotion, any customer buying select apartments, retail or offices within DAMAC’s iconic properties in Dubai will be offered a free studio apartment within the stunning Lago Vista development located within the International Media Production Zone.

“Following on the considerable success of our Jaguar promotion last January, we reveal today our mega offer during the duration of DSS while aiming to reinforce, once again, our commitment to always add substantial value to the customer”, said Peter Riddoch, CEO at DAMAC Properties. “Throughout the duration of DSS, we are giving customers the chance to own a their dream home within DAMAC’s Lago Vista, a development that the property company started developing after their recent ground breaking ceremony on site within the spectacular International Media Production Zone” he added.

The project is due to house luxurious residential and leisure facilities and will feature a plethora of studio and two bedroom apartments with spectacular views of neighbouring gardens and lakes, which provide an inspiring setting, as well as state of the art facilities, including tennis courts, a swimming pool and health club. The total value of DAMAC Properties’ projects is over $10 billion. It is a real estate subsidiary of Dubai-based DAMAC Holding, an accredited ISO 9002 company that has grown into a global conglomerate with more than 5,000 employees in 16 countries. Being the first private developer to make a commitment to Dubai’s real estate market, DAMAC properties has become a market leader.


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## dubaiflo

i bet their projects aren't selling too well.


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## Krazy

I find the "Following on the considerable success of our Jaguar promotion last January" statement extremely shameless...


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## juiced

Krazy said:


> I find the "Following on the considerable success of our Jaguar promotion last January" statement extremely shameless...


if their quality of finishes is anything to go by, they probably have very low standards as a company which would explain why they think that Jag promotion was a success :bash:


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## koukla

Hilarious. Buy 1, get 1 free. In the best traditions of cheap shops and general hypermarkets.

You do know when they use this tactic? Sure you do. When the product is not wanted or about to be expired.


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## nord

I've read quite a bit about various development companies and agencies on this forum and I'd just like to know what everyone thinks of Damac? from what I've read on here they just seem to be unable to deliver projects on time, any other thoughts positive or negative. thanks nord


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## Krazy

^^ talk to Naz UK


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## Krazy

will the damac train ever stop?

*DAMAC to launch stunning development through a press conference in July* 

Luxury lifestyle provider and the Middle East largest property developer, DAMAC Properties, embarked on an ambitious international expansion by launching highly luxurious projects in the GCC and Asia.









The property company is due to introduce a stunning mixed-use project in Amman through a press conference that will be held within the Jordanian capital in the month of July.

The property company is due to introduce a stunning mixed-use project in Amman through a press conference that will be held within the Jordanian capital in the month of July.

In the Levant, the property company announced its intention to launch an AED 550 Million project in Lebanon encompassing 27 stories, including 70 two and three bedroom apartments with state of the art marble and ceramic finishing, ample parking space, a swimming pool, gym, valet parking, as well as 24 hours maintenance and security. Apartments on every level will provide stunning views on the Mediterranean Sea.

Lately, In Qatar, DAMAC introduced The Piazza, a stunning AED1.5 Billion real estate undertaking within the acclaimed fox hills within Doha's freehold Lusail development. The project encompasses 600 studio, one, two, and three bedroom apartments, including residences with lush green gardens on the ground floor. The projects amenities comprise a jogging track, state of the art gym and health club, a juice bar, outdoor swimming pool and children's pool, along with 24 hours maintenance and security.

In China, DAMAC launched an AED 10 Billion real estate undertaking in the country's Tanggu District, Tianjin, to develop an iconic mix-use real estate development in the exquisite Trumpet Bay region. DAMAC's mega real estate undertaking is a 5 Million Squared Feet mixed-use project consisting of a number of iconic residential towers, along with retail, offices, and an elegantly designed exclusive five star hotel. The development will also encompass a stunning marina with a capacity of 100 boats, as well as promenades and landscaped areas.

'Today DAMAC Properties is expanding throughout the GCC and recently Asia, though the mega-project that was recently announced and due to be developed soon in China. Our ultimate aim is to become a major global player, going forward. Accordingly, we are looking at numerous opportunities throughout the world and plan to announce several, highly ambitious projects throughout the spectrum various countries in the future', said Peter Riddoch, CEO at DAMAC Properties.

Recently, DAMAC Properties launched two iconic projects within the Abu Dhabi. Dolphin Towers, a three-tower structure, including 400 one, two, and three bedroom luxury condominiums and 10 exclusive sea facing townhouses, will be located within the stunning Al Raha beach development. Oceanscape, an iconic mixed-use undertaking, including 184 one, two, and three bedroom apartments with state of the art finishing and 8 townhouses, is due to be positioned on the renowned Al Reem Island.

The property company was recently honored with three prestigious Bentley International Awards 2005 in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights and Best Developer Website (www.damacproperties.com) at a ceremony in London on 4 November 2005.

The Bentley International Property Awards, now entering their 11th year, have been described as the 'Oscars' of the property industry. The aim of the awards is to distinguish the highest levels of achievement in a range of property-related fields. Categories cover a wide range of property and real estate related activities and services, including Development, Interior Design, Architecture, Property, Advertising, Marketing, and Estate Agency Services.

The total value of DAMAC Properties' projects is over AED 10 Billion. It is a subsidiary of DAMAC Holding, an accredited ISO 9002 company that has grown into a global conglomerate with more than 5000 employees in 16 countries. Being the first private developer to make a commitment to Dubai's real estate market, DAMAC properties has become a market leader with a strong sales record to its credit.


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## malec

Well, the good thing is that doing stuff in different countries might make it easier for them to sell more units, the bad thing though is, well you know


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## Naz UK

The problem with Damac is quite simple (aside from late delivery, poor quality interiors, rushed finishing and poor maintenance): People do not welcome "sales gimmicks" in the same way you would sell toner cartridges or Big Macs! e.g. buy 1 get 1 free offers. The property market is very mature, even in Dubai, and Damac should have learnt a long time ago that ppl will not fall for such bullshit gimmicks when buying property. People want honesty and up-to-date construction schedules... on-time handovers, interior finishes to reflect the glamour of exteriors and above all "trust". Damac have had many chances to put all this right, but for some unknown reason, they simple do not take heed.


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## malec

:|

I like the tower though












DAMAC Properties unveils ‘la Residence’ in Beirut City Centre

Luxury lifestyle provider, DAMAC Properties, announces its stunning US $150 Million real estate venture “la Residence by Ivana Trump” in the world-renowned Beirut City Center. Located at the prime intersection of Omar Daouk and Fakhreddine streets, the project is due to stand out as one of the most glamorous and luxurious real estate undertakings within the Lebanese capital’s skyline.

International celebrity, Ivana Trump, endorsed and contributed substantially to the project’s iconic design due the synergy between DAMAC Properties as a luxury lifestyle provider and the star’s image as a symbol of opulence and glamour.

Ivana Trump is an award winning, international entrepreneur and an icon who has driven success in her every endeavor from the hotel and casino business to fashion and as a writer. Her keen business savvy, attention to detail and passion for live have inspired legions of admirers around the world who see her as the embodiment of the contemporary luxury lifestyle.
“We are honored to be endorsed by Ivana Trump, a world-renowned celebrity that is considered a symbol of style, glamour and class. Ivana Trump contributed significantly to the design of the tower that is due to illustrate optimum luxury with its stunning architecture, its state of the art amenities, as well as its location at the heart of the dazzling Beirut City Center”, said Peter Riddoch, CEO at DAMAC Properties.

“DAMAC’s launch in downtown Beirut stems from our belief in the prominence of this area as a leading destination for business and tourism from citizens the world over along with its 5000 years of history and considerably rich culture. We have a long-term plan for Lebanon and will introduce a number of highly exciting projects in the near future”, added Riddoch.

La Residence by Ivana Trump is 27-storey, elegantly designed tower that exudes grace and style, including a plethora of one, two, and three bedroom apartments, along with duplexes and penthouses. Apartments on every level will provide stunning views on the Mediterranean Sea

The property’s luxury amenities encompass marble and wooden flooring, ample parking space, a children’s play area, smart home technology, a temperature controlled swimming pool, an exotic sauna and Jacuzzi, state of the art gym, fine dining restaurants, designer boutiques, cafes, as well as 24 hours concierge service, maintenance, security and helpdesk facilities.
Internationally, in the beginning of June, DAMAC launched a $3.5 Billion exquisite mixed-use project within Trumpet Bay region located in the Tanggu District, Tianjin, People’s Republic of china, as well as a $400 Million 14-building spectacular real estate venture within Lusail’s Fox Hills community in Doha. The property company is due to divulge its exquisite property in the new Abdali master plan in Amman, Jordan, at a press conference in July.

The property company was recently honored with three prestigious Bentley International Awards 2005 in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights and Best Developer Website (www.damacproperties.com) at a ceremony in London on 4 November 2005.

The Bentley International Property Awards, now entering their 11th year, have been described as the ‘Oscars’ of the property industry. The aim of the awards is to distinguish the highest levels of achievement in a range of property-related fields. Categories cover a wide range of property and real estate related activities and services, including Development, Interior Design, Architecture, Property, Advertising, Marketing, and Estate Agency Services.

The total value of DAMAC Properties’ projects is over US 4 Billion. It is a subsidiary of the DAMAC Holding established in 1982. An accredited ISO 9002 company, DAMAC Holding has now grown into a global conglomerate with more than 5000 employees in 16 countries. Being the first private sector Company to make a commitment to Dubai’s real estate market, DAMAC properties has become the market leader with a strong sales record to its credit.


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## Krazy

hno: :bash:


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## Naz UK

^^ Makes you physically sick doesn't it, just reading such bullshit! uke: Here, Mr Riddoch, put that in your breakfast and eat it.


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## dubaiflo

Damac must have some 30 buildings approved


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## Naz UK

^^ The above article is in actual fact a watered down version of the original which appeared in the local press...Here it is, in it's full glory:

DAMAC Properties unveils ‘la Residence’ in Beirut City Centre

Luxury lifestyle promiser, DAMAC Properties, announces its stunning US $150 Million real estate venture “la Residence by Ivana Trump” in the world-renowned Beirut City Center. Located at the prime intersection of Omar Daouk and Fakhreddine streets, the project is due to stand out as one of the most glamorous and luxurious real estate undertakings within the Lebanese capital’s skyline.

International celebrity, Ivana Trump, endorsed and contributed substantially to the project’s iconic design due the synergy between DAMAC Properties as a luxury lifestyle provider and the star’s image as a symbol of opulence and glamour. “It’s a wonderful honour to be endorsing such a prestigious project, I particulary liked the pioneering Personal Cooling System DAMAC have engineered, the first of its kind, which I believe they implemented in their beautiful Marina Terrace project.” Said Ivana. It seemed Mrs Trump was referring to the recent bursting pipes incidents.

Ivana Trump is an award winning, international entrepreneur and an icon who has driven success in her every endeavor from the hotel and casino business to fashion and as a writer. Her keen business savvy, attention to detail and passion for live have inspired legions of admirers around the world who see her as the embodiment of the contemporary luxury lifestyle.
“We are honored to be endorsed by Ivana Trump, a world-renowned celebrity that is considered a symbol of style, glamour and class. Ivana Trump contributed significantly to the design of the tower that is due to illustrate optimum luxury with its stunning architecture, its state of the art amenities, as well as its location at the heart of the dazzling Beirut City Center”, said Peter Riddoch, CEO at DAMAC Properties.

We asked Mr Riddoch why in particular Lebanon was chosen for this development: 
“DAMAC’s launch in downtown Beirut stems from our belief in the prominence of this area as a leading destination for business and tourism from citizens the world over along with its 5000 years of history and considerably rich culture. We have a long-term plan for Lebanon and will introduce a number of highly exciting projects in the near future”, added Riddoch, “Oh, and being an ex-militia minefield from the civil war, the land was extremely cheap. Well, in fact, free. They were giving it away. No one wanted it, but we were right in there. Never to miss a bargain. Why recently, I bought the entire interior furnishings for Marina Terrace at a closing down IKEA sale.”

La Residence by Ivana Trump is 27-storey, elegantly designed tower that exudes grace and style, including a plethora of one, two, and three bedroom apartments, along with duplexes and penthouses. Apartments on every level will provide stunning views on the Mediterranean Sea

The property’s luxury amenities could well have all the potential of marble and wooden flooring, ample parking space, a children’s play area, smart home technology, a temperature controlled swimming pool, an exotic sauna and Jacuzzi, state of the art gym, fine dining restaurants, designer boutiques, cafes, as well as 24 hours concierge service, maintenance, security and helpdesk facilities. But alas, knowing DAMAC’s past record, it will in actual fact have all the prestige of a 1950’s North of England textile warehouse and decorated with the passion and pride of a 1970’s East London council tower block.

Internationally, in the beginning of June, DAMAC launched a $3.5 Billion exquisite mixed-use project within Trumpet Bay region located in the Tanggu District, Tianjin, People’s Republic of china, as well as a $400 Million 14-building spectacular real estate venture within Lusail’s Fox Hills community in Doha. The property company is due to divulge its exquisite property in the new Abdali master plan in Amman, Jordan, at a press conference in July.

The property company was recently honored with three prestigious Bentley International Awards 2005 in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights and Best Developer Website (www.damacproperties.com) at a ceremony in London on 4 November 2005.

The Bentley International Property Awards, now entering their 11th year, have been described as the ‘Oscars’ of the property industry. The aim of the awards is to distinguish the highest levels of achievement in a range of property-related fields. Categories cover a wide range of property and real estate related activities and services, including Development, Interior Design, Architecture, Property, Advertising, Marketing, and Estate Agency Services. There’s no real reason given as to why Damac won these awards. A spokesperson at Bentley however did comment about a mysterious 6-figure donation into their trust account the night before the awards announcement.


The total value of DAMAC’s Properties’ projects is over US 4 Billion, which coincidently is the exact number of leaflets the company recently distributed in a mass world-wide mailshot for its spectacular promotion: “Pay for apartment now and be unsure of delivery date, but here, take this Jaguar as consolation in the meantime” We asked 73 year old Akina Akiyonobongo what he thought of the promotion as he picked up the leaflet dropped from an aeroplane in the depths of the sub-Saharan desert, “Its ridiculous that they have spent all this money on 4 billion world-wide leaflets, the people of my village would never be able to afford such luxuries, I can barely find enough food to feed my family of 27. They would have been much better off spending the money on improving the interiors of Marina Terrace, Dubai, I was reading about their appauling state in Construction Weekly..”

DAMAC Properties is a subsidiary of DAMAC Holding established in 1982 (won in a horse-racing bet). An accredited ISO 9002 company, it has now grown into a global conglomerate with more than 5000 employees in 16 countries. Being the first private sector company to make a commitment to Dubai’s real estate market, DAMAC properties has become the market leader with a strong sales record to its credit. We asked Mr Riddoch if he could put an approximate figure on exactly how many apartments in total they had sold in Dubai, to which he paused briefly, began counting on the fingers of one hand… and then replied “A few. Definitely a few. Maybe even more than a few, who knows? Do you know? Coz I don’t know…” We were interrupted by his mobile phone, a Mrs Madamoseille Whorehousen on the line, it seems he was organising a party of some sort. We then pressed Mr Riddoch further if he could clarify exactly how many projects they had actually completed in Dubai to which Mr Riddoch replied, “All of them. Yes. All done. No wait, some are not yet complete. But we are announcing a few more later this week. Then some more new ones next week, which even I don’t know about yet. Yes. So a few have been completed. “Can you be a bit more precise Mr Riddoch, please?”, we questioned. “One. We have only completed one. But the damn pipes keep bursting. We’re sorting it out now.”


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## SA BOY

ha ha ha ha well done, DAMAC are giving Nakheel a run for their money as the worst developer in Duabi


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## malec

:hahaha: Nice touch


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## SA BOY

what 16 countries do they work in?? more spin and bullshit?


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## Naz UK

^^ Well, 16 is not a bad amount of countries to gain a bad reputation in, i guess.


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## dubaiflo

still some left though


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## Krazy

I'm glad Giles agrees with me that Nakheel and Damac belong in the same league :| .. well almost..


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## Krazy

*EXPANSION PLANS* 


Damac’s real estate portfolio is worth about Dh28 billion with Dh15bn worth of projects in the region. Its China venture is worth about Dh13bn.

The Beirut project is the 52nd building by Damac Properties and it has lined up a number of other projects in the region and outside as part of its expansion plans.

Its current portfolio includes about 20 projects with about 36 developments in the UAE, 14 in Qatar and one in Jordan.

Almost 70-80 per cent of all its projects in the UAE have been sold out, officials said.

It is also exploring opportunities in India.

“We have looked at India with more than a passing intent,” said AS Subbaraman, senior vice-president of sales administration at Damac Properties.

Damac recently launched a Dh13bn project in Tianjin, China, and a $400million (Dh1,468m) real estate venture in Doha.


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## Beiruti

Hello everyone, I am from the Lebanon forum for those who do not know me...

Was just wondering how excited we should be about the DAMAC "La Residence" in Beirut? It seems there is a lot of negativity about DAMAC here at the UAE forum... is there something worrying we should know about this project considering DAMAC's reputation?

Feel free to comment at this project's thread: 

http://www.skyscrapercity.com/showthread.php?t=366836


Thanks


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## koukla

Damac really better hope they deliver this project on time AND without their usual **** ups. Otherwise Ivana will simply bury them.

Endlessly amused by "Mrs Whorehousen" as well. The whole atmosphere around Riddoch is a joke.


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## Naz UK

^^ I think i just blew my chances of getting that 1-bedder in Ocean Heights, when it finally gets built! :lol: Ooops! Oh well, nevermind, looks like im gona have to buy elsewhere and miss out on the humongously long wait that OH investors will face.


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## Naz UK

- edit


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## GoDubai!

DAMAC actually looks like a pyramid scheme. With every launch of a new tower they might sell, say 5% of the units. With multiple launches going on around the world that 5% translates to just enough to pay employees, pay the contractors on the 2 or 3 towers that are actually being constructed, and so on. This game can run for say 2 more years before the delays snowball. By that time the people with the purse strings can disappear with that 5% jackpot from 100 unbuilt towers.


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## Spoogle

Well thats a strong accusation! 

Do you have any foundation for your belief, apart from your observations and the obvious delays in there exisiting projects and consistent new launches?

If so then I would have thought this should be brought to the attention of everyone involved in the planning and implementation of the whole of the dubai marina project, right the way to the top! Damac being one of the largest private developers in this region.

I am sure Damac would also want to preserve their integrity here, so if anyone from the company wants to answer this, please speak up now!


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## koukla

Nobody from the company is going to reply. They would rather stick to their "we're above all this" attitude.

And GoDubai! is not saying anything new. It is an observation and a summary of what a lot of people have been saying for a while now. Yes, with every start there will always be many pessimists who normally get ignored but as doubt rises they are slightly hard to ignore. It's ok though, they are happy to reserve the right of an "I told you so" at the end of it all.


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## AltinD

Damac's long going battle with Khaleej Time newspaper is becouse they publisched an article stating that Damac group lost alot of money in International stock markets, in late '90s and very early 21st century, so they were fast to jump in real estate business, in order to make a quick buck.

The fact remain that the same sales tactics, as those of Damac, are used by the money loosing North American auto makers such GM and FORD.

I come from a country that was hit very HARD from pyramid schemes, just a decade ago. Country slipped into total chaos and thank god (and the international comunity) that a civil war was averted. 

There's certanly something very fishy about Damac's sales & business strategy.


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## Krazy

*DAMAC Properties due to launch iconic project in Abdali*

Following on the successful launch of 'The Piazza' in Doha's stunning 'Lusail' real estate development and 'La Residence by Ivana Trump' in Solidere's world acclaimed Beirut City Center, DAMAC Properties is due to introduce this month its iconic real estate undertaking in Amman's exquisite new downtown area, Abdali.

Damac's first tower in Jordan is due to stand out as one of the most luxurious and elegant real estate undertakings within the Jordanian capital.

'After experiencing highly successful project launches in Doha an Beirut, we are introducing a state-of-the-art residential tower within Amman's exquisite new Abdali region. Our initiative is part of a broader scheme that is devised for Jordan as we plan to introduce a number of very exciting projects within prime locations, going forward, while offering Jordanians real estate investment opportunities with substantial returns on investment and rental yields', said Peter Riddoch, CEO at DAMAC Properties.

'Our project is located at the gate of the Abdali area and will provide stunning views of the new downtown and Amman skylines. It is due to include luxury apartments and retail, along with the five star amenities that are typically provided in our high-end developments', he added.

Recently, the property company unveiled its exquisite project in Lebanon, 'la Residence by Ivana Trump', a US $150 Million real estate venture in the world-renowned Beirut City Center at the prime intersection of Omar Daouk and Fakhreddine streets.

International celebrity, Ivana Trump, endorsed and contributed substantially to the project's iconic design due the synergy between DAMAC Properties as a luxury lifestyle provider and the star's image as a symbol of opulence and glamour.

'We are honored to be endorsed by Ivana Trump, a world-renowned celebrity that is considered a symbol of style, glamour and class. Ivana Trump contributed significantly to the design of the tower that is due to illustrate optimum luxury with its stunning architecture, its state of the art amenities, as well as its location at the heart of the dazzling Beirut City Center', commented Riddoch.

La Residence by Ivana Trump is 27-storey, elegantly designed tower that exudes grace and style, including a plethora of one, two, and three bedroom apartments, along with duplexes and penthouses. Apartments on every level will provide stunning views on the Mediterranean Sea

The property's luxury amenities encompass marble and wooden flooring, ample parking space, a children's play area, smart home technology, a temperature controlled swimming pool, an exotic sauna and Jacuzzi, state of the art gym, fine dining restaurants, designer boutiques, cafes, as well as 24 hours concierge service, maintenance, security and helpdesk facilities.

In the beginning of June, DAMAC introduced a $400 Million 14-building spectacular real estate venture within Lusail's Fox Hills community in Doha, along with a $3.5 Billion exquisite mixed-use project within the Trumpet Bay region located in the Tanggu District, Tianjin, People's Republic of china.

Last year, the property company was honored with three prestigious Bentley International Awards 2005 in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights and Best Developer Website (www.damacproperties.com) at a ceremony in London on 4 November 2005.

The Bentley International Property Awards, now entering their 11th year, have been described as the 'Oscars' of the property industry. The aim of the awards is to distinguish the highest levels of achievement in a range of property-related fields. Categories cover a wide range of property and real estate related activities and services, including Development, Interior Design, Architecture, Property, Advertising, Marketing, and Estate Agency Services.

The total value of DAMAC Properties' projects is over AED 15 Billion. It is a subsidiary of the DAMAC Holding established in 1982. An accredited ISO 9002 company, DAMAC Holding has now grown into a global conglomerate with more than 5000 employees in 16 countries. Being the first private sector Company to make a commitment to Dubai's real estate market, DAMAC properties has become the market leader with a strong sales record to its credit.


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## Dubai_Steve

UAE-based Damac Properties will take bookings later this month for a residential tower it is building in Amman's Abdali development. The $1.5bn Abdali project will include 10 towers, an American University and convention centre.


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## lv

*Damac Delays*

Could anyone guide me to a website with regards to user complaining about the delays with Damac's development. It would be useful for me if there are any users out there who owns a Damac Property and can discuss these matters

Thanks


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## GoDubai!

So, a few articles up it was a total of 52 Damac towers, now with the Jordan project it's up by 10 more to 62, for a company, Damac Holding, which was started in 1982. And they received some impressive accolades in 2005. Ok, that's one side of the coin. What's on the other?

How many of the 62 buildings have actually been completed. Isn't it just one? (Would appreciate if anyone could confirm this and what follows.) How many buildings are even actually under-construction as in with people on-site, working daily? Perhaps only one or two. (I know of a tower in JLT that seems to be in progress, any others?) So, the company was established in 1982, has 62 PROJECTS (moslty proposals), with ONE, completed tower and only one or two in progress.

Kind of makes you go hmm... As for the accolades, "Dubai's best tower" got slammed with damaging criticism after opening in 2006, two years late, wth busted pipes and flooding on more than one occasion causing major damage in residents' flats, to which the developer responded that new residents' insurance would have to pay for. So they obviously don't stand by their own work. "Dubai's best architectural design" looks like it might indefintiely remain just a design, with Ocean Heights' completion (no mention of its start) having been delayed now till what--late 2009, 2010. And "Best Website"? Where in the world does that come from? Does it provide investors with any real information? Can investors find out if, when and how all these towers are actually coming up?

KT, I believe, reported that Damac co-mingles funds, i.e. monies paid toward one project can be used on any other. It doesn't seem that Damac has ever released any financial statements to show otherwise.

So, what does all of this point to--bad, bad, bad business practice? A con game? Honestly I have no inside information and am speculating on what I read in the press and on forums like these. When all this info is put together it seems like Damac's "projects" are extremely speculative.

I have to level some criticism at the Dubai government who is responsible for starting the current construction boom sweeping the region. They got it right by coming up with a formula that has worked magic in an economic and development sense, but they don't seem to have any regulatory bodies to investigate suspicious or incompetent business practices, so there is no good authority to go on to evaluate a company such as DAMAC. All you have is DAMAC on one side shouting about its biggest, best and most this and that and the actual record of its work on the other, which I'm afraid says very little about the company's ability to deliever.

If DAMAC were a responsible company they would stop all new announcements and get the dozens of properties already announced underway. Day after day a new plan in a new country. What about Ocean Heights annoucned one or two years ago--still no word on when its going to start, who is going to build it, etc. And since its launch the announcement of 50 or so new towers. This is craziness.


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## koukla

As far as I know, back in 1982 Damac was still in their food business and wasn't until later that they jumped to property "building" but everything else is about right.

Also, they can't really stop announcing new projects as they will actually run out of money like that (so to speak). I don't know if I have mentioned this before, but I clearly can't be bothered to check so I am just going to say it: about a year ago when they were selling Ocean Hights, there were apparently no houses left and therefore prices increased by the hour. Now it turns out there are plenty of flats up for sale in Ocean Hights and they are cheaper today than 1 year ago. Artificial demand anyone?

As for completion date, person who bought property in Ocean Hights has been informed that due date is now somewhere in 2009.


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## malec

:|


*DAMAC unveils $120mn ‘The Heights’ in Amman*
[Wednesday, July 12, 2006 11:24:00 am] 











Luxury lifestyle provider and the region’s leading private sector developer, DAMAC Properties, announces today “The Heights”, a USD 120 million truly iconic real estate undertaking within the stunning Abdali area of Amman. DAMAC’s entry into the Jordanian real estate market follows highly successful launches by the property company in Lebanon, Qatar and China.

“The Heights is a true masterpiece. It exudes grace and style and is due to stand out as one of the most luxurious and elegantly designed towers within Abdali, Amman’s vibrant new downtown area”, said Peter Riddoch, CEO at DAMAC Properties.

“Our highly ambitious plan for Jordan includes a number of real estate ventures that we plan to unveil within the coming few years”, added Riddoch.

DAMAC’s new project is a 35-storey tower located at the entrance of the Abdali master planned development. It encompasses studio, one, two and three bedroom apartments, and penthouses, including open-air balconies in every apartment. Its luxury amenities comprise quality marble and wooden floorings, smart home technology, ample parking space, 24 hours concierge and helpdesk services, an advanced cabling system for telephone and internet lines, as well as a standby power generator.
“Our launch in Abdali stems from our belief in the extremely vibrant and dynamic master plan that is due to become a true hub for business and tourism for many nationalities throughout the region and beyond. The project is a very attractive investment opportunity for customers as it will potentially generate substantially high investment and rental returns”, commented Riddoch.

In line with the launch of its stunning property, DAMAC Properties introduced a very exciting promotion for the first 25 buyers of 3 bedroom apartments who will be entitled to a brand new classy 2007 Jaguar X Type.

“Our Jaguar promotion is aimed at always adding value to the customer. DAMAC’s Jaguar promotion stems from the synergy between DAMAC Properties as a luxury lifestyle provider, and Jaguar as an iconic luxury car manufacturer”, stated Riddoch.

Recently, the property company unveiled its exquisite project in Lebanon, “la Residence by Ivana Trump”, a USD 150 million real estate venture in the world-renowned Beirut City Center at the prime intersection of Omar Daouk and Fakhreddine streets.

International celebrity, Ivana Trump, endorsed and contributed substantially to the project’s iconic design due to the synergy between DAMAC Properties as a luxury lifestyle provider and the star’s image as a symbol of opulence and glamour.

La Residence by Ivana Trump is a 27-storey, elegantly designed tower that exudes grace and style, including a plethora of one, two, and three bedroom apartments, along with duplexes and penthouses. Apartments on every level will provide stunning views on the Mediterranean Sea.

The property’s luxury amenities encompass marble and wooden flooring, ample parking space, a children’s play area, smart home technology, a temperature controlled swimming pool, an exotic sauna and Jacuzzi, state of the art gym, fine dining restaurants, designer boutiques, cafes, as well as 24 hours concierge service, maintenance, security and helpdesk facilities.
In the beginning of June, DAMAC introduced a USD 400 million 14-building spectacular real estate venture within Lusail’s Fox Hills community in Doha, along with a USD 3.5 billion exquisite mixed-use project within the Trumpet Bay region located in the Tanggu District, Tianjin, People’s Republic of china.

Last year, the property company was honored with three prestigious Bentley International Awards 2005 in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights and Best Developer Website (www.damacproperties.com) at a ceremony in London on 4 November 2005.

The Bentley International Property Awards, now entering their 11th year, have been described as the ‘Oscars’ of the property industry. The aim of the awards is to distinguish the highest levels of achievement in a range of property-related fields. Categories cover a wide range of property and real estate related activities and services, including Development, Interior Design, Architecture, Property, Advertising, Marketing, and Estate Agency Services.

The total value of DAMAC Properties’ projects is over USD 4 billion. It is a subsidiary of the DAMAC Holding established in 1982. An accredited ISO 9002 company, DAMAC Holding has now grown into a global conglomerate with more than 5000 employees in 16 countries. Being the first private sector Company to make a commitment to Dubai’s real estate market, DAMAC properties has become the market leader with a strong sales record to its credit.


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## Naz UK

^^ A Launch a day, helps you work rest and play.


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## thedubailife

^^ Must have been hard for you to not post for a week, Why don't you get a new name like Damac critic or i don't do damac


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## Dubai_Steve

malec said:


> DAMAC Holding has now grown into a global conglomerate with more than 5000 employees in 16 countries.
> 
> Our Jaguar promotion is aimed at always adding value to the customer.


^^ Yes, but 4999 of them are architects trying to work out how on Earth they can build Ocean Heights.


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## Greg

Dubai_Steve said:


> ^^ Yes, but 4999 of them are architects trying to work out how on Earth they can build Ocean Heights.


 :rofl:


----------



## Krazy

*Damac to build housing complex in Amman*

Dubai: Real estate developer Damac Properties yesterday announced a $120 million project in the Abdali area of the Jordanian capital Amman.

The 35-storey tower, named The Heights, will be built at the entrance to the Abdali development. It will have studio, one, two and three-bedroom apartments and penthouses.

Peter Riddoch, chief executive of Damac Properties, said the project will be the first of many Jordan development.
It follows the company's expansion into Lebanon, Qatar and China.

"Our launch in Abdali stems from our belief in the extremely vibrant and dynamic master plan that is due to become a true hub for business and tourism for many nationalities throughout the region and beyond," said Riddoch.

"Our highly ambitious plan for Jordan includes a number of real estate ventures that we plan to unveil within the coming few years."
Damac Properties, a subsidiary of Damac Holding, recently launched La Residence, a $150 million real estate venture in Beirut, Lebanon.


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## Krazy

What's with Damac and the word "Heights"


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## Naz UK

lovedubai said:


> Yawn, Naz on Damac again and again and again zzzzzzz.........


Well, I would start on pr**ks like you, but Krazy gets angry!  Besides, i'm not the only one if you can be arsed to read the thread!

BTW, here's some real zzzzzzzzzzzZZZZZZZZZ inducing stuff...

*Relative values*
by Tamara Walid 
itpbusiness.net

Life is relative,” he insists with a smile. “There’s always one customer who would expect gold bars.”
Hussein Sajwani is no stranger to gold bars, or to brickbats. Chairman of Damac Holding Co. LLC, his office high above Sheikh Zayed Road offers him a fine view of a city his company has helped build. Today, Damac Properties - part of Damac Holding - is the largest privately held property firm in the Middle East.

Yet with this success has come criticism of the construction quality of some Damac projects. Sajwani is naturally defensive, and encourages people to come, take a look at the buildings, compare them to neighbouring buildings, and then make a judgment.

“The customer paid a certain amount of money and he wants, with all due respect, the top German kitchen costing AED200,000,” he explains. “I cannot provide him with that because we sold him a certain quality, which he’s getting, and better. We also upgrade the buildings quite often and give much more than what was promised in the brochure.”
The media also plays a role, Sajwani insists, in the perception of Damac properties’ build quality.

“They have to make their money and sometimes writing a controversial story that people might read is part of the 
media. [The newspapers] have to bring in the stories and they have to pick on something small, then they make it big so that they can look big,” he grumbles.

“It could be political, social, could be a crime in the city, but they could put it in a way, a flashy way, so that everybody will talk about it and buy the newspaper. But that’s part of the business. It’s fine,” he adds, with an admirable attempt 
at conviction.

Sajwani has come a long way in a relatively short time. His career began in the gas industry with Abu Dhabi Gas Industries Ltd. (GASCO), yet after just two years with the associate and non-associate processors he decided to fly solo and establish his own business in Abu Dhabi. Damac Holding was born.

“We are investors, property, industries, manufacturing, insurance and brokers,” he says proudly. “Damac Invest is one of our biggest companies as far as investment goes. It has more than US$1 billion in assets and invests in different countries throughout the Middle East in publicly and privately held companies.”

In May this year, Damac Properties launched its first development outside Dubai, when it revealed five new tower developments in Abu Dhabi. So far, it has sold more than 5000 different units and developments, including 1.5 million square feet of offices, and has 52 commercial and residential buildings in different parts of the region.

For Sajwani, though, his very first project will always be special. “Like children, the first child always has its own love because it was the first one and for me Marina Terrace was my first developed property,” he smiles. “Maybe there’s an emotional tie there because I was involved in all its 
details. That project will always remain close to my heart.”
Next on the agenda is the launch of 14 buildings in Doha. “It’s a US$275 million project and it has about 600 apartments, and residential buildings with shops, cafes and restaurants. It’s called the Piazza, and is in an Italian style. We have a piazza in the middle and buildings around that,” says Sajwani. 

Lebanon is currently on Damac’s ever-expanding radar, after the firm unveiled a US$150 million project last month. The development, La Residence by Ivana Trump, is a 35-storey tower in front of the Phoenicia Hotel at the prime intersection of Omar Daouk and Fakhreddine streets. 

It offers two and three-bedroom apartments, penthouses with private pools on the roof as well as shops, cafes, restaurants and other retailing departments. Ivana Trump, ex-wife of the American billionaire Donald Trump, and herself an award-winning international entrepreneur in fields as diverse as the hotel and casino business to fashion and writing, has greatly contributed to the project’s design.

Sajwani believes the Lebanon project will be a winner. “Lebanon is one of the unique countries in the region. It has a lot of tourism, very good location and a lot of potential. 

“Many of our customers from the GCC like to buy a luxury property in Lebanon and we think our product is going to be the most luxurious,” he says. 

Sajwani also asserts that a certain number of the Lebanese elite, living in Lebanon as well as in Europe or the Americas, like to own a “very luxurious” residence in their hometown. He praises the location of the multi-million-dollar project and describes the building as “outstanding”, both in terms of its interior and exterior. As the company plans to grow in the region and develop in new territories, its next target is Jordan, where it will launch a new project later this summer.
Sajwani is convinced that the property market in the Middle East is still maturing, however, demand is strong. This, he says, can be largely attributed to the market’s boom over the last four years. “We never had proper property companies in the Middle East until the 1990s,” Sajwani says.

He goes on to explain that all previous attempts in the region - from Oman to Morocco - were what he terms a “moment pop”: when an individual purchases a piece of land, builds on it, and then sells five to 20 apartments or otherwise rents them. Solidere was the first, before Emaar, though Sajwani believes the latter played a crucial role.

“Emaar raised the benchmark and put a different thinking in property, which is very much the American or European way of doing things where you have a proper company with proper management, marketing, sales, and development teams,” he says. “Naturally, the market is at its beginning. Yes, Dubai has a lot of projects being developed but other parts of the Middle East have almost nothing and are just yet developing. There’s a lot of room to grow.”

There are also a number of challenges in the property market, according to Sajwani. One is that the investment climate has changed markedly. In the past it was easier for buyers to speculate as they purchased apartments and often made 50-100% profit on their money in eight weeks. “That time is over,” Sajwani says. He believes it is possible for people to make profits of 20-40% nowadays, but that they should realise that property is a long-term investment that requires patience and buying quality products in strategic locations from a “quality developer”. “Those people will make money,” Sajwani says. “People who end up buying any product, from anybody, cannot make money. They are going to lose money.” 

Sajwani is pretty certain where much of his money is coming from. “Today you have 300 million Europeans and a certain percentage of them like to live outside of Europe, especially people who have reached 50 years and above, who are semi-retired and wealthy, have their own businesses, and don’t mind living four to five months a year in Dubai,” he explains. “We have better weather, a better lifestyle, and they save a lot of money on taxes. A lot of our buyers are of that type of people.”

He adds that out of the population of a billion Indians, at least five to 10 million are wealthy enough to own a house or property outside of their country. With Europe being very expensive, and thus unaffordable to many, Dubai is a natural alternative.

Sajwani insists that, with the existing five-star hotel rates in Dubai, it is now much cheaper for regular visitors to the emirate to buy an apartment. “There is a great deal of travelling in the world now and most wealthy people take three to four holidays a year,” Sajwani points out. “Buying an apartment in Dubai is becoming an investment in a holiday resort.” 

Dubai is also a hub for business, trading, and investment. “This will continue the influx of people,” he says. “Look at the airport. When they spoke about 15 million people, we thought they were mad. Look at how they’re doing today - about 30 million. When you have this high growth driven by the outsiders, the property market will definitely grow.”

Sajwani is not worried in the wake of the region’s recent stock market crash. He remarks that any market in the world, after witnessing growth of 120% over a year, would have to undergo a correction. He points out that shares were over-valued in 2005, and now they are properly valued in the wake of the market correction.

Instead, he claims that his greatest challenge is that of keeping his management team, which he claims is one of the best in the region, at a certain level of performance whilst bringing in more professionals of the same calibre. He believes the region is going through difficult times in terms of resources, as the overseas supply of talent is drying out.
“Our talent used to come from the Indian subcontinent, the Middle East and Europe,” Sajwani says. “Solutions are changing. Firstly, unfortunately, most of the Middle Eastern countries have not developed at the speed of UAE or GCC countries. So now the manpower, which we bring in from other Middle Eastern countries, is not generally of as high a quality.
“After all, business here has become very sophisticated and very competitive,” he concedes. “Secondly, a lot of those countries - like Egypt - are themselves developing and growing so there’s an opportunity inside those countries, and so you cannot bring their quality people here.”

India, Sajwani says, is a completely different story. Today the salary scale for talented staff in India is twice as big as the UAE, especially when it comes to senior figures in finance, marketing and other such professions.

According to Sajwani, this shift represents the greatest challenge, as India has been for a long time the biggest pool of manpower. The pool is drying out, and highly qualified individuals are rapidly becoming more expensive. Attracting people from Europe, Sajwani believes, is largely impossible as it has become almost prohibitively expensive. 

The solution, Sajwani concludes, is to train his own staff. “We have just established our own in-house training department and now we’re going to establish our own college or university to train our people more. We spent a lot of money on training and development to achieve this target,” he says. 
Looking to the future, Sajwani is aiming for the top. He hopes to see Damac become a major international property player, and intends to pursue development opportunities in over ten countries. The focus will be largely on high-end customers, reaffirming Damac’s claim to being ‘Luxury Lifestyle Providers’. 

“Today we have 5000 customers and I would like to see 50,000,” he says. “To be honest, I never thought we would become as big as we have done. But now that we are here, we must continue to grow – that’s the most exciting part.”


----------



## malec

For **** sake, nothing but crap being posted. Seems as now I'm a mod I can get rid of it 

And btw, that article is really ZZZZZZzzzzzz


----------



## Naz UK

^^LOL. Told you so!


----------



## Dubai_Steve

"Our Jaguar promotion is aimed at always adding value to the customer."


----------



## Naz UK

Jaguar have had an abismal sales performance in most of the western world, consistently under-achieving sales targets, so it gives me great confidence that Damac are giving away a car with their apartments that Jaguar themselves couldn't even give away free in the showrooms! :lol:


----------



## Naz UK

*Lebanon, real estate fears*

Some property experts believe that the current crisis in Lebanon could have a hugely damaging effect on the country's real estate industry, reported Gulf News. A number of the UAE's leading property firms have recently pumped money into Lebanon, including Damac Properties, just last month, with its $150m La Residence by Ivana Trump. Israel's decision to severely damage Lebanon's transport infrastructure could make investors think twice before making commitments.

_http://www.ameinfo.com/91419.html_


----------



## worldsignia

i do not know if some one is interested in this, however i cannot keep it inside me anymore :crazy2: 

is Damac ever going to finish the top on Marina Terrace???
the last pic i saw still had a hole in the roof. or is this the latest version of open plan living :drool: ?

also

:no: when i saw the pic of apartments in the Marina Terrace i nearly cryed (i said nearly as i honestly cannot be bothered to cry over something so disguisting)

the Kitchen units :gaah: ?? sorry, did i miss on some kind of designer revolution? is this the new ultra modern luxury? we had the same kitchen fitted as students in 1996 in a run down place in hamburg/ germany.

why would some one install this kitchen into a great modern looking building as Marina Terrace? 

or bathroom in the same property :mad2: ?? goodness! my mum has no sence for a design, however when she was fitting her bathroom in the 90s, she did faaarr better then Damac crew!

ps: obviously this is my opinion & i am not expected anyone to agree with me :wave: 

btw- wanted to post this onto the marina terrace thread but could not find it


----------



## Naz UK

Marina Terrace is supposed to be completed (with no roof???). The thread was in the "completed" section, but has disappeared now!


----------



## AltinD

The roof will remain open like that., the tower is considered completed.


----------



## worldsignia

naz - 
marina terrace has roof indeed, however in the middle of the roof, just above the penthouses, there is like empty,a hole? - glas missing.
the last pic i saw were from March 06, may be all completed by now

(sorry hard to explain what i mean by ?hole in the roof? + i am too lazy to post a pic here - pls see Damac website construction development, you can see on those pics what i mean)

have asked Imre to take latest pic on this marina terrace to see what is going on, i think he will take them next Fri


----------



## worldsignia

altin D -

i heard this many times that aparently the roof will remain as it is... 

wtf :bash: 

was this confirmed by Damac?


----------



## Krazy

Latest sales promo from damac.. 30% rental returns guaranteed for 3 years


----------



## thedubailife

It's 10% per Year for 3 years and it's on all Damac projects form what i see.

But i don't think thats like a superb great offer 8% is normal and most people think that was low.

Less promotions and more building might be an idea


----------



## Krazy

yes but i 10% of the over over priced damac apartments makes u wonder how they would manage.. for example renting a 1 bedroom apartment in marina for Dhs 120K for three years? there's gotta be a catch in there somewhere


----------



## thedubailife

^^ You got a point there. And all i can see is rents stabilsing or droping a little now growing as more units come on market. All i can think is the have some kind of Corporate let deal.

But hey anyone gets 120k for a 1 bed good on them.


----------



## Nasrawi

Al Ittihad

Damac received ISO 9001:2000 quality certification from DNV for sales and marketing, property development and public relations.

Peter Riddoch emphasized how this is due to Damac's commitment to property development and its world-class quality services


----------



## dubaiflo

Nasrawi said:


> Al Ittihad
> 
> Damac received ISO 9001:2000 quality certification from DNV for sales and marketing, property development and public relations.
> 
> Peter Riddoch emphasized how this is due to Damac's commitment to property development and its world-class quality services


what kind of certification is this.. can you buy it?? 

-----------------------------
Saturday, 9 December 2006
Damac pushes plans in Egypt 
by Angela Giuffrida



Damac Properties has announced its first foray into Egypt with the US $16.3 billion (AED60 billion) Gamsha Bay development.

The 29.7 million m2 project, located along 39km of coastline and close to Hurghada, Sharm El Sheikh and El Gouna, will include a mix of housing, entertainment venues and recreational facilities along with a theme park. 

The project will be built in five phases over 10 years, with the initial components of the first phase expected to be completed within the next five years.

“Damac is delighted to enter this exciting new market, and is grateful to the Egyptian government for their confidence in us,” said Hussain Sajwani, group chairman, Damac.


--- 

320m sqft, 16bn $. probably like the marina.
that will be a massive project!!


----------



## docc

So, they announce multibillion dollar projects without completing (or starting a few for that matter) projects at hand?

Anyone who buys in Damac after hearing all this has my best wishes...and eventually sympathy...


----------



## AltinD

:hilarious


----------



## dubaiflo

let us all go there and laugh all the time while he is talking.


----------



## Naz UK

_From: Click here to reply to [anonymous]@eim.ae 

Date: Monday, December 18, 2006 

Category: Apartments/Flats/Houses 

Region: Dubai 

Description: Buy any property in Dubai from Damac Properties and get a Jaguar car free of cost until February 2nd!
ALSO, the first 700 buyers get entered into a raffle to win A PRIVATE JET! Yes - a private jet!! Alternatively, you can take Dirhams 5 million as cash!
Make your bookings now and reserve your place in the raffle!_

:lol: :lol: :lol: :rofl: :rofl:

I love Damac. I have never f**king laughed so much in my life.... :rofl:


----------



## Krazy

*DAMAC announces the largest ever promotion worth over AED87 million for Dubai Shopping Festival 2006*

Luxury lifestyle provider, DAMAC Properties, today announced the largest promotion ever worth over AED87 million for Dubai Shopping Festival 2006. 









ECLIPSE 500 Jet.

DAMAC will give a brand new ECLIPSE 500 Jet, worth AED5.5 million to one lucky customer amongst the first 700 properties bought during DSF 2006.

The company will also give a Jaguar to every new customer who buys a DAMAC Property during DSF 2006.

'We are a 'Support Sponsor' for DSF 2006 and as part of the Festival promotion we will give a brand new Jaguar for every new customer. At DAMAC our focus is to deliver luxury to our customers, and this DSF we will deliver extended delight to all our new customers. And the buyers of first 700 properties sold in Dubai will enter into a raffle draw with a chance to win a new Jet plane. This is yet another first from DAMAC in the real estate marketplace,' said Mr. Hussain Sajwani, Chairman DAMAC Holding.

'During DSF DAMAC has witnessed a 50 per cent increase in sales in 2004, 85 per cent in 2005, 105 per cent in 2006 and the company it optimistic about the sales growth in 2007,' said Mr. Peter Riddoch, CEO DAMAC Properties.

'DAMAC's promotion is in line with the DSF philosophy of providing an overall rewarding shopping experience where every customer wins. It is also the largest promotion ever during DSF and we are confident that it will further add to the excitement and attraction Dubai Shopping Festival enjoys globally,' added Mr. Riddoch.

DAMAC Holding has now grown into a global conglomerate with more than 6000 employees in 18 countries. Being the first private sector company to make a commitment to Dubai's real estate market, DAMAC Properties has become the market leader with a strong sales record to its credit.

'Luxury brand development is time consuming; however we have accelerated the process through our commitment, customer service and world class quality standards. Today, DAMAC Properties stands for high end luxury and high investment returns,' concluded Mr. Riddoch.


----------



## malec

:hahaha:


----------



## AltinD

These guys will go down in a big rumbbling noice. If this isn't a pyramid scheme, I don't know what it is. :lol:


Before anyone trashes me for that (is there really anyone ), my fellow countrymans fell victims of such schemes a decade ago, and when they went bust all hell broke loose, if anarchy and near-civil war can be called that :tongue2:


----------



## dubaiflo

:rofl:

they are giving out PLANES with there apartment and ur chance is 1:700 and u get a Jaguar..

i need to consider buying Damac.


----------



## malec

They could build one of their towers with that money


----------



## Krazy

just for the record... new damac property launched today in dubailand... who's lost count of the number of "approved" damac projects now?


----------



## thedubailife

DAMAC website says 54 locations 4 countries so lets say that must be tower 55 then. How many are actually completed ??? Any ideas....two in marina any more.

I could understand these promotions if other developers were doing it but they are not so why is DAMAC. Build the buildings don't buy Jaguars.

I almost inclined to agree with AltinD


----------



## Dubai_Steve

I do not trust these guys. If they go down this would be very bad for Dubai. I think there should be a big investigation into this company.

Do any of their developments come with Escrow backup ?


----------



## AltinD

In a new huge billboard in TECOM aerea in SZR for their new megaproject in Egypt, they say: "DAMAC, The MASTER of All masterplaned Comunities" :hilarious


----------



## thedubailife

"DAMAC - Jack of All Trades Master on Non" Anyone need any catering doing.

I mean when your catering whats the worst that can happen too much salt, over cooked not dealing with millions of dhrhams on one event are you.


----------



## dubaiflo

true.

i begin to worry about this company to be honest.
i am sure they are struggling to sell their overpriced apartments with no record of completed buildings and a lot of negative press, despite all their advertising.


----------



## thedubailife

My Message to DAMAC would be stop releasing stuff lets see some goods now. Nice Website, Nice promotions and Nice tower designs does not mean anything if only a handful if that have actually been completed or are under construction.

Smaller developers have got there fingers out now it's your turn People like Dubai Select and Cayan and Trident to name a few who actually have released and started work on most of these released towers in dubai.


----------



## AltinD

:rofl:


----------



## Morrismarina

Michiel said:


> Did they sell 546 or 547 units?



Love it.... :lol: :lol::lol:


----------



## dubaiflo

^^ and all those 546 apts were sold without launching a completely new project :runaway:


----------



## AltinD

First of all, I'm SO SORRY to bring back this thread, but I remembered that it was not posted here: "The first prize (the small airplane) will be delivered *non earlier then end of 2008*, subject to manufacturer's production schedule" :hilarious


----------



## dubaiflo

that will be earlier than ANY apartment you might have bought in order to win the plane, so what are you complaing about :bash:


----------



## AltinD

^^ Well, at least you'd have got something to keep you occupied while you wait year after year for your apartment to be "completed" ... if ever.


----------



## dubaiflo

maybe u can live in that plane?


----------



## Krazy

check out the latest launch from lotus... jaw dropping design


----------



## Topped_out

You know, DAMAC still have apts in Ocean Heights for sale. Which means: they blew a hell of a lot of money on that jet campaign for DSF and weren't able to offload even the last remaining flats in their Dubai flagship. That seems likely, as they were still flogging that "first 700 only" dead horse on February 1; the day before DSF ended, saying "hurry, please, not many left. Yeah, about 693 tickets left, I'd bet. 

Or, let's say the public is totally daft and aren't prepared to do a teensy bit of research before parting with thier life-savings (no offence to you early buyers, by the way. It's not been that long since the fears about this firm were first voiced) and DAMAC really managed to sell a lot of flats ... thing they're overselling some places? Whatever, this firm is a scandal


----------



## Naz UK

Seems so strange to see the words "topped out" in a Damac thread! :lol:


----------



## Dubai_Steve

Interesting that this company is unable to sell all apartments in Ocean Heights given that they have had over 3 years to do so even when giving away private jets, whilst other companies have sold out in months. Shows you how the contined delays is preventing sales for them.


----------



## Dubai_Steve

Meanwhile, whilst ocean heights is still on sale:

Damac Properties has launched La Residence 2 at The Lotus, in Dubai's Business Bay development. The 64 storey tower will offer one, two and three bedroom apartments as well as penthouses. Damac's first residential tower at The Lotus, La Residence, was released last November and is now 83% sold out.


----------



## jba

Watching BBC news last night,and it was showing a car bomb which went of in Baghdad,above the seen of carnage was an advertisment for Damac!!!


----------



## Tractor

I saw that too!


----------



## Dubai_Steve

Not a very nice advertising technique


----------



## AltinD

^^ Especially considering that Iraqis who might want to run away from their country, want to do it NOW, not in 2010. :lol:


----------



## Krazy

*Damac says demand continues to be strong*

Dubai’s real estate market will not experience oversupply, the chief executive of Damac Properties has said. Analysts have been speculating the emirate’s property market will suffer a price correction in 2007.

A report published by Shuua Capital in January described the 71,800 units expected to be ready in Dubai this year as “staggering'” with a further 43,000 units to come on line in 2008.

The report said: “Demand is expected to fall significantly short of supply in both 2007 and 2008, unlike recent years.

“The segment to be most severely affected will be that of high-end apartment units targeting the high-income proportion of the population.” But Peter Riddoch, Damac CEO, does not believe this will happen.

“There’s certainly been a focus towards the upper luxury end, but the demand for that continues to be strong,” he said.

“The Dubai Shopping Festival was a tremendous success for us and many of the properties sold were highend luxury apartments.

“Demand is there. I don’t believe there will be any sort of oversupply.

“There was talk of this and a number of months ago I even said it might happen should all the developments in the pipeline came on stream before the end of this year. But it’s quite obvious that many of them are not going to make it,” said Riddoch.

“We will deliver Lake Terrace and Lake View at Jumeirah Lake Towers before the end of the year.” Riddoch was speaking at the launch of Damac’s latest project, Lakeside, which will comprise four 21-storey towers, each housing 280 studio or one-bedroom apartments, with prices starting from Dh319,000.

Riddoch said: “We are not moving away from the luxury end of the market.

Lakeside offers tennis courts, swimming pools and saunas.

“It’s very important we address the full range of customers that we can have.” Riddoch said almost 400,000 people migrated to Dubai last year and predicted more substantial population growth in 2007.

“There’s not enough accommodation to go around. The demand-supply equation will still show stronger demand than supply for many years to come.

“A substantial proportion of this has to be aimed at the lower middle market and below.”


----------



## Naz UK

Apparently, they're also building 200 villas at Jumeirah Golf Estates. Finally, now villa owners can experience the joy that is "waiting for Damac" too.


----------



## AltinD

If demand is so "strong" why in the hell aren't you building but just advertise?


----------



## DUBAI

400,000 people migrated last year?


new word: Damac-iness


----------



## Dubai_Steve

Dubai, March 2. (PTI): The population of the United Arab Emirates has leaped from 1.13 million in 2005 to 1.42 million in 2006 with Dubai alone registering an increase of 2,92,000. 

In other words 24,333 people were added to Dubai's population every month, 800 per day and around 33 every hour during last year. 

Statistics for 2006 released by the Dubai Statistics Department on Wednesday not only revealed a sharp increase in the population, but also showed a vibrant development in every sector.


----------



## Krazy

^^ Rumor has it that Naz bought them all!


----------



## DUBAI

zeeshanney said:


> should change it to 'Damac Holdings are Scams'
> 
> if u google 'Damac' this site doesnt show in the first few pages


Which is why i suggested changing the title.

15 min sel outs dont realy mean that much, it used to be that it was strange for a project not to do it. but it does seem strange for a Damac project.

Part of me thinks that instead of buying jets they have decided to invest in their own poularity to boulster confidence.


----------



## thedubailife

Sounds like a publicity stunt to me to prove to people that DAMAC is still investable.

At least they were no delays in sales just a 15 year delay in construction


----------



## Dubai_Steve

zeeshanney said:


> should change it to 'Damac Holdings are Scams'
> 
> if u google 'Damac' this site doesnt show in the first few pages


This thread appears on page 2 of google when searching for Peter Riddoch


----------



## zee

Krazy said:


> ^^ Rumor has it that Naz bought them all!


:rofl:


----------



## Naz UK

I swear, if anyone associates my name with Damac again..i'll sue y'all's arses quicker than you can launch a new Damac project! It's libelous, completely untrue and totally bad for my street cred on this forum! 

(what d'ya mean "what street cred"???)


----------



## AltinD

^^ Come on admid it: Yours is just a love/hate relationship


----------



## Krazy

^^ are you calling him a ***** for some "damac lovin"?


----------



## Naz UK

Yes. If by the word "love" you mean "I can't stand the bucking runts".


----------



## Imre

12/April/2007

Damac advert, Al Dhiyafa Road


----------



## Dubai_Steve

uke:


----------



## AltinD

If you think a crappy diesel powered Mitsubishi truck can't spread the glory of Damac fast enough, a FERRARI F430 CHALLENGE will do:
__________________________________________________________________________________________________________________

DAMAC Properties participates in 'Ferrari Challenge Championship 2007'










DAMAC Properties, the largest private sector master developer and luxury lifestyle provider in the Middle East, is participating in the Ferrari Challenge Championship 2007.

In this championship, DAMAC will have a 'Ferrari F430 Challenge race car' customized with DAMAC branding. The Ferrari F430 Challenge race car will be entrusted to Team Motor www.ferrarimotor.it/index_uk. Team Motor is associated with racing car training and servicing since 1992. 

"We are expanding rapidly and we see this participation in the Ferrari Challenge 2007 as a great step forward for DAMAC Properties into the European market. DAMAC's personality reflects luxury, whether it is the elevator or a mirror on the wall or any décor in the apartments. One thing that reflects from all corners of our property is luxury. Today, we are proud to be associated with one of the world's leading brands - Ferrari, which is also symbolic of high end luxury," said, Mr. Hussain Sajwani, Chairman DAMAC Holding. 

The car will be managed by Ferrari Team Motor and will race in a total of eight rounds to the Challenge held at circuits such as Monza, Misano, Imola, Silverstone, Vallelunga, Mugello and Le Castellet culminating in the finals which takes place in Italy at the Ferrari World Finals. DAMAC's, pilots are ace young drivers Giacomo Piccini www.giacomopiccini.com , Davide Rigon www.daviderigon.it 

"Luxury brand development is time consuming; however we have accelerated the process through our commitment, customer service and world class quality standards. This initiative with Ferrari is yet another unique way of communicating with our target audience in the international marketplace. Through this high-end sports marketing initiative, we are confident that our brand will have a very high brand recall amongst our target audience based in these markets" said Peter Riddoch, CEO at DAMAC Properties. 

Since its debut, the Ferrari Challenge has been one of the most competitive series on the entire Challenge scene, attracting a plethora of top class drivers year after year. The start grids are always packed and the outcomes are often nail-bitingly uncertain right until the very last bend. 

In line with the government�fs introduction of freehold ownership, DAMAC was the first to introduce iconic properties on all the freehold master planned development launched by Dubai and Abu Dhabi governments. Today DAMAC Properties is spread across 350 million sq. ft. of luxury, with over 6800 customers - across 5 countries. It is a subsidiary of DAMAC Holding established in 1982. DAMAC Holding has now grown into a global conglomerate with more than 7000 employees in over 18 countries. 
___________________________________________________________________________________________________________________

:rofl:


----------



## Dubai_Steve

A shame they spend all their investor's money on advertising to feed their greedy plans. Meanwhile they do not construct anything and ocean heights sits like a wasteland for year upon year since 2004. This company is a huge SCAM. Avoid at all costs.


----------



## Dubai_Steve

Can we have a count on the total number of DAMAC properties that are truely under construction or completed worldwide and a count of the number they have launched worldwide. Damac are planning to float the company, scary!


----------



## DUBAI

That company isnt seaworthy, it shall surely sink!


----------



## Naz UK

6800 customers with 7000 employees? What are they doing, giving away an apartment each to all staff? And which kind of company says things like "in over 18 countries" in their press releases??? What does that mean? Do they not know the exact number of countries they're in? Is it 19 countries? What the **** is going on here?


----------



## Tractor

This stinks of money laundering to me ...


----------



## Dubai_Steve

I just realised that if you rearrange the letters of

"PETER RIDDOCH : DAMAC PROPERTIES" then the following phrase emerges:

TIP: A DROPPED SCAM DIRECTOR HERE

:shocked:


----------



## DUBAI

It makes you wonder why nobody from DAMAC has come on here to rebute these claims...


----------



## Hanna

DUBAI said:


> It makes you wonder why nobody from DAMAC has come on here to rebute these claims...


Hi Dubai

I know they read the articles on here,if they reply what good would it do
them all they would get is torrents of complaints through the site day after
day,I think they will carry on spinning for a few more years and the people
are falling for it hook line and sinker.Think of the many thousands of clients
who don't know about this site this is what they are targetting.The 
newspapers could help but they are all Government controlled and it is not 
in their interest to damage the new Dubai in any way.I suppose you can see
the logic in there thinking.The full world is built on lies and scams somewhere 
done the line, a few massive white lies by Damac will hurt nobody in there minds.:cheers:


----------



## Dubai_Steve

The sales representative for the exclusive La Residence complex, slated for construction in central Beirut, was very courteous and interested: "Send me an e-mail and I'll forward all the details to you: the number of square meters, the price per unit and the terms of the payments." After a few minutes of talking with the representative of the Damac company, the project's developer with offices in Dubai, a few more interesting details came to light. 

This project, designed by Ivana Trump, features especially large apartments. A two-bedroom apartment spans 180 square meters and the cost is sky-high: "$4,000 dollars per square meter, but if you buy an entire floor you get a 15 percent discount," the sales representative promises. The apartment specifications on the Web site are very tempting: marble and wood lobby, heated swimming pool, perfect air conditioning, "bank-level security," a fitness room as well as many parking spaces as there are rooms in the apartment. 

"You're only interested in investing in Beirut? We have properties in Dubai as well that will be ready in another year," said the representative. 

But Dubai's a lot more expensive, I argued. 

"We can give you a lower price than in Beirut. They haven't even started building in Beirut, because of, you know, the circumstances, so the project won't be completed as planned in 2009. It may be postponed until 2010." 

http://www.haaretz.com/hasen/spages/849685.html


----------



## Tom_Green

If DAMAC is the worst of it`s kind in Dubai what`s the best company for property in Dubai?


----------



## Krazy

^^ Emaar


----------



## Morrismarina

Krazy said:


> ^^ Emaar


Agreed.......certainly not DP after the JBR fiasco !!!


----------



## Hanna

Morrismarina said:


> Agreed.......certainly not DP after the JBR fiasco !!!


Hi Morrismarina

I got told by my agent that Emaar was at the top of the table at present
but even they had problems with fit and finishings so there are still problems over there between their luxury promises and actual end results,just goes to show spin and adds work as well as ever in the modern world.But you used to say you get what you pay for I am not sure if that saying works in Dubai :cheers:


----------



## lovedubai

We've found Cayan to be good so far - apart from the fact that the bottom of Infinity is now in the Marina, that is!

Seriously, they answer queries promptly, are always helpful, dispatch contracts efficiently, seem to be building The Jewels etc with no reported problems and postponed payment on Infinity within the month when the problem first arose.


----------



## dubaiflo

Tom_Green said:


> If DAMAC is the worst of it`s kind in Dubai what`s the best company for property in Dubai?


Trident


----------



## Dubai_Steve

Looks like we will have 4 empty plots in the marina for some years

Ocean Heights 1 + 2
Infinity
Lighthouse


----------



## dubaiflo

^^ steve how the heck did u find out about the letter rearranging  ?

i feel OH 1 will be under consitruction very soon.

i have no doubts about it actually ,end of the year and work will be in full swing. mark my words.

edit: where is that guy anyway, markmywords?


----------



## Naz UK

He's living with Shu Thefu Kup now, a Chinese expat in Dubai.


----------



## AltinD

^^ There's nothing Chinese on "Shu Thefu Kup" :tongue2:


----------



## Morrismarina

:lol:


----------



## Dubai_Steve

I asked "Shu Thefu Kup" what he thought about "OCEAN HEIGHTS, DUBAI MARINA" and he said "UGH, I BET A CONMAN ARIA HIDES"


----------



## Imre

Damac


----------



## Krazy

*Damac to launch $1bn Saudi projects this year*


Damac Properties plans to invest $1 billion (Dh3.67bn) in Kingdom of Saudi Arabia’s booming real estate sector by end of the year, the company’s chairman said.

“We will be launching residential apartments and villas worth a billion dollars in Riyadh and Jeddah by the end of 2007,” Hussain Sajwani told Emirates Today.

Research and field studies estimate that Saudi Arabia will need four to five million housing units by 2020 to meet growing demand.

These are expected to cost SR117bn (Dh114.5bn).

“We see good demand for residential projects in Saudi Arabia. However, we don’t have any plans to enter the commercial arena as of now,” Sajwani said.

Damac recently announced plans to enter Morocco, with an investment of $1bn (Dh3.67m) by next year. “We are in the process of conducting feasibility studies to build a mega tourism project in one of Morocco’s coastal cities.” The company is also looking at a foray into the Indian Subcontinent.

“We are working on plans to enter the Subcontinent. I have recently met the Chief Minister of Andhra Pradesh and we are planning a project in Hyderabad,” Sajwani said.

“We are in talks with a few developers and will soon submit our foreign direct investment proposal to the government,” Damac Properties Consultant Mohamed Sajeer was recently quoted as saying in the Indian media.

“I will soon be leaving for Pakistan as we are planning a project there,” Sajwani added.

Damac recently announced its most ambitious residential and tourism project in Egypt’s Gamsha Bay.

The Dh60-billion project involves developing 3,000 hectares of land with luxury hotels, 5,000 villas, an 18-hole golf course and a marina.

“We expect total investment in the project to reach $16bn (Dh58.72bn) over the next 10 years,” said Damac CEO Peter Riddoch.


----------



## Naz UK

Krazy said:


> “I will soon be leaving for Pakistan as we are planning a project there,” Sajwani added.


I wonder if those cross-border Taleban-affiliated rebel fighters would perhaps "meet-up" with Mr Sajwani, and give him some of their own ideas about "construction". Maybe announce a few little "projects" of their own, you know...kindly lead him into one of their "caves"... and make polite "conversation" over tea and biscuits. Or just shoot him on sight with a fake, poorly-constructed Kalashnikov. Here's hoping.


----------



## farnush

its so weird that the the private developer in UAE is suffering while the Govt based ones thrive .Its always the opposite here.


----------



## Hanna

*Damac Terra Del Sol*

http://213.132.44.184/emiratestoday/

It seems Damac never owned the properties they advertized when they sold them,in their wisdom it was better they kept there name on all the adds and fool all the people that they still owned it when in fact it was allready sold to a third party.I think the clients have had a lucky escape because who ever bought it from Damac will develope it a lot quicker and better I expect.:cheers: 


P.S

The 'cowboys' are at it again I expect there is a lot more dodgy stories to be released in the coming months.:cheers:


----------



## moolibaba

Check out Mr Riddochs interview on Ameinfo. http://www.ameinfo.com/118798.html


----------



## Dubai_Steve

:lol: Interesting

So they are planning to announce ocean heights 2 in a few weeks?


----------



## Krazy

*Brian Tracy - world renowned corporate expert - to train DAMAC employees*

DAMAC Properties, the largest private sector master developer and luxury lifestyle provider, conducted a training seminar with world-renowned corporate coach and business success expert Brian Tracy, to build on the selling and relationship building skills for employees.









Mr Peter Riddoch, CEO, Damac Properties with Brian Tracy.

The exclusive one day seminar held at the Fairmont Hotel, Dubai, focused on the 21st century selling strategies designed and implemented at improving the performance and efficiency of the DAMAC sales team, and aimed at yielding better and faster income generation.

One of America's leading authorities on the development of human potential and personal effectiveness, Brian Tracy is a dynamic and entertaining speaker with a wonderful ability to inform and inspire audiences towards peak performance and high levels of achievement.

'With the unprecedented growth and the rising demand in the real estate sector, a dynamic sales approach becomes inevitable to sustain in a competitive market. Training forms an integral part of the DAMAC culture and inputs from an expert like Brian have empowered our employees phenomenally in evolving as better sales professionals', said Peter Riddoch, CEO of DAMAC Properties.

He added: 'DAMAC Properties constantly strives to provide better and improved services to its customers and through these training sessions we aim to achieve the company's objective of emerging as a unique property provider maintaining top level professionalism and quality approach.'

Major seminar topics included 'tips to increase sales and income', 'targeting prospective customers', 'building levels of trust and credibility', 'creating long term relationships' and 'doubling effectiveness'.

The chairman of Brian Tracy International, a human resource consultancy company in California, Brian has produced more than 300 audio and video learning programmes covering the entire spectrum of human and corporate performance. His programmes researched and developed for more than 25 years are some of the most effective learning tools in the world.


----------



## AltinD

^^ Oh, great ... now the "specialists" spin doctors are called. It seams they've already run out of lies and BS, so they need to learn new ones. :lol:


----------



## Hanna

AltinD said:


> ^^ Oh, great ... now the "specialists" spin doctors are called. It seams they've already run out of lies and BS, so they need to learn new ones. :lol:


Hi AltinD 

Couldn't agree with you more on the above,every time I ask the Damac customer service department about Ocean Heights it's the same lying deceitfull answers, we are down to the last two bids and we will contact you as soon as the winner is announced lies and more lies.

They don't need to get lessons from an American Specialist, Damac invented a new age of lies and spin that surpasses everyone in my eyes, I bet the American is over in Dubai learning the ropes of Damac. They are a joke and a very costly one at that.

'Dick Tracy' the nenowned business success expert should have done a bit more of investigative work before tying up with the 'Damac Cowboys' he will be for ever tainted with the Damac blundering fool CEO Peter Riddoch.I thought the Americans had enough cowboys of there own:cheers:


What gets me is that fat 'Scottish Charlatan Peters Riddoch' is laughing all the time in the photo shoots with not a care in the world,I bet he does not stay in A Damac Property,He has done more photo shoots than Richard Branson.


----------



## Hanna

Dubai_Steve said:


> Are there any regulations in Dubai now or planned as to when a tower must start construction after being put on the market for sale to the public ?


Hi Dubai_Steve

I have been asking that same question for months with no reply,They are in cahoots with the Dubai Government so they would change the rules to suit Damac so what would be the point in it all.
The system is corrupt in Dubai I am convinced of it, companys like Damac can get away with anything as they have proved time and time again. :cheers:


----------



## Tractor

Wouldn't be a surprise - according to a news article today 'most' MPs in Kuwait are corrupt. Why would Dubai be much different?!


----------



## Naz UK

Mainly because Dubai doesn't have MPs.


----------



## Hanna

Tractor said:


> Wouldn't be a surprise - according to a news article today 'most' MPs in Kuwait are corrupt. Why would Dubai be much different?!




Hi Tractor

Can you tell me where you read this article

Thanks :cheers:


----------



## Hanna

*Hannah UK*



Naz UK said:


> Mainly because Dubai doesn't have MPs.


Hi Naz 

What form of government do they use in Dubai Uncles, Aunts, Daughters, Sons and friends that give big donations to the parties not much different to us no matter what you call them.Maybe we should call them 'leaches' the world over that would be a good start. :cheers:


----------



## Tractor

http://www.middle-east-online.com/english/?id=20971

MP / Government official ... its all the same, bar the way they get their job!


----------



## Hanna

*'Ocean heights the building of dreams'Damac the killer of them'*

Hi All 



Anyone heard anything about the new contract awarded to build Ocean Heights.
Not heard anything we are nearly 6 months delayed this year allready that puts 
us into the middle of 2010 and rising and no end in site,funny the never tell you 
that in there adds and web sites,that would be telling the truth can't have at 
Damac you will be shown the door if you start telling the truth in that company 
what a disgrace to Dubai they are.If the film star come cowboy Peter Riddoch 
would tell a few home truths now and again you could cut them a bit of slack,
but I learned long ago not believe in fairy tails.:cheers:


----------



## Hanna

*'Ocean heights the building of dreams'Damac the killer of them'*

Hi All


----------



## AltinD

^^ No word on the contract, but a Times Magazine journalist spared no trashing to Palm Jumeirah but out of the blue he mentioned the super-luxurious 82F Ocean Height overlooking the Palm.

WTF ... they (Damac) strike where least you expect them :lol:


----------



## Hanna

AltinD said:


> ^^ No word on the contract, but a Times Magazine journalist spared no trashing to Palm Jumeirah but out of the blue he mentioned the super-luxurious 82F Ocean Height overlooking the Palm.
> 
> WTF ... they (Damac) strike where least you expect them :lol:




Hi AltinD

Could you give me the link to this story please. :cheers:


----------



## Naz UK

Well, if you have 100ft banners splashed all over the city, some ppl will naively believe that you're an honest, decent outfit that does business with integrity.


----------



## AltinD

Hanna said:


> Hi AltinD
> 
> Could you give me the link to this story please. :cheers:


With pleasure: http://property.timesonline.co.uk/tol/life_and_style/property/article1898981.ece


----------



## AltinD

Being at it you can read also the 3rd comment by Simon. He must be a SSC member


----------



## Morrismarina

I think Peter Riddoch would be a great advert for "Just For Men" he's at least 55 and there's not a grey hair on his head. What a great looking guy.:lol:


----------



## Hanna

AltinD said:


> With pleasure: http://property.timesonline.co.uk/tol/life_and_style/property/article1898981.ece


Hi AltinD

Thanks for that :cheers:


----------



## Hanna

Naz UK said:


> Well, if you have 100ft banners splashed all over the city, some ppl will naively believe that you're an honest, decent outfit that does business with integrity.


Hi Naz

You are 100% spot on with your thinking it is modern spin taken to new Heights by Damac, pity the couldn't spin a couple of cubes of concrete 
and at least get the Ocean Heights garage area built.


----------



## Krazy

latest from Mr. Riddoch
http://www.skyscrapercity.com/showthread.php?t=487506


----------



## AltinD

^^ And it seams the workforce has increased also, from 6000 to 7000 now.


----------



## Hanna

AltinD said:


> ^^ And it seams the workforce has increased also, from 6000 to 7000 now.


Hi AltinD


Funny how it rises every now and then,I bet they don't have 700 never
mind 7,000 of a workforce.But how can you prove they haven't got that
amount ,they are relying on you cannot find out the true amount of their
spin they spout on a daily basis.:banana:


----------



## DUBAI

Shouldnt be that hard to find out...

besides i thought they were developers not a construction company.

wouldn't these employees belong to them.


----------



## Hanna

DUBAI said:


> Shouldnt be that hard to find out...
> 
> besides i thought they were developers not a construction company.
> 
> wouldn't these employees belong to them.


Hi Dubai

I agree they are developers and that is a lot of pen pusher and pie
maker's to employ.They have the catering side of the business this is
what they started with, then there is the ceramic factory and finally the
development side of things.:cheers: 

7000 is a lot of people which seems to rise every time they take an interview 
I believe it is more spin to make them look more successfull than they realy are.


----------



## Krazy

http://www.skyscrapercity.com/showthread.php?t=321957&page=13


----------



## Naz UK

Why they chose to launch this at DSS will always be a Summer Surprise!


----------



## Krazy

^^ are you going to invest here?


----------



## Naz UK

Erm..i'd sooner donate my money to the All-White-America-World-Domination-anti-Black-pro-Zionist--kill-everyone-outside-American-Culture Society, before I invest in a Damac project.


----------



## Krazy

are companies in the UAE required to make their balance sheets and income statements available for public viewing? if yes, I'd love to see Damac's financial record for the past 4 years


----------



## Dubai_Steve

Yes can someone post it on here please


----------



## Naz UK

The answer is probably no.


----------



## jixline




----------



## Krazy

is Damac listed on the Dubai's financial market? if not, where in the world are they getting the money from to finance over 50 projects?


----------



## AltinD

^^ You know how it works: with the money of the investors of the projects 20 - 30 they build the first 5.


----------



## Krazy

^^ but where do they get the money to launch the projects? for example buying the land, paying the architects, marketing etc etc.. it ALL can't come from investors' money.. it's not enough


----------



## AltinD

Krazy said:


> are companies in the UAE required to make their balance sheets and income statements available for public viewing? if yes, I'd love to see Damac's financial record for the past 4 years


No and they should NOT. 

However the balance sheets of the publicly traded companies should be available to the investors/shareholders.


----------



## Krazy

^^ maybe not every company but why not for real estate developers when they are dealing DIRECTLY with the public? It's my right to know about a company's financial record if you expect me to invest in its projects ESPECIALLY when they the government laws to protect my investments are so poor.


----------



## Dubai_Steve

Krazy said:


> ^^ but where do they get the money to launch the projects? for example buying the land, paying the architects, marketing etc etc.. it ALL can't come from investors' money.. it's not enough


They only need to sell 1 apartment in Damac Heights to pay for the money to launch the project such as the prize cars.


----------



## Naz UK

If Hussein Sajwani entered Donald Trump's boardroom, we'd be hearing the words "You're fired" within 30 seconds. Guaranteed.


----------



## Krazy

Dubai_Steve said:


> They only need to sell 1 apartment in Damac Heights to pay for the money to launch the project such as the prize cars.



You still need money to buy the land.. and you still need money to pay the architects (and Damac's hires the best architects.. surely they can't be cheap) sure this can be financed by a bank or some other sponsor but even for that you need a good credit history or pass background checks and most importantly not be in debt for millions of dollars. 

My point is, it's hard to launch a tower 12 stories high let alone a 460m tall monster... the money has to come in from somewhere other than 1 BDR apt investors


----------



## Tractor

Dirty Iranian money, DAMAC is a way to clean it.


----------



## Krazy

why Iranian money? Sajwani is Iranian?


----------



## minime

Krazy said:


> are companies in the UAE required to make their balance sheets and income statements available for public viewing? if yes, I'd love to see Damac's financial record for the past 4 years


This is actually a very good question. I read in Arabian Business a month ago that the lack of corporate governance will result in at least 30 mini-enron scandals in the making. 

They said that action is required before the whole thing goes tits up but also said that it was the independant press that brought the news about Enron to the world.

Since there is no independant press in Dubai (all are in bed with some sort of sencorship department) the article stated we most likely will never find out until it is too late.


----------



## smussuw

Krazy said:


> why Iranian money? Sajwani is Iranian?


An Emirati Shiite whose parents are originally from Hyderabad.


----------



## Imre

22/June/2007

Damac everywhere


----------



## AltinD

^^ Yes, even in the forum:



BMalik said:


> I'm with Damac Properties, if anyone interested in Purchasing Apt in this building or need information please feel free to contact me, and leave contact detaisl so I can get in touch with you. Discounts are still given only for 72 hrs after the launch.
> 
> Truely a Mangnifisient Scraper!


:lol:


----------



## nauras

Morrismarina said:


> What an amazing list but I guess they missed off one item.......an escrow account :lol:


SIGNATURE APRTS IN OCEAN HEIGHTS 1.....DHS 55 MILLION, showroom apartment in Damac DMC office. 
wait..:lol: .. 55 million doesnt include the 3 million worth of furniture( VERSACE) which is shown in the showroom apartments.


----------



## rexdmx

actually it is afghanistan opium money



Tractor said:


> Dirty Iranian money, DAMAC is a way to clean it.


----------



## rexdmx

The UAE's Damac Properties will unveil new real estate investments in Singapore and Malaysia within the next 12 months, reported the Khaleej Times. The cost of the projects has yet to be revealed but the firm already has one venture ongoing in the Far East, with a multi billion dollar mixed use project in Tianjin in China. Last month, Damac also unveiled its first foray into the Saudi Arabian market.


----------



## nauras

*JORDAN- CADILLAC PROMOTION*

promotion in jordan..
290000+ and get a car.

DAMAC JORDAN - CADILLAC PROMOTION
Offer :-
(1) On purchase of a Residential / Office unit of value greater than JD 290,000/- in any DAMAC property in Jordan, all eligible Buyers during the promotion period shall be entitled to a Cadillac BLS (2007 Model) car or a 10% rebate in-lieu thereof.
(2) On purchase of a Residential / Office unit of value less than JD 290,000/- in any DAMAC property in Jordan, all eligible Buyers during the promotion period shall be entitled to an 8% rebate.

Promotion Period :- 24th June 2007 to 31st July 2007 (Both Days Inclusive).


----------



## AltinD

rexdmx said:


> The UAE's Damac Properties will unveil new real estate investments in *Singapore *and Malaysia within the next 12 months.


Good luck with CARS promotion in Singapore :lol:


----------



## Imre

*Dubai’s leading real estate firm appoints ECC at TECOM *
26-Jun-2007 











Smart Heights-Signing 

DAMAC Properties,UAE's largest real estate developer and luxury lifestyle provider, has appointed ECC (Engineering and Contracting Company LLC), one of the industry’s leading contractors as the main contractor for ‘Smart Heights’ project at TECOM. The project is scheduled to be completed by the end of 2008.

DAMAC was the first to announce an office tower within TECOM with the launch of Executive Heights. Smart Heights is the company’s second project in TECOM.“While aiming to diversify the group's activities, we launched DAMAC Properties four years ago, and today, the property company has grown tremendously to become the Middle East's most prominent luxury focused private sector master developer. We are delighted to have chosen ECC for the Smart Heights project & I am confident that this will be a unique offering that the industry will be proud of,” said Mr. Hussain Sajwani, Chairman of DAMAC Holding.Smart Heights will offer 288,000 square feet of state-of-the-art office space, 22,000 square feet of prime retail outlets, as well as 6 levels of parking. Other amenities include a healthcare and daycare center. The project will offer businesses the ultimate in smart technology. 

Furthermore, DAMAC Properties recently won three prestigious awards at the CNBC Arabian Property Awards 2006. Property developer bagged the best development award for ‘Oceanscape’, best architecture award for ‘Ocean Heights 2’ and the best website award for the company’s website. In December 2006, the company also won the IREF ME award for the best residential development in the UAE 
Gowealthy.com


----------



## Naz UK

If Damac is Dubai's leading real estate firm, then Usama Bin Laden is the world's leading Nobel Peace Prize winner and President Bush is the world's leading Buddhist.


----------



## nauras

Naz UK said:


> If Damac is Dubai's leading real estate firm, then Usama Bin Laden is the world's leading Nobel Peace Prize winner and President Bush is the world's leading Buddhist.


^^ :lol: :lol: :lol: ....god jus visited the penthouse in marina terrace...its like how i used to make house with my lego blocks...well dat used to be better....


----------



## Workaholic

rexdmx said:


> actually it is afghanistan opium money


Sajwani is of Indian origin.

This is the hidden face of Damac:

http://en.wikipedia.org/wiki/Rafsanjani

In any case, two other Iranian developers in Dubai have a nastier record: Farayand (Windtower series) and 32Group (Sunny Mountain Skidome).


----------



## Naz UK

Erm....isn't that the biography of Rafsanjani? who's related to Hussein Sajawani..erm...in what way again???


----------



## smussuw

^^ both are Shiite? :dunno:


----------



## Naz UK

Or humans? :dunno:???


----------



## MaaaD

smussuw its ridiclous to turn this into a shiite bashing just because of an asshat like sajwani. 

Anyhow, anyone saw the big stand Damac has at mall of the emirates !! they have three cars (Bentley, Ferrari, and forget the third) parked in the middle of the mall !!! i wonder if anyone got a picture of it ...


----------



## DUBAI

^^The mods are gone for a matter of hours, and already someone with 30 something posts is trying to starrt religious arguments.

hmmmmm....


----------



## Morrismarina

The ad is very misleading, clearly anybody looking at it would think that 350million sq metres of luzury had actually been built. hno:


----------



## bizzybonita

they have projects at italy and germany elso  finished already lol


----------



## bizzybonita

i like damac and tameer only in one point (those are advertising company )


----------



## SA BOY

they talsk about developers of 79 towers , can any one name them ?

Seems our friends at DAMAC like to Streeeeetch the truth a bit


----------



## malec

A pdf with a whole load of info on all damac projects:
http://rapidshare.com/files/73441858/DamacProjects.pdf.html


----------



## Hanna

Damac makes Amman appointment


Damac Properties has appointed the Issa Haddadin and Partners Construction Company as the enabling works contractor for The Business Gate and Business Heights in Amman. The duration of this preliminary work, which commenced late last month, is approximately 120 days and includes site preparation, excavation and shoring works. The two developments are located at the Abdali downtown regeneration project.


----------



## bizzybonita

hanna could u please tell me about damac n italy i hear about new project there any info about it ...


----------



## thedubailife

^^ Be launched soon Construction to begin when scientist can make a cow jump over the moon or get pigs to fly.


----------



## Hanna

bizzybonita said:


> hanna could u please tell me about damac n italy i hear about new project there any info about it ...


Hi bizzybonita



Click on the attached link and press news and downloads then click news
on the site this may help you. :cheers:

http://www.damacproperties.com/new/main/html-v3/dubai.asp


----------



## bizzybonita

thedubailife said:


> ^^ Be launched soon Construction to begin when scientist can make a cow jump over the moon or get pigs to fly.


man come on you're talkin about NO. 1 REAL ESTATE DEVELOPMENT IN UAE MARKET ...:lol:


----------



## bizzybonita

Hanna said:


> Hi bizzybonita
> 
> 
> 
> Click on the attached link and press news and downloads then click news
> on the site this may help you. :cheers:
> 
> http://www.damacproperties.com/new/main/html-v3/dubai.asp


thnx :cheers:


----------



## rexdmx

*Damac to invest $5.4b in New Cairo project *
Staff Report
Published: December 11, 2007, 22:42


Dubai: Damac Properties, the biggest privately owned real-estate developer in the Middle East, plans to invest 30 billion Egyptian pounds ($5.4 billion) in a project in New Cairo, a suburb of Egypt's capital.

Damac will build a compound of villas called Hyde Park as part of the first phase of the project, chief executive Peter Riddoch said at a conference in Cairo on Tuesday.

Hyde Park will be built over 4.7 million square metres and will comprise more than 3,000 detached and attached villas. 

Gardens

The area is surrounded by landscaped gardens and is 350 metres above sea level. 

The villas will be created in a wide range of styles: from neo-classical to California-Spanish.

A pedestrian friendly neighbourhood with up to seven kilometres of walking and jogging trails will also be available. 


--------------------------------------------------------------------------------



--------------------------------------------------------------------------------


"Damac has a *proven track record * :lol: of successful lifestyle investments and we have now created the most desired address in Egypt, in an area which is the preferred destination for elite communities and global businesses," said Hussain Sajwani, chairman and founder of Damac Holding.

"For those in search of living the refined experience, the villas offer luxurious architectural harmonies that appeal to both emotion and reason," he said in a statement.

The development also includes a landscaped park, one of the largest in Egypt. More than 80 per cent of the total development area is devoted to green space, bodies of water and children's play areas. Hyde Park Country Club will have a spa and a sports centre.


----------



## bizzybonita

OK,,
ok
ok


----------



## Hanna

*Damac*



bizzybonita said:


> OK,,
> ok
> ok


Hi bizzybonita

I was going to add to the above report about Damac especially the bit about 
being on time (what a joke they are ) you know the old saying about paper
taking on anything ! just proves they are alive and kicking with there false
claims.I did notice the Fat man cowpoke Riddoch has toned down his appearances recently maybe he has been found out, and is on the set of a 
new Western movie in the States. :cheers:


P.S 

Will get back to you later to add comments


----------



## DUBAI

Reminds me of the old Gilette ads...

"Damac! ...the best a sucker can get..."


----------



## FWIW

I asked on another thread how the ESCROW accounts would affect Damac. Does anyone know if thier latest projects are compliant with Law #8?

Not trying to bash Damac; just want to know if their latest projects have this in place?

Thanks.


----------



## Hanna

SunnyS said:


> I asked on another thread how the ESCROW accounts would affect Damac. Does anyone know if thier latest projects are compliant with Law #8?
> 
> Not trying to bash Damac; just want to know if their latest projects have this in place?
> 
> Thanks.


Hi SunnyS

As far as I am aware they have not joined yet and are not compliant I was told a rep would keep me updated with any news on them joining I have been told nothing as I write today. :cheers:

P.S
Whats wrong with having a bash at Damac hundreds have already !


----------



## FWIW

Hanna said:


> P.S
> Whats wrong with having a bash at Damac hundreds have already !


I was in a good mood yesterday and couldn't be bothered! 

All I know is that in 2003 when I was looking around for a holiday home, I went to all the sales centers. I walked into Damac's sales center and was greeted by some good looking sales women.

Now in my head alarm bells were ringing, especially when they told me that they were the largest blah blah etc. When I asked why their sales center was in a tent, they said it is just temporary. Compare that with the Emaar, JBR, Greens, etc, etc sales centers...

Needless to say that I did not invest with Damac.

Now 4 years later my appartment is built and Damac are still in their tent.
I think it takes the p*ss that they have a banner saying "Luxury Delivered" on their 1 tower in Dubai Marina. If I was an investor with Damac I would be asking for my money back with interest.

Now all the bashing in the world is not going to make Damac see the error of their ways. They should stop launching new projects and build the ones they have promised the very many hard working investors that have backed them.


----------



## Hanna

SunnyS said:


> I was in a good mood yesterday and couldn't be bothered!
> 
> All I know is that in 2003 when I was looking around for a holiday home, I went to all the sales centers. I walked into Damac's sales center and was greeted by some good looking sales women.
> 
> Now in my head alarm bells were ringing, especially when they told me that they were the largest blah blah etc. When I asked why their sales center was in a tent, they said it is just temporary. Compare that with the Emaar, JBR, Greens, etc, etc sales centers...
> 
> Needless to say that I did not invest with Damac.
> 
> Now 4 years later my appartment is built and Damac are still in their tent.
> I think it takes the p*ss that they have a banner saying "Luxury Delivered" on their 1 tower in Dubai Marina. If I was an investor with Damac I would be asking for my money back with interest.
> 
> Now all the bashing in the world is not going to make Damac see the error of their ways. They should stop launching new projects and build the ones they have promised the very many hard working investors that have backed them.



Hi SunnyS


Couldn't agree with you more on your above statement they could not run a bath luxury providers my ass.Wait to you see what corners they will cut with any new projects they 'eventually' build the price of materials has went through the roof and they have to make profits so where will it come from,you guessed it interiors and finishings will suffer I bet,I hope I am proved wrong have to wait another 2 years to find out.And all the clients will have paid in full now and all the money will be grossing interest somewhere. :cheers:


----------



## Nancy

I completly agree with sunny


----------



## Morrismarina

So prior to July they were launching a project every other week now since the escrow law they haven't launched anything. Of course this must be pure coincidence. :lol:

And they haven't registered with RERA yet. Again another coincidence. :lol:

And yet they are telling us how they welcome the escrow law. :lol:

I'd have thought we'd have been seeing full page adverts months ago saying how they were the first Luxury Private Developer in the UAE to register and comply with the law. Strange isn't it ?? hno:


----------



## Nancy

bad public relation for damac


----------



## malec

How do you know they haven't signed up though?


----------



## malec

I have a question in general about this new law. It seems like half of the developers haven't signed up, in that case what happens to their half-built towers around the city? Is there something organised to deal with this or will they become rotting Dubai equivalents of the ryugyong hotel?
They really should have had this from the very beginning since it will create problems now.


----------



## FWIW

malec said:


> I have a question in general about this new law. It seems like half of the developers haven't signed up, in that case what happens to their half-built towers around the city? Is there something organised to deal with this or will they become rotting Dubai equivalents of the ryugyong hotel?
> They really should have had this from the very beginning since it will create problems now.


Just an idea:
The one's on the GREEN list get given first-refusal (in an online aution) for the land? If no bidder in auction then goes to free market?


----------



## AltinD

Nah, they'll just get a fine ... or RERA will be forced to issue a memorandum to postone the registration deadline.


----------



## Hanna

malec said:


> How do you know they haven't signed up though?


Hi malac


I was told by the Customer relations dept they are still working on it at present and hope to join soon.:cheers:


----------



## FWIW

tick-tock...

7 days to go!


----------



## Hanna

SunnyS said:


> tick-tock...
> 
> 7 days to go!


Hi SunnyS


I don't think Damac will make it along with a lot of the others,the question
is what will RERA do about it, backdate them with a 10,000 Dhms fine or
something. Nobody knows what will happen they will make the rules up to 
suit as per usaul.:cheers:


----------



## bizzybonita

DAMAC Properties attends Asian Power 100 Awards










Peter Riddoch, CEO, DAMAC Properties






A definitive list of the most forward thinking Asian innovators in the country 
Luxury lifestyle provider and the Middle East’s leading private sector master developer, DAMAC Properties has celebrated the achievements of Britain's 100 highest achieving Asian men & women at the gala launch of the Carter Andersen and Bank of Scotland’s Asian Power 100 which took place at the Riverbank Park Plaza in London.

Asian luminaries such as James Caan, serial entrepreneur, venture capitalist and CEO of private equity firm Hamilton Bradshaw and Lisa Aziz, Sky News presenter hosted the gala event.This year’s winner is Glasgow-born Azeem Ibrahim, 31, who with an estimated fortune of US$106m.The Asia Power 100 list is created from 17,000 nominations and recognises those whose exceptional work makes an enormous and essential contribution to the wealth, health and intellectual wellbeing of Britain. 


R


----------



## FWIW

Hanna said:


> Hi SunnyS
> 
> 
> I don't think Damac will make it along with a lot of the others,the question
> is what will RERA do about it, backdate them with a 10,000 Dhms fine or
> something. Nobody knows what will happen they will make the rules up to
> suit as per usaul.:cheers:


Hi Hanna,

Yes, I am not sure what real demonstrable powers they have. 

However, as a new regulatory body if they do not show their teeth and take some action then it will undermine law #8. This is in my view will not be good for the Dubai property market as this would show it to be an immature market and RERA not able to implement it's own rules.

I don't think this will be allowed to happen. 

The law states:

Chapter Four
Penalties
Article 16
Any person who:
1. deliberately provides the competent authorities with inaccurate documents or
data in order to obtain a license to carry out real estate development activities;
2. knowingly offers for sale units in unreal real estate projects;
3. embezzles, illegitimately uses or spends payments made to him for real estate
development purposes;
4. an auditor who deliberately prepares false report regarding the result of auditing
the financial position of the developer, or deliberately hides material information
in such report;
5. a consultant who knowingly certifies false documents in relation to the real estate
project; or
6. a developer who deals with a broker who is not registered in the real estate
developers register in accordance with the provision of regulation 85/2006
concerning real estate brokers in the Emirate of Dubai
*shall be punished by imprisonment for no less than one month and a fine, or either
punishment.*


----------



## Dubai_Steve

(or either punishment) So probably just a £1500 fine then. Big deal.


----------



## Hanna

SunnyS said:


> Hi Hanna,
> 
> 
> 
> Hi SunnyS
> 
> I hope they do come down hard on the violaters but this is Dubai and I expect
> there will be an Amnesty to the offenders.Damac has had over 9 months to work this out on how to proceed.The big question is what can be that complicated that they don't want to sign.I think due to past experiance with them and there crazy accounts department which they have changed out completly on two occaisions in the last three years is there must be problems
> with the finance side of things.Nobody knows what funds they have and where all the money is going.Dubai does not work like the UK where it is all accounted for.Damac doesn't post profit and loss and are not accountable to no one so they have been used to shove money here there and everywhere as they pleased,but now the game is up and have to fund every project seperatly,time will tell if there is major problems with them. :cheers:


----------



## FWIW

Dubai_Steve said:


> (or either punishment) So probably just a £1500 fine then. Big deal.


But if they are on the RED list, then I as a serious investor would not invest with them. In fact I would personally never invest with a company that has ever been on the RED list. They have had ample time to comply.

I think the majority of new investors would only invest with companies on the GREEN list. Those that don't will only have themselves to blame if it all goes pear-shaped.


----------



## Hanna

SunnyS said:


> But if they are on the RED list, then I as a serious investor would not invest with them. In fact I would personally never invest with a company that has ever been on the RED list. They have had ample time to comply.
> 
> I think the majority of new investors would only invest with companies on the GREEN list. Those that don't will only have themselves to blame if it all goes pear-shaped.





Hi SunnyS

I agree with you 100% they will have to comply or fold. I just think there finances are in a muddle at present and they need to work out how they are going to get by in the next few months. My guess is they will pull through in the end if they don't I am DONE FOR like the rest of the clients.:cheers:


----------



## Dubai_Steve

Perhaps why they have stopped launching in Dubai now. Most developments sold out because of their huge billboards everywhere so they can continue to build them without escrow even if they take their time about it and pay fines every now and then.

They can still pursue their activities in other countries where there is no red/green list.


----------



## FWIW

Hanna said:


> Hi SunnyS
> 
> I agree with you 100% they will have to comply or fold. I just think there finances are in a muddle at present and they need to work out how they are going to get by in the next few months. My guess is they will pull through in the end if they don't I am DONE FOR like the rest of the clients.:cheers:


Hi Hanna,

I really hope for your sake that your property is delivered soon. When & where have you bought?

Regarding their financies being in a muddle...well, their marketing dept. seems to be one of the best! They have no problems getting the monies for huge billboards and flash cars!

I don't think they'll fold - they may even get on the green list! Time will tell!


----------



## Hanna

SunnyS said:


> Hi Hanna,
> 
> I really hope for your sake that your property is delivered soon. When & where have you bought?
> 
> Regarding their financies being in a muddle...well, their marketing dept. seems to be one of the best! They have no problems getting the monies for huge billboards and flash cars!
> 
> I don't think they'll fold - they may even get on the green list! Time will tell!


Hi SunnyS

I bought in 2005 into Ocean Heights :cheers:


----------



## DUBAI

Did you get a free car?


----------



## Hanna

DUBAI said:


> Did you get a free car?


No
:cheers:


----------



## Morrismarina

I really can't see that Damac will be on the red list. After all they've only got to make contact with RERA and the formalities can be completed later. With all the money they've spent on advertising it would be insane if they didn't register.


----------



## bizzybonita

tameer too both of them should be on red line ...


----------



## Hanna

*Damac*

Damac 

--------------------------------------------------------------------------------

Hi All


Read this story in Business today.

He keeps bleating on about delivery on time which is Bull---t and nothing about escrow what a joke they are.I thought they would
change the record for 2008 seems not to be, same old same old.


Hussain Sajwani is riding high on the real estate wave and is in no mood to relinquish his lead. His company, Damac Properties, has already launched projects worth Dh110 billion in more than 16 countries.


“Our entire investment in real estate development is $30bn [Dh110bn], the Gamsha Bay project in Egypt itself being worth $16.4bn [Dh60.22bn]. The rest is spread across the GCC and Levant, with the majority of projects being in Dubai,” says Sajwani.

Damac Properties, which is part of Damac Holdings, was established in 2003 and since the beginning it has aimed to make a niche in the luxury segment.

“Since inception, we have positioned ourselves and have targeted the luxury end of real estate development. We have been successful at that and as a further enhancement we launched the signature series that assure ultimate luxury,” he says.

But is there a demand for high-end luxury apartments? Sajwani thinks so: “If you read and see statistics of the number of growing millionaires, there is bound to be a growing market for these niche products.”

And he is bang on target – the niche market is certainly growing, as the 11th annual World Wealth Report released by Merrill Lynch and Capgemini points to an increase in the high net worth individual population and wealth growth in emerging markets compared to more developed nations.

According to the report, the number of high net worth individuals in the world increased 8.3 per cent in 2006 to 9.5 million from 8.8m in 2005, while the number of ultra high net worth individuals rose 11.3 per cent to 94,970. Meanwhile, the number of UAE millionaires soared by 15.4 per cent to 68,100 in 2006 from 59,000 in 2005.

For Sajwani, luxury does not mean buying or selling high-priced apartments. It is more than that and involves a loop of services.

“Luxury is not one item, nor one thing – it is a whole experience. It is the service that we offer from the minute you enter our office till the time the apartments are delivered. The facilities management and other maintenance services thereafter – that’s what we call luxury,” Sajwani says.

Prompt and timely delivery of the project is of foremost importance for the Damac chairman. He rules out any delay in projects and is confident of meeting deadlines.

“Today, it’s market of contractors. It is very challenging to deal with them, especially quality ones, as there is a huge demand for them. But being a large company, a lot of them [contractors] want to work for us as they are assured of being paid on time and grow with us over time,” Sajwani says.

The company is yet to decide on whether to buy a contracting company. But it has a project management team in place that supervises construction quality.

“If the right opportunity comes, we will look into it because of the shortage of contracting companies. We will look to buy a big company that is international or regional since our business is growing and our presence is in many countries,” he adds.

Damac is incorporating smart home technology in its signature projects and not ‘regular’ apartments. “We have sufficient and reasonable technology in our normal apartments and have cutting-edge technology in our signature series,” he says.

The reason he gives is the high maintenance cost, which makes it impractical to make normal apartments more high-tech.

According to Sajwani, the company is looking to expand its geographical reach in 2008 with plans to launch projects worth $5bn (Dh18.35bn) in India alone in the next three years, along with several projects in Pakistan and North Africa. “We are already pursuing a project in Istanbul. As for 2008 and beyond, we have aggressive plans and will obviously continue to look for opportunities in the Middle East, Asia and North Africa.”

Damac Properties is also not ruling out more master developments after it launched Gamsha Bay in May 2007. “We are always studying and exploring a variety of projects. Obviously, if there is a project that is a good fit, then we will pursue it,” he says.

Sajwani believes in the UAE real estate story. “Dubai will continue to grow. The big growth is still ahead as the emirate has built itself as a hub for companies and tourism for people from at least India to Europe. Even Abu Dhabi is a good market and has huge growth potential.”

Asked if it was becoming difficult to get talented people, Sajwani says his company has put in place a number of strategies and incentives to retain employees.

“With extreme growth in the industry, it is a challenge to recruit quality human resource. We are overcoming this challenge in a variety of ways. We have evolved strategies to recruit and retain the very best talent through our recruitment process. We have a full-fledged training department and offer competitive remunerations. We make sure that we attract the right people and that they continue to grow with us,” he says.

Sajwani, however, ruled out listing on the stock market. In August, the UAE changed its laws to allow families to retain up to 70 per cent of firms they put up for sale to the public. The earlier limit of 45 per cent had discouraged UAE families, some of whom have built multi-billion dollar businesses on the back of oil wealth, from selling shares.

“We are studying all possible growth strategies for all of our companies. However, there are no immediate plans to go public.”

When asked what Damac has contributed to the UAE, Sajwani says: “We have generated a lot of employment opportunities. We pay our share of the [indirect] taxes and have brought a lot of foreign investment into the country. Out of the 10,000 buyers that we have, more than 6,000 are from Europe.”

Sajwani endorses the fact that the right people in key positions and good time management has enabled him to run his company efficiently. “It is extremely important to have certain attributes such as an understanding of market opportunities, a quest for success, vision and, most importantly, hard work to become successful,” he emphasises.


A profile in entrepreneurship 

Hussain Ali Habib Sajwani, a 53-year-old UAE national, is a self-driven ambitious entrepreneur who has proven his capability to transfer business vision into corporate reality. An industrial engineering and economics graduate from the University of Washington, he is the founder-owner and chairman of the Damac Group of Companies.

In just two decades, Damac has grown from a catering company to a global conglomerate with operations in more than 18 countries. Today, the Damac Group ranks among the largest business groups in the UAE with interests in real estate, hospitality, industrial projects, investments, logistics and commercial trading.

Damac Properties, the real estate development arm of the group, is present in more than 16 countries. It is is expanding rapidly in North Africa, Jordan, Lebanon, Qatar and the Far East. With its headquarters in Dubai, Damac has regional offices in the United Kingdom, Russia, Lebanon, Jordan, Egypt, Saudi Arabia, Kuwait, Qatar, Oman, Pakistan and Iran besides Abu Dhabi.

The group has operations in numerous countries including 
Saudi Arabia, Bahrain, Syria, Lebanon, Azerbaijan, Turkmenistan, Bosnia-Herzegovina and Algeria.


Sajwani also currently holds the position of chairman at Al Anwar Ceramic Tiles, Oman; Al Jazeira Services, Oman; Al Ahlia Insurance, Bahrain; and also Al Amana Building Materials, Oman. :cheers:


----------



## DUBAI

Its december 28th here...


now who is gonna get hold of the red and green lists?


----------



## Hanna

DUBAI said:


> Its december 28th here...
> 
> 
> now who is gonna get hold of the red and green lists?




I hope someone can come up with the list soon, just a tad curious where Damac stands :cheers:


----------



## FWIW

Anyone got the lists?


----------



## Imre

Damac 2 

28/December/2007

Legends


----------



## rexdmx

^^^ dont be so cheeky imre


----------



## 234sale

Sorry, but I agree with IMRE...


----------



## nauras

there was a luch of new project in dubai land....MADISON..the launch was in dubai 

with regards to the escrow ..the last project released (madison) was with compliance with escrow.....


----------



## Hanna

*Damac Escrow*

Hi All

Read this today in Emirates Business.


Madison is there only one they comply with they have been exempted on the rest.

This is the part I was concerned about, please read below about the part that some big companies have been exempted.I have been told that Damac is one such company.What a cop out the Goverenment have changed the rules 
to suit them already can you believe it!



About 400 real estate developers have been officially licensed by the Real Estate Regulatory Agency (Rera), paving the way for greater transparency and security for property investors in Dubai. 


Major developers, including Emaar, Dubai Properties, Aldar, Zabeel Investments and Nakheel and their subsidiaries, are included in the list of licensed companies, the majority of whom have opened escrow accounts. The accounts, which safeguard investors’ cash during the development period, will be supervised by the agency. The licences have been granted under Law Number Eight of 2007 on real estate development escrow accounts.



Rera Chief Executive Marwan Ahmed bin Ghalita said the move underlines the importance of creating greater transparency, a principle adopted by the agency to better regulate the emirate’s real estate sector and urged buyers to beware of unlicensed developers.

“Investors, who deal with any company not licensed by Rera, would be solely responsible,” he said. “Rera studies each case in depth before granting them a licence.” However, he said some companies and projects have been given special permits that exempt them from opening escrow accounts.



“Big companies that enjoy good reputation and have strong guarantees have been exempted,” Rera said.



Bin Ghalita said: “Rera transfers the money received from each company to the [escrow] security account after deducting expenditures. Investors have to forward their cheques to the security account.” Unlicensed companies, he said, will face greater difficulties in selling and marketing their projects through media outlets as 2007 real estate law prohibits media from carrying advertisements for unlicensed real estate projects.



“All developers must obtain approval from the agency before launching marketing campaigns,” he added.



Rera, it said, will work in 2008 to make the real estate market free of unlicensed property developers to guarantee the rights of all parties, whether investors or developers.


----------



## Naz UK

Damac is on the list.


----------



## Hanna

Naz UK said:


> Damac is on the list.


Hi Naz



You just don't get it do you.


Damac have made the list yes for new projects from the 28th Dec they have been exempted from all of there previous launches up till the 28th Dec my Dubai source informed me of this.They didn't have the funds to cover their mass portfolio of myths.

If you need this in writing that Damac have been exempted on old launches I suggest clients write to the Customer service Dept and
get them to verify this is the truth.



This is the part I was concerned about please read below about the part that some big companies have been exempted.I have been told that Damac is one such company.What a cop out the Goverenment have changed the rules 
to suit them already can you believe it! I think Damac have thrown there money around in so many countries they can't have enough to cover the all there launches in Dubai,they must have told the Goverenment this and they have decided to exempt them because of their high profile in Dubai this is the only logical answer I can think of.







About 400 real estate developers have been officially licensed by the Real Estate Regulatory Agency (Rera), paving the way for greater transparency and security for property investors in Dubai. 


“Investors, who deal with any company not licensed by Rera, would be solely responsible,” he said. “Rera studies each case in depth before granting them a licence.” However, he said some companies and projects have been given special permits that exempt them from opening escrow accounts.



“Big companies that enjoy good reputation and have strong guarantees have been exempted,” Rera said.:cheers:


----------



## rexdmx

Hanna said:


> Damac have made the list yes for new projects from the 28th Dec they have been exempted from all of there previous launches up till the 28th Dec my Dubai source informed me of this.*They didn't have the funds to cover their mass portfolio of myths.*


excuse me hanna?? they didn't have the funds..? this means they dont have money to complete the holes in the ground? hno:


----------



## Hanna

rexdmx said:


> excuse me hanna?? they didn't have the funds..? this means they dont have money to complete the holes in the ground? hno:


Hi rexdmx


Something like that, they have no 'proven' records of funds and I doubt they
will ever have, this why they have been exempted from past projects its a 
scandal and they and other big players will get away with it.RERA has been
sullied before it even started,how can you excempt big company's
because they say “Big companies that enjoy good reputation and have strong guarantees have been exempted,” Rera said.
This is a kind of British Government double speak the thing Tony Bliar and Gordon McBroon used to spout to decieve you all the time,investors need to ask the basic question in Dubai do you realy mean that some big players don't need to launch funds in a escrow account on projects before the 28th Dec a very simple question I would think.Don't let the list fool you they have admitted excemptions but not to who and what projects. :cheers:


----------



## FWIW

Hi Hanna,

I'm in shock!

You should be happy Damac are actually on the list! I can't find Select Properties or Bay Central anywhere...

WTF is going on?


----------



## Hanna

FWIW said:


> Hi Hanna,
> 
> I'm in shock!
> 
> You should be happy Damac are actually on the list! I can't find Select Properties or Bay Central anywhere...
> 
> WTF is going on?


Hi FWIW

I don't care they are on the list it means nothing if all the past projects
have been given exemptions they have registered one new project Maddison
and the account is tied to an escrow account the rest are in limbo and have
got off with it plain and simple got of scot free because of RERA and the Government.



I am sorry you can't find the names above it seems you are in the same boat
as a lot of clients nobody knows yet what or where the companies have got
excemptions :cheers:


----------



## nisha

I think SCC should have its own list of approved developers, prepared using the wealth of information on this site, personal experiences of investors etc...
This would be more credible that the RERA list, especially if the likes of Damac, Schon are on that list!


----------



## Hanna

nisha said:


> I think SCC should have its own list of approved developers, prepared using the wealth of information on this site, personal experiences of investors etc...
> This would be more credible that the RERA list, especially if the likes of Damac, Schon are on that list!


Hi Nisha 


That would have been more credible than RERA and the Government for 
sure :cheers:


----------



## Morrismarina

So we now know that investors in Damac's existing projects are not protected by escrow........so the question is are they protected at all ?? Luckily I've not invested with them but others, such as Hanna, must be concerned as to what protection they are now afforded. Has RERA actually told us specifically what is in place as an alternative to protect investor's funds ??


----------



## Hollie Maea

rexdmx said:


> u dont get it....surely they must realise that the public is not that dumb!!


Actually, the public is that dumb. The people on this site are far far far far more informed about these things than the general masses. The people who go to "shopping days" or whatever it is called say "ooooh a Bentley"...they have no ideal if Ocean Heights was announced in 2004 or not.


----------



## biyadoo

Just wanted to make a few points:
1) I personally don't like this type of promotion, and I think it leaves a bad impression on many (if not most) people, like the people on this forum.
2) Instead, they could have discounts on the prices of the apartments (for a limited time, for example).
3) You can usually swap those promotions with a discount on the price of the property you're buying (in fact this is what I did - instead of waiting for a Jaguar  ).
4) On the other hand, it does help them to draw some attention one way or other, doesn't it?


----------



## Morrismarina

biyadoo said:


> Just wanted to make a few points:
> 1) I personally don't like this type of promotion, and I think it leaves a bad impression on many (if not most) people, like the people on this forum.
> 2) Instead, they could have discounts on the prices of the apartments (for a limited time, for example).
> 3) You can usually swap those promotions with a discount on the price of the property you're buying (in fact this is what I did - instead of waiting for a Jaguar  ).
> 4) On the other hand, it does help them to draw some attention one way or other, doesn't it?


Why would you have to wait for a Jaguar ??


----------



## biyadoo

I can't remember the exact details now, but there was some small print such as "when available" for the delivery date. I may be wrong on that, but when I talked to Damac guys in Dubai that was the impression that I got.
They also suggested that if I went for the Jaguar, then sell it afterwards, I would get a better value.
I decided to go for the cash alternative for simplicity.


----------



## Imre

deleted


----------



## Imre

:banana::banana::banana::banana::banana::banana::banana::banana::banana::banana::banana::banana::banana::banana:

*Don’t miss Damac’s exclusive DSF Promotions, which will eventually make your life a celebration! *

• Luxury on Land
• Luxury on Air
• Luxury on Sea 


*Rare and fabulous opportunity to own A BMW 1 series ( 118 I A )*

With purchase of every Studio, One Bedroom, Office / Retail Unit
Rebate in lieu of Car Dhs 60,000

*Drive A BMW 3 series (320i A/4) home in style *

With Every Two, Three, Four Bedroom Apartments 
(including duplexes/penthouses)
Rebate in lieu of Car Dhs 80,000

*Proudly own A Bentley Continental Flying Spur*

With Every Signature Duplex/Penthouse
Rebate in lieu of Car Dhs 625,000

• Purchase Linked Prize ( Bentley or BMW )
Will be managed through issuance of eligibility certificates by Sales/Admn after all criteria mentioned in Terms & Conditions are met


*A Private Jet, Eclipse 500*

Property Worth Dhs 5 million can be offered in lieu of the Private Jet to the Winner


* 
A Private Island, Pelican Caye, Caribbean Sea*

Location: Pelican Caye, Turneffe Islands, Belize District, Belize
Size: Approximately 1.4 Acre
Property Worth Dhs 1 million can be offered in lieu of the Private Island to the Winner


Bentley or BMW to drive you to your Eclipse Private Jet to fly you to Pelican Caye, your Private Island in the Caribbean Sea!

Mechanics of the Promotion:

• Promotion Valid only during DSF from Jan 24 to Feb 24, 2008 (both days inclusive)

• Promotion Valid only on properties in Dubai

• Amount of deposit and the first installment as per the terms of payment should be paid in full, strictly within the time period specified in the reservation form to be eligible

• Every Customer gets a Bentley or BMW depending on the type of property purchased

• Every Purchase of Dhs 750,000 entitles the customer to a raffle coupon to win either the Mega or Grand Raffle Prize

• The Draw is scheduled for the 24th Of April , 60 days after the promotion


http://www.gowealthy.com/promotions/damac/index.asp


----------



## Naz UK

DSF now officially stands for "Damac Screws Foreigners".

Most ppl from the region (hopefully) know how this company operates all too well. So by their own admission, the only market left open and blind for Damac to take advantage of is foreign.


----------



## Dubai_Steve

•	With every studio, one-bedroom, office or retail unit purchase, you get a BMW 1 series (118IA) or a rebate in lieu of the car of AED 60,000 (approximately $16,350). 
•	With every two-, three-, and four-bedroom apartment (including duplexes/penthouses) purchase, you get a BMW 3 series (320i A/4) or a rebate in lieu of the car of AED 80,000 (approximately $21,800). 
•	With every Signature duplex/penthouse purchase, you get a Bentley Continental Flying Spur or a rebate in lieu of the car of AED 625,000 (approximately $170,300). 

In addition to the car offer, every purchase of AED 750,000 (approximately $204,360) entitles you to a raffle coupon in a drawing for either the Mega-raffle Prize or the Grand Raffle Prize:

•	Mega-raffle Prize – Pelican Caye, a 1.4 acre private island in Belize in the Caribbean or property worth AED 1 million (approximately $272,500)
•	Grand Raffle Prize – Eclipse 500 private jet or property worth AED 5 million (approximately $1,362,400)


----------



## bizzybonita




----------



## Maha

Oh no Imre, did you get hired by Damac?!


----------



## Naz UK

I reckon he's just excited about such unbelievably great offers. Who wouldn't be?


----------



## Morrismarina

*" Rare and fabulous opportunity to own A BMW 1 series ( 118 I A ) "*

What's rare about a One Series, they're everywhere ? And I wouldn't exactly call a One Series "fabulous" perhaps a Seven Series, but not one of these squashed little things. :lol:


----------



## Naz UK

Yeah, but only few a have 1-bedroom apartments strapped to the side of them!


----------



## bizzybonita

DAMAC Properties unveils Amber Residence in Dubai Residential City









Amber Residences, Dubai World Central 

DAMAC Properties, the luxury lifestyle provider and the region’s leading private sector real estate developer, has launched Amber Residence in Dubai Residential City located at Dubai World Central in Jebel Ali. The launch of this property has taken the number of DAMAC Properties under development to over 80 projects.

Hussain Sajwani, Chairman, DAMAC Properties, said, “Amber Residence is a modern architectural design offering the finest residential and retail lifestyle. It is designed to offer true value for money with interiors that have been tastefully designed and every detail breathing comfort. One will have easy access to everything”.

Amber Residence in Dubai Residential City is tastefully designed and offers high levels of comfort where the residents will enjoy exclusive leisure and fitness facilities. This real estate development is an unmatched asset and experience for the homeowner with a distinctive lifestyle that offers unparalleled opportunities from designer boutiques to fine dining restaurants


R


----------



## bizzybonita

I Forget something to mension complete date 2009 handcover date 2013 LOL


----------



## Naz UK

Amber Residence. Presumably named after the colour of the liquid that Damac are clearly extracting from their investors.


----------



## nauras

^^
lol...

they lauchin another project 2mm in auh...their second one in auh after oceanscape...


----------



## nauras

details


----------



## rexdmx

^^ why do the building have to curve...can't they stay straight ? :dunno:


----------



## rexdmx

*Damac to open office at Canary Wharf *
Staff Report
Published: January 28, 2008, 21:22


Dubai: Dubai-based private developer Damac Properties on Sunday said about 28 per cent of its sales originate from the UK where it will open an office at the Canary Wharf next month, a company statement said.

This will operate as the company's regional headquarters for the UK and Ireland. The launch marks the first of a series of several new offices that will come up in key locations across the UK and Ireland this year. 

"The move strengthens the company's commitment to selling its luxury developments in the Middle East and Africa to investors and overseas homebuyers based in the UK and Ireland," the statement said. 

Located on the 19th floor of a new tower on Bank Street, the office reflects the luxury brand that has become synonymous with Damac Properties. 

Significance 


--------------------------------------------------------------------------------


--------------------------------------------------------------------------------


Hussain Sajwani, chairman of Damac Holding, said: "UK is an important market for Damac as over 28 per cent of our sales are from there. The opening of this regional headquarters shows our commitment to UK and beyond. The new regional headquarters will cater to the region.

"We already have offices in Manchester, Birmingham, Glasgow and Mayfair. The Canary Wharf office is the latest in our office network in the UK and we will be opening offices in Leicester, Leeds and Southampton by Spring 2008."

Dubai is a tax haven and one of very few places in the region that have introduced freehold property laws for foreign investors. Property prices start from as little as £85,000 for a one-bedroom apartment and rental yields are typically 11 - 14 per cent per year, he said.


----------



## Hanna

Mavekris said:


> It is gamble if you are going with a new inexperienced developers..
> 
> At the same time some new entrants into dubai are doing very good too
> Example:- Iris,sungwon,bando to name a few.
> 
> 
> I think the best design in marina is with damac (OCEAN HEIGHTS) i read some time back that the building is designed in a way that all units will have sea view, how is it possible ???
> 
> would be very intresting ??
> 
> i am waiting ocean heights to take shape more that any other project in uae.
> 
> One good thing is that arabtec is doing the project that's a big advantage




Hi Mavekris



You are right about the design and the quality work of Arabtec these I think are valid points.

I am afraid there is no chance of all Apts with sea view,yes the front street
apts will have sea views, mine is at the back and will be over looking the Marina Mall,and the two sides will be looking into the blocks beside them.All this will be done with a slight twist as the building rises so I am not 100%
how much I will see of the Marina from my Balcony. :cheers:


----------



## biyadoo

Hi Maveriks,

As Hanna said, not all apartments will have sea views. I posted a sample floor plan at:

http://www.skyscrapercity.com/showpost.php?p=19197285&postcount=1388

:cheers2:


----------



## Dubai_Steve

rexdmx said:


> launch of damac's burj side boulevard in shangri la tomorrow
> who's going??


----------



## turbo

Has anybody had a reply from Sheikh Mohammed? I know of several Palm Springs investors who have emailed him several times, but no response so far.

"Quality is not merely an end. It has become a way of life", Sheikh Mohammed​
Let's hope quality includes ensuring companies like *DAMAC *ar not allowed to rip customers off, and it includes having the decency of replying to people who write to him.


----------



## Hanna

Hi Dubai_Steve


You could be right lol :cheers:


----------



## Salameer

Hanna said:


> Hi SunnyS
> 
> I bought in 2005 into Ocean Heights :cheers:


Hanna - I was going by this post. hno:


----------



## Dubai_Steve

The RERA registration of a property developer *will stand cancelled* if s/he:

• Declares bankruptcy;
• Violates any laws connected with real estate development;
• Cancels his/her license; and
• *Doesn’t start construction within six months *after getting hold of approval from Dubai Land Department for selling property off-plan.


Since DAMAC are not able to comply with the escrow regulation and did not start construction on Palm Springs, should they not have their RERA license revoked ?


----------



## Mavekris

*Hanna -- Biyadoo*

This is where i got the info saying that all apartments will atleast have small amount of sea view.

http://www.worldarchitecturenews.com/index.php?fuseaction=wanappln.projectview&upload_id=807

DAMAC Ocean Heights DAMAC Properties Co. LLC Ocean Heights, located in Dubai Marina, is a 310-meter residential tower. The project was the recipient of the Bentley 2006 “Best Architecture” award. The design evolved to maximize views toward the ocean with a deliberate twist on three of its faces. This allows the units, even in the back, a view toward the water beyond. The 82 storey tower is planned for completion in 2008. The building immediately starts its twist of its three faces at the base. As it rises, the tower’s floor plates reduce in size, allowing the rotation to become even more pronounced. At fifty stories, the building rises over its neighbors. This movement allows two faces of the building, unobstructed views to the ocean. The tower breaks away from the orthogonal grid and re-orients the project toward one of Dubai’s Palm Islands to the north. A challenging aspects of the design was accommodating the client’s strict requirement of unit layouts within a changing envelope. What resulted was a rational 4-meter module, which tracks its way down through the entire building and only changes at the facade. This also considerably simplified the structural system of the project.


Please check and confirm


----------



## Mavekris

I find ocean heights very exciting all of a sudden bcoz arabtec is doing it.

I am sure they will do their best for this iconic acrhitecture marvel..

Good time to pick from secondary market.


----------



## Naz UK

RERA is a joke, and it wouldn't surprise me if it was taking back-handers from such filth as Damac.


----------



## Hanna

Naz UK said:


> RERA is a joke, and it wouldn't surprise me if it was taking back-handers from such filth as Damac.


I will second that one :cheers:


----------



## Hanna

Mavekris said:


> This is where i got the info saying that all apartments will atleast have small amount of sea view.
> 
> http://www.worldarchitecturenews.com/index.php?fuseaction=wanappln.projectview&upload_id=807
> 
> DAMAC Ocean Heights DAMAC Properties Co. LLC Ocean Heights, located in Dubai Marina, is a 310-meter residential tower. The project was the recipient of the Bentley 2006 “Best Architecture” award. The design evolved to maximize views toward the ocean with a deliberate twist on three of its faces. This allows the units, even in the back, a view toward the water beyond. The 82 storey tower is planned for completion in 2008. The building immediately starts its twist of its three faces at the base. As it rises, the tower’s floor plates reduce in size, allowing the rotation to become even more pronounced. At fifty stories, the building rises over its neighbors. This movement allows two faces of the building, unobstructed views to the ocean. The tower breaks away from the orthogonal grid and re-orients the project toward one of Dubai’s Palm Islands to the north. A challenging aspects of the design was accommodating the client’s strict requirement of unit layouts within a changing envelope. What resulted was a rational 4-meter module, which tracks its way down through the entire building and only changes at the facade. This also considerably simplified the structural system of the project.
> 
> 
> Please check and confirm


Mavekris 


The lower unit at the back have no chance of sea view only the very high 
units 'might' get a glimpse of the sea,I have no idea at what level ! :cheers:


----------



## biyadoo

Mavekris,

I don't think the units at the back and on the left-hand side (looking towards the sea) will have sea view.

"This movement allows two faces of the building, unobstructed views to the ocean"

I think they mean the ones on the right-hand side (units 02, 03 in the sample plan) and front of the building.

It's marketing stuff, you know, confusing.


----------



## Hanna

*Ocean Heights*

Hi

Just goes to prove they are still trying to sell Apts in Ocean Heights
5 years after it was put on the market is that some kind of record for
the industry in selling tactics. :cheers:



Damac signs up with 60 agents in India
By Staff Writer on Monday, March 31 , 2008



Damac Properties has signed up with 60 real estate agents in India across metros and tier-one cities to market its products.

“We are proud to have signed on 60 agents in India; as the demand is high, we wanted to touch each corner of India through an experienced network of agents,” Hussain Sajwani, Chairman of Damac Holdings that is the parent company of Damac Properties, said. The company has taken this initiative to market and sell its regional properties to the Indian investors, according to the statement.

Damac will market its Dubai-based Ocean Heights, an 82-storey award-winning skyscraper in Dubai Marina here, Lotus Heights located in the Business Bay, Park Towers at Dubai International Financial Centre, and several recently launched high-end luxury living options through its agents.

“We will regularly provide our agents all the necessary information and training to sell our properties,” Sajwani said.


----------



## bizzybonita

lol NO.1 DAM AC ALL TIME


----------



## Dubai_Steve

*Dubai investors shaken by Palm Springs saga*

*Potential real estate investors in Dubai have been scared off by news Damac Properties has axed a development on the Palm Jebel Ali, the latest ArabianBusiness.com spot poll has revealed.*










PROJECT AXED: *Two-thirds of respondents said news of the Palm Springs cancellation had made them think twice about investing in Dubai.*


The Dubai-based developer cancelled its the much-delayed Palm Springs project, which is yet to be built, five years after launch, citing "redevelopment of the plots".

Investors are now threatening to take Damac to court if it does not reverse its decision and continue with construction.

Damac has offered compensation for the cancellation, but buyers are facing average losses on their investment ranging between 300,000-600,000 dirhams ($81,000-$163,000), one of the project's investors has told ArabianBusiness.com.

The news seems to have reduced confidence in the market, according to the poll.

Two-thirds of respondents said news of the cancellation had made them think twice about buying property off-plan, stating that it had made them "very cautious about the Dubai property market".

Not one respondent said they would still buy off-plan real estate without first checking out the developer, while 33% said they might buy before construction has begun, but that it would depends on the developer and the kind of reputation it had.

Dubai has a massive secondary market for off-plan real estate, with units passing through numerous hands before a development is finally built as investors capitalise on soaring prices in the sector to make quick profits without putting up huge amounts of capital.

Many investors in Palm Springs bought units on the secondary market, meaning from an investor and not directly from the developer, paying up to a 50% premium on the original purchase price. 

As the Palm Springs has yet to be built buyers will not have paid the full original purchase price, but will have made downpayments as agreed milestones were reached.

Secondary market buyers will have paid the seller the premium as well as however much of the original purchase price the seller had paid to Damac.

Damac has offered to refund the amount of money investors have put down on their property so far, plus 6% annual interest calculated from the date of each instalment payment, or the option of transferring their investment to another project with a 15% discount off current prices.

Damac said it was not the developer's contractual obligation to refund money that was paid on resales, according to an investor.


----------



## Dubai_Steve

"We are proud to have signed on 60 agents in India; as the demand is high, we wanted to touch each corner of India through an experienced network of agents," Hussain Sajwani, chairman of Damac Holdings that is the parent company of Damac Properties, said in a statement here Sunday.

The company has taken this initiative to market and sell its regional properties to the Indian investors, according to the statement. 

Damac will try to market its Dubai-based Ocean Heights, an 82-storey award-winning skyscraper in Dubai Marina here, one of only a handfull of towers in Dubai which has not yet sold out after its initial launch in 2004, along with several recently launched high-end luxury living options through its agents. 

"We will regularly provide our agents all the necessary information and training to try to sell our properties. We have an agent's relationship department who provides all the necessary support to the company's agents," Sajwani said. 

The company plans to provide sales training to its agents in India through the Damac Agents Academy, which it has set up to hone its agents' selling skills according to international standards.

"The main purpose of the training that Damac provides its agents is to equip them with product knowledge (of) Damac brand and its value, the sales process, luxury property selling skills, raising the bar and setting a service benchmark in the real estate market," Damac Properties chief executive Peter Riddoch said in the statement.


----------



## Hanna

*Damac question contracts !*

Hi All


I have a question for all you business people !

Now that Ocean Heights is well on its way skywards would i be right in thinking that Arabtech have got all there money paid up front or would they get it in stages of build.Could Arabtech hold them to the full contract if everything went tits up with Damac, the reason for asking is I have seen the other projects half built and then the company goes bust and there is no money to finish.What would happen then to the building and the project as a whole :cheers:


----------



## Parisian Girl

*Damac move surprises Nakheel*

By Suzanne Fenton, Staff Reporter
Published: April 04, 2008, 00:44

Dubai: Uncertainty surrounds Damac's cancellation of its Palm Springs project as master-developer Nakheel, which is building the Palm Jebel Ali where the project was initially planned, saying it was not informed of Damac's decision to cancel.

Marwan Al Qamzi, managing director of the Palm Jebel Ali, said Damac's decision came as a surprise and Nakheel learned of it through the media.

"We are very surprised by the statements made by Damac suggesting that the reasons for the cancellation of its Palm Springs project are due to revisions in the Palm Jebel Ali masterplan," said Al Qamzi. "The Palm Springs plot was relocated to a prime position due to widening of the crescent," he said.

"Our last interaction with Damac took place in February this year and was one of positive engagement. It left us with the firm view that Damac was proceeding with the project. We are extremely disappointed by this recent development," said Al Qamzi.

Al Qamzi said that the revised masterplan allowed for significant improvements in the design.

Nakheel has sold other plots of land on the crescent of Palm Jebel Ali to Damac. Al Qamzi said it was now the responsibility of Damac to ensure the delivery of any units it has sold within these plots to customers.

Revisions to the Palm Jebel Ali masterplan were communicated to investors more than ten months ago.

"From Nakheel's perspective, Damac's cancellation of the Palm Springs project must be linked to other development issues specifically related to the project," said Al Qamzi.

Damac was not unavailable for comment.

http://www.gulfnews.com/business/Real_Estate_Property/10202845.html


----------



## DUBAI

Hanna said:


> Hi All
> 
> 
> I have a question for all you business people !
> 
> Now that Ocean Heights is well on its way skywards would i be right in thinking that Arabtech have got all there money paid up front or would they get it in stages of build.*Could Arabtech hold them to the full contract if everything went tits up with Damac*, the reason for asking is I have seen the other projects half built and then the company goes bust and there is no money to finish.What would happen then to the building and the project as a whole :cheers:


No, bancruptcy protection is not that advanced in dubai. I belive most projects are based on an advance payment, and post dated cheques.


----------



## Mavekris

:applause::applause:

well done palm springs investors


----------



## malec

This is all well and good but this is only one project.
How can they deal with 60 other projects which they haven't started and with construction prices going up.


----------



## Mistermark

malec said:


> This is all well and good but this is only one project.
> How can they deal with 60 other projects which they haven't started and with construction prices going up.


I think this is an important question, and could be applied on a smaller scale to other developers.

With hindsight, they all had a small window of time in which to build their developments while materials prices remained low. Most have been too slow, and now prices are rising fast. How many will survive? How many developments will be cancelled? Will the government intervene?


----------



## dubaigreen

Damac just called me again, their "prelaunch" for their newest tower on "Al Reem" starts at 2500 per sqft !!! You Palm Springs owners, be happy, those below 1000 per sqft prices seems long ago


----------



## 234sale

malec said:


> This is all well and good but this is only one project.
> How can they deal with 60 other projects which they haven't started and with construction prices going up.



Selling off Land they have for other developments not launched.

Maybe this can help them...


----------



## Morrismarina

234sale said:


> Selling off Land they have for other developments not launched.
> 
> Maybe this can help them...


I doubt very much Damac can do this. If you think about their strategy it's all about getting cash quickly from as many project launches as possible to fund even more launches. If they purchase a plot of land they'll want to get as much money from it as fast as they can into their pyramid system. So I would be very surprised if they have land they've purchased (obviously costing them a lot of interest/lost revenue) lying idle without a launch having already taken place.
The Palm Springs fiasco must be very worrying for Damac as RERA have now set a precedent for the future. Damac will not be able to try this cancellation option again. So they'll be forced into continuing with loss making developments. IMO they'll delay Palm Springs as long as possible and cut as many corners as they can to save money - they have no incentive now to deliver the project - so I wouldn't fancy being an investor in Palm Springs to be honest. I'd be very surprised if Damac are actually around long enough for it to be built. And another blow is that investors money here has not been transferred into escrow so they are not protected.


----------



## Hanna

Morrismarina said:


> I doubt very much Damac can do this. If you think about their strategy it's all about getting cash quickly from as many project launches as possible to fund even more launches. If they purchase a plot of land they'll want to get as much money from it as fast as they can into their pyramid system. So I would be very surprised if they have land they've purchased (obviously costing them a lot of interest/lost revenue) lying idle without a launch having already taken place.
> The Palm Springs fiasco must be very worrying for Damac as RERA have now set a precedent for the future. Damac will not be able to try this cancellation option again. So they'll be forced into continuing with loss making developments. IMO they'll delay Palm Springs as long as possible and cut as many corners as they can to save money - they have no incentive now to deliver the project - so I wouldn't fancy being an investor in Palm Springs to be honest. I'd be very surprised if Damac are actually around long enough for it to be built. And another blow is that investors money here has not been transferred into escrow so they are not protected.


Hi Morris


I agree 100% about the pyramid system its there for all to see what they are
doing.The only thing is I don't know if they have been caught out with all the massive price rises and had good intentions from the get go and it all went to pot with the spirraling costs.I was told from the start of my contract I had nothing to worry about, Damac have priced the Apartment high enough in the first place to take care of any increase's in men and material costs.Then when I saw what percentage of the rises over the few years I immediately came to the conclusion something has to be cut if they do build i.e interiours and fittings and build quality could suffer (Funny I never got an answer on that one).

So do you think maybe Ocean Heights will be one of there last projects !

:cheers:


----------



## Mistermark

I could be wrong but I think investors' funds for Palm Springs *will* have to go into escrow, as the rules affect any development less than 50 percent complete. However, this will protect only their original cash - say AED 850/sq m - not what the properties are worth now (say AED 2500-3000), let alone in the future.

Provided investors don't lose out, it would make me happy to see Damac go under and I wouldn't feel sorry for them having been caught out by the inflation in raw materials and labour costs. Damac has been the worst developer for announcing more projects than they had the capacity to build to the contracted timescales. Had they not overreached themselves they would have stood a good chance of delivering before the price rises of the past year or so hit. But they were greedy (80 projects announced, two delivered says it all) and they may well end up paying the price.


----------



## Joy Machine

Mistermark said:


> Had they not overreached themselves they would have stood a good chance of delivering before the price rises of the past year or so hit. *But they were greedy (80 projects announced, two delivered says it all) and they may well end up paying the price.*


*

Hmm, sounds like another more established development company in dubai, except they do their projects. But I have been thinking about the negative effects of having so many projects paid into and nothing has even started yet. People aren't going to keep flooding to Dubai forever and eventually, prices will steady and then dip...and this other developer keeps on stacking as things keep on climbing. But how long can it go is the ultimate question. Seems Damac could be the mere a victim of the markets due to its smaller size.*


----------



## 234sale

Interview with RERA about DAMAC






Dubai Eye 103.8


----------



## Hanna

*Damac*

Interview with RERA about DAMAC



Dubai Eye 103.8[/QUOTE]



Hi 234sale


Not bad interview except for one 'main point' Malcolm ommited to ask was
why did Damac get exemptions for 95% of it's projects from your Department as regards escrow law,this would have stopped the interview in it's tracks and poor Malcolm taken outside and shown the way to the exit rather quickly.
I am sure he was primed on the questions he would be allowed to ask, if he strayed in any way I don't think he would get many more interviews in the future. :cheers:


----------



## one_guy

The escrow system for older projects is a joke. RERA made a lot of exceptions for "reputable" developers like Damac hno:

Damac has been a pyramid scheme from the beginning. It will collapse faster because of rising material and labour costs. But make no mistake Damac never had good intentions. Ask any long-time Dubai residents or Emiratis about their background. :runaway:




Mistermark said:


> I could be wrong but I think investors' funds for Palm Springs *will* have to go into escrow, as the rules affect any development less than 50 percent complete. However, this will protect only their original cash - say AED 850/sq m - not what the properties are worth now (say AED 2500-3000), let alone in the future.
> 
> Provided investors don't lose out, it would make me happy to see Damac go under and I wouldn't feel sorry for them having been caught out by the inflation in raw materials and labour costs. Damac has been the worst developer for announcing more projects than they had the capacity to build to the contracted timescales. Had they not overreached themselves they would have stood a good chance of delivering before the price rises of the past year or so hit. But they were greedy (80 projects announced, two delivered says it all) and they may well end up paying the price.


----------



## 234sale

Mr Riddock.. Or a damac employee who can forward this to your CEO

I suggest you to offer to swap investors at the same area per sqft, into a project that is currently under construction.
Straight Palm Springs sqft - sqft Ocean Hieghts swap.

You can then sell of the land to whom ever for Millions AED and any investor would get a finished appartment by 2010.

This would be a great positive PR and Maketing position.. Its ok to admit you have problems, all developers do.

Regards 234sale


----------



## Hanna

234sale said:


> Mr Riddock.. Or a damac employee who can forward this to your CEO
> 
> I suggest you to offer to swap investors at the same area per sqft, into a project that is currently under construction.
> Straight Palm Springs sqft - sqft Ocean Hieghts swap.
> 
> You can then sell of the land to whom ever for Millions AED and any investor would get a finished appartment by 2010.
> 
> This would be a great positive PR and Maketing position.. Its ok to admit you have problems, all developers do.
> 
> Regards 234sale





Hi 

That would be fine if they had enough Apartments in Ocean heights to sell !
also a place in the Palm to swap for Ocean Heights I don't think you would have many takers I know I wouldn't swap my Palm Apartment if I had one :cheers:


----------



## 234sale

How many appartments where there in palm springs?


----------



## beer51

To all new investors:

KEEP AWAY FROM DAMAC.


----------



## Hanna

beer51 said:


> To all new investors:
> 
> KEEP AWAY FROM DAMAC.


Hi Beer51


Why ! :lol::lol::lol::lol:

If they keep away my place will never be built they need a steady of flow of cash from 'new mugs' oops sorry investors
for all the cars and plane's they give away every few months, and I forgot the bill boards accross the world that takes
a lot of funds so does the office staff and all the offices they have a big upkeep does Damac.

Did anyone notice they cancelled there plush new headquarters in Dubai its on there never to be built list 
,they have to keep mobile you know 'suitcase at the ready' and a private jet always fueled to make a run for it.


----------



## Mavekris

Did anyone notice they cancelled there plush new headquarters in Dubai its on there never to be built list 
,they have to keep mobile you know 'suitcase at the ready' and a private jet always fueled to make a run for it.

Good one.:lol:


----------



## AltinD

Wow, that actually happened 2.5 years ago. :laugh:

I remember being to Cityscape 2005 with Dennis (Dubai-Lover) on the stall of AEDAS Architects and while discussing about their designs with one of their representatives we expressed discontent that the Damac's HQ project was not to go through.


----------



## Naz UK

Wow. I once expressed discontent when my wife ate the last chocolate Hobnob from my plate, as I momentarily left the table to fetch the remote control. It's not the same Altin, but I understand what you went through. hno: Let us pray.


----------



## Hanna

AltinD said:


> ^^ I have learned never to presume others will think or show as much attentions as I am. hno:


As they say in Scotland 'aye right'


----------



## Naz UK

OK. Please let's not starting bashing each other. If only because it will take effort away from the greater bashing, i.e. of Damac.


----------



## Naz UK

AltinD said:


> ^^ I have learned never to presume others will think or show as much attentions as I am. hno:


BTW, just a suggestion (now that I have been led into posting here again), can we please add something like "Problems with..." to the beginning of the thread title, so as to not sound misleading. On first sight, it currently looks like the thread is endorsing Damac, as some kind of "best developer in Dubai" as its got its own thread!???


----------



## Hanna

Naz UK said:


> BTW, just a suggestion (now that I have been led into posting here again), can we please add something like "Problems with..." to the beginning of the thread title, so as to not sound misleading. On first sight, it currently looks like the thread is endorsing Damac, as some kind of "best developer in Dubai" as its got its own thread!???



Hi Naz 


100% RIGHT :cheers:


----------



## Dubai_Steve

Agree, change title please. Damac are nothing but problems.


----------



## High Times

Hanna said:


> Hi AltinD
> 
> I will give you the benift of the doubt if you think High times didn't know I had bought anything from Damac after 3 trillion posts you must be must be as nuts as him ! :bash:
> 
> 
> Pleae give me a break he has little to do on a Sunday and comes out with a
> question like that and for you to give it a smirchin of credence you are as bad as that ideot hno:


Hanna,

All i did was ask you a question to try and understand your position fully. Altin is correct all you had to do was say "I'm pissed off with Demac cause i bought a unit from them in Ocean Heights". Instead of being so abusive to me morris and altin.

Forgive me for not reading every single one of your posts.

As for calling me an ideot.

Firstly it's spelt idiot.
Secondly your the Demac investor.
Thirdly I'm not.

Have a nice Sunday, I'm just about to tuck into a nice roast lamb with all the trimmings. What about you ?


----------



## Morrismarina

Hanna said:


> Hi Morris
> 
> 
> You have went way down on my estimation you agree with that pish,you have slated them as much as me you two faced tosser !hno:


:weird:

Hey Hanna, you're really got the wrong end of the stick here.......I was just agreeing with Altin on the basis that you've only got to mention Ocean Heights to sum Damac up.......no need to say anything else type of thing. You know, delayed for 4 years before construction started...etc...etc. I was in no way supporting Damac, why the **** would I want to do that ?? Either I've taken what Altin was saying the wrong way, or you've misunderstood it as well...... I just thought Altin's comment was funny......that's all.......I wasn't having a go at you or anything like that. Just calm down and relax a bit.........how about getting your Mrs to give you a blow job. :lol:


----------



## Naz UK

I thought Hannah was a lady. I'm all confused now. There should be a sex button on the avatar section. That's "sex" as in male or female Bizzy, not as in copulation. Cheers.


----------



## Hanna

*Damac days are over*

Hi All


I give up no more posts for me you will find out in the end what Damac are 
all about, e-mail tennis days are over.


:banana:


----------



## AltinD

As for the title that seams to endorse DAMAC, I totally agree. The title used to be ok before, really showing what the thread was about while staying within the decency, but I don't know by whom and why it was changed.


----------



## Naz UK

Was it Hussein Sajwani, by PM? :dunno:


----------



## Dubai_Steve

:lol: Maybe Krazy got a back hander like RERA did.


----------



## Naz UK

See, now that's where I draw the line. I would never prostitute myself like that for anyone let alone people like Damac - I'd never take a reasonably small fee, say Dhs 1,000,000 in return for good press coverage, at my office, which is the 3rd building after Chilli's, in Garhoud (first right after Garhoud Bridge, towards Sharjah), like around, 8pm, when there's only a few ppl left in the office. I'd never do that. 

Never. :shifty:


----------



## biyadoo

Hanna,

Have you thought of selling your apartment in the resale market? I was just wondering about the market conditions.


----------



## biyadoo

I just received a letter from Damac saying that "Ocean Heights conforms to RERA", with the ESROW account numbers. 

Should be a bit of a relief for Hanna.


----------



## bizzybonita

Damac & Hilal Al Zarooni near pact on HAZ Towers 


May 17, 2008 5:05:31 PM By zq [Show Printable Version] 

Confusion over the Haz Towers project in Business Bay may be nearing an end as both Damac and Hilal Al Zarooni will have to sign an agreement by next week, according to Land Department officials.

Emad Eldin Farouq, legal counsel for Dubai Land department, said, "There is a settlement agreement that both parties have to sign. They have no choice." The signing has so far been delayed due to a possible second option.

The Haz towers project was launched July 8, 2007, after Damac bought it from Dubai Properties before selling it on to Hilal Al Zarooni. The cause for the delay is unclear but Eldin Farouq says it is due to the reservation agreement. "Damac blames Zarooni for breaking the reservation agreement. Zarooni was meant to sell the building after approval." 

However, Damac had received no authority for the floor plans or marketing of Haz Tower, according to official documents received by Gulf News. "Damac didn't have approval from Zoning Authority for the floor plan and elevations for Plot BB.B.01.040 [Haz tower plot].

"Damac has not taken any approval for marketing any tower on the above plot. Damac, owner of plot BB.B.01.040, has not got any approval to start selling the tower or units in the plot which need bank guarantee first to be provided to Dubai Properties." Last week, a Damac employee said that the Haz towers project is "on hold, according to a statement by the chairman".

However, Niall McLoughlin, senior vice-president of corporate communications at Damac, denied this. "Haz towers is going ahead. It would be inappropriate for me to further comment on Haz towers. As you know, it is sub-judice," McLoughlin said in an email to Gulf News. Another Damac employee said any queries should be directed to Hilal Al Zarooni.

Investors are becoming increasingly frustrated as there appears to be no reason why the project shouldn't go ahead. Hilal Al Zarooni said, "We're waiting for the Land department to give their answer. They said it would be next week."

However, investors are losing confidence in the Land Department as they have now had the complaint for over six months. Eldin Farouq said yesterday that "the chapter will be closed next week."

hno:hno:hno:


----------



## bizzybonita

Dubai developers facing a “steep challenge” on project delivery
by Amy Glass on Sunday, 18 May 2008 


Dubai developers are facing a “steep challenge” on project delivery due to shortage of quality contractors and the rising costs of construction material, *the chairman of Damac Properties said on Sunday*. 

Hussain Sajwani, chairman of Damac Holding, parent company of Damac Properties, said of the over 2100 real estate projects planned or under way in the Gulf, over 23% of these projects are located in Dubai. 

“The property boom in the region, especially Dubai, has far exceeded the region's capabilities to develop these projects on time…2007 saw a far slower pace of completed projects, with handovers of only 11,000 units of the expected 57,000 units across the region,” he said. 

However, as part of a new focus on project delivery, Damac has handed over 572 units within its Lake Terrace project at Jumeirah Lake Towers and during 2008 the firm will deliver over 2300 new units. The company expected to deliver a further 7100 units in 2009 - 2010, he added. 

“The delivery of our Lake Terrace project is a step towards our commitment and focus on completion of projects…we are determined to ensure that we go all the way to get our customers their homes as quickly as possible.” he said. 

The 40-storey Lake Terrace project was launched in 2003, with apartments sold at 600 - 700 dirhams per square foot. 

A company spokesperson said the apartments would now be worth 1500 dirhams per square foot. 

Damac’s new push for project delivery follows its decision in March to inform investors its Palm Springs project on the Palm Jebel Ali had been cancelled, due to problems with a newly allocated plot of land from master developer Nakheel. 

Investors, mainly from the UK, were angered over Damac’s reimbursement offer of 6% return on money paid so far, or a discount on another Damac project. The Palm project had launched five years earlier and many investors stood to lose out spectacularly after purchasing properties on the secondary market. Nakheel denied any responsibility for problems with the new plot, 

Duabi’s Real Estate Regulatory Authority were called in for talks, and within weeks Damac had u-turned its controversial project axing. Damac currently has real estate interests across Dubai, North Africa, Jordan, Lebanon, Qatar and Saudi Arabia. The developer announced in September that it has launched a total of 79 towers across the region over the last five years, all of which are in various stages of construction.


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## Naz UK

Yeah, I totally agree with Hussein its tough. Gone are the days when you could simply take people's money by kidnapping and holding their mother's to randsom and issuing death threats over the phone at 3am for people to cough up the money by 9am or face a barrage of Peurto Rican thugs running your door down and allowing baseball bats to make contact with your head a few times.

I really feel for old-skool gangsters in Dubai, who have to just "fit-in" with the local daily grind in Dubai, unfamiliar territory for people more used to dropping concrete blocks with people attached to them in deep rivers.

I felt so bad after reading Hussein's comments, that I just got off the phone after purchasing 3 apartments in Damac's forthcoming "Damac Lake View Smart Heights Terrace" project, to be launched in Bradford, UK.


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## Mistermark

bizzybonita said:


> However, as part of a new focus on project delivery, Damac has handed over 572 units within its Lake Terrace project at Jumeirah Lake Towers and during 2008 the firm will deliver over 2300 new units. The company expected to deliver a further 7100 units in 2009 - 2010, he added.
> 
> “The delivery of our Lake Terrace project is a step towards our commitment and focus on completion of projects…we are determined to ensure that we go all the way to get our customers their homes as quickly as possible.” he said.


I'm the purchaser of one of the 572 units that Damac 'has handed over' in Lake Terrace and am able to tell you they have NOT handed over a single apartment in that project as at today's date.

There are unconfirmed rumours that letters will go out today informing buyers that the apartments will be ready for handover from 20 June, 2008.

According to the contract, the LAST day by which the developer had to hand over the apartments was 31 June, 2006. So they will have delivered two years late, almost to the day...

If this is "a step towards [Damac's] commitment and focus on completion of projects" and "go[ing] all the way to get our customers their homes as quickly as possible" then I think they still have a long way to go...


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## Imre

next launch:

Flamingo Cove, The Lagoons


----------



## Maha

Anyone heard about the fire in Damac tower at JLT?


----------



## Imre

yes, Lake View, top section .

but nothing news in the media as always...


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## Mistermark

Yes, I recommend talking to Trish Crooks, Customer Care Manager. Her phone number is +971 4 332 0255 x 841, email [email protected].

I've found her uncompromising - her attitude is 'go ahead, sue' (I briefed the solicitor this afternoon, so her wish is about to come true...) - but she's efficient, in that she returns emails and knows what's going on (a head start compared with most Damac staff it would seem).


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## MalcomX

Is there a separate threat for Business Place (DJA)? - recently launched. Couldn't find it.


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## Richard Head

MalcomX said:


> Is there a separate threat for Business Place (DJA)? - recently launched. Couldn't find it.


You looking for a threat that this development will be delivered within 5 years of original deadline, or a terrorist threat to blow it off the map? I'd say the latter is far more likely.


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## Quartettzero

Schon Properties


Hanna said:


> Hi All
> 
> 
> Has any of you got a good Customer Relations contact e-mail address for this
> shit company,ever since Alan Gammon left there has been little contact from them they will not answer questions and when someone does get round to it it's weeks later. :cheers:


Hanna, the owners of Schon Properties are no. one crooks.
I have to quote another forumers comments here to help you out


News Letter 


Guys , 

i spoke to the CR department and same story !zonal demarcation , negotiation with the contractor , new contract will be assigned by mid of august .......... , the only new thing for me is the news letter.
http://www.yousendit.com/download/TT...SWgzeUt4dnc9PQ with all events time table. 

People in UAE ,we will be the people who is taking the main action , please lets gather to brainstorm and finalize action plans.


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## Imre

18/July/2008

Lake View, JLT


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## Hanna

Mistermark said:


> Yes, I recommend talking to Trish Crooks, Customer Care Manager. Her phone number is +971 4 332 0255 x 841, email [email protected].
> 
> I've found her uncompromising - her attitude is 'go ahead, sue' (I briefed the solicitor this afternoon, so her wish is about to come true...) - but she's efficient, in that she returns emails and knows what's going on (a head start compared with most Damac staff it would seem).



Hi

Thanks for the contact


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## MalcomX

another damac project-Admiral Bay in Dubai Maritime City. Is there a threat?


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## Imre

Damac Properties cordially invites all connoisseurs of fine living to walk in for special DISCOUNT EVENTS on luxury properties in Dubai .



*KENYA*

Venue: Hilton Hotel, Nairobi , Kenya

Dates: 13th & 15th of August 2008

Time: 10 am to 10 pm



*TANZANIA*

Venue: Kilimanjaro Hotel Kempinski, Dar es Salaam , Tanzania

Dates: 19th & 20th of August 2008

Time: 10 am to 10 pm



*NIGERIA ( ABUJA )*

Venue: Transcorp Hilton Hotel, Abuja , Nigeria

Dates: 22nd & 23rd of August 2008

Time: 10 am to 10 pm


*
NIGERIA ( LAGOS )*

Venue: EKO Hotel & Suites, Lagos , Nigeria

Dates: 25th, 26th & 27th of August 2008

Time: 10 am to 10 pm



DAMAC Properties Sales representatives will be available to explain to your potential buyers the investment opportunities in our Residential & Commercial developments.


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## jayjay1000000

Hello, I am new to this forum; The reason I joined is because I am about to sign up to buy a two bedroom flat direct from Damac, in London; (A flat in Abu dhabi, in their latest developement called 'Solitaire'). Then I found this website, which did send a bit of a chill wind!
Is Damac really this bad? If so, what are the most trust-worthy property developers in UAE, if any?
I sure would appreciate any feedback! Thanks


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## Mistermark

Hi Jayjay, I think you're right to be concerned. Pretty much all UAE property developers have been guilty to some degree of underestimating the time it takes to build something - especially tall apartment blocks. However Damac is in a league of its own for delivering projects years rather than months late, building apartments smaller than the contracted size, changing specifications in big ways etc. They've also released a very large number of projects but delivered hardly any, which has given some concerns about their solvency and whether some of the projects will ever be handed over.

While I don't want to put you off, you might want to look around this forum and consider whether there are other developers that represent less of a risk.


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## malec

jayjay1000000 said:


> Hello, I am new to this forum; The reason I joined is because I am about to sign up to buy a two bedroom flat direct from Damac, in London; (A flat in Abu dhabi, in their latest developement called 'Solitaire'). Then I found this website, which did send a bit of a chill wind!
> Is Damac really this bad? If so, what are the most trust-worthy property developers in UAE, if any?
> I sure would appreciate any feedback! Thanks


It depends what development you want to buy in. Post the one your interested in.
Some are pretty safe but others are years away from starting construction despite what they say.


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## Mavekris

I heard Damac is more or less managed by the government now( Thanks to palm springs) 
That is the reason why work on most of the projects is staring now:cheers:


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## jayjay1000000

*Greetings all*

Thanks for your answers; At first I thought it was a wise move to deal directly with the developers, to cut out the middle men, and thus paying less fees. Which is why I called Damac in the first place. (the reason I chose them is mainly because I saw their name all over the place in Dubai, when I was there last month) But now I feel that a good agent is an added security in giving unbaised(ish) views. 
So I will ask this; has anyone here, heard of, or used the services of either 'Offshore properties', or ' Realtyna'? They both seem well connected in Abu dhabi, and do not work with Damac, as, after reading through this forum, I am well put off in giving them my hard earned $$!

Btw, am I the only nut thinking of investing in Abu dhabi, or does anyone else here feel that it is what Dubai used to be some 5 years ago??


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## Mistermark

There's a world of difference between Abu Dhabi today and Dubai five years ago. For a start, prices are a lot higher. AD has a lot more oil than Dubai and intends to pursue a more regulated development path, with more attention paid to its infrastructure. These factors *may* justify prices that are today at least as high as Dubai's, but for a less developed Emirate, but that's a call you'd have to make.


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## Dubai_Steve

*Damac closes offices*

WHEN Damac Properties unveiled its slick new sales office in central Dublin on Valentine’s Day, it tried to sweeten up Irish property lovers by promising a free Bentley for every apartment they bought in Dubai. They were even entered in a draw to win an island in the Caribbean and a private jet. 

But it was all too late: the Irish love affair with overseas property was already over. Damac, which predicted in February that it would book €100m in sales in Ireland this year, closed its doors last week with none of the fanfare that signalled its arrival. 

The Middle East’s largest private developer — a purveyor of glitzy skyscrapers overlooking Dubai’s gold-plated shopping malls, golf resorts and beaches — made its foray into Dublin after seeing interest from Irish investors double every year between 2004 and 2007. Peter Riddoch, Damac’s chief executive, claimed that 99% of customers were so confident about the region that they never even made the trip to Dubai to view their acquisitions. 

Richard Spence, director of myoverseasproperty.ie, said: “You should never sign anything and buy off plans until you’ve been to the country and walked on the site, but unfortunately a lot of Irish people did. Back in the heyday, just three years ago, inexperienced Irish investors were so swayed by what they read about overseas property in the press and by their neighbours buying abroad that they didn’t do their research.” 

Damac’s timing in entering the Irish market was poor and its credibility was not enhanced when it emerged this month that it was marketing a resort in Iraq, just a few hundred miles from Baghdad. 

The company declined to comment directly on the sudden closure of its Irish office but, in a statement on Friday, said it would be closing other small offices, including Glasgow, Southampton and Birmingham, while adding showrooms to offices in Manchester, Leicester, and Chiswick and Canary Wharf in London. The firm claims to be growing so fast that it is moving to a new headquarters in west London. 

The tax haven of Dubai has enjoyed some of the world’s highest growth rates and rental increases since Sheikh Maktoum opened the emirate to foreign buyers four years ago. There have been signs, however, that the Dubai market, like many others around the world, is cooling. Its popularity among Irish buyers has dropped to 20th in a Sunday Times calculation of the world’s most popular markets. It was 10th a year ago. 

The frenetic pace of development in Dubai in recent years has raised the spectre of a property bubble. Those fears were heightened when Damac threatened in March to drop a major project there. Irish and British investors who had pre-bought in the development formed a website, Damac Uncovered, to voice their anger after the company said it would cancel its Palm Springs development, a 25-storey building planned for the Palm Jebel Ali, Dubai’s second man-made island. The investor group claimed the cancellation was due to higher construction costs than Damac had estimated five years earlier and described the company’s actions as “immoral”. The dispute was resolved in April and Damac promised to finish the building. 

Damac is not the only foreign property company to make a hasty retreat from Ireland, according to myoverseasproperty.ie. “Companies continue to market with us on the website but, because they are not getting the sales, they are moving back to the UK. An Irish office is an expensive overhead to carry,” Spence said.


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## flares

What's the Damac job in Iraq?


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## High Times

Apparantly a vacancy has arrisen for a President.

The last one died whilst potholing somewhere near Tikrit.


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## deelz

Hi Guys, only question! why there are long cues on Damac's launching days? Why don't the investors move to some other developer. I personally feel that the time has where Damac must have changed their strategies. I got a link yesrterday 50 richest Arabs and Hussein Sajwani is on 28th number. Well indirectly one thing is assured that they will not run from market.


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## deelz

BTW Hussein Sajwani is the Director of DAMAC HOLDING.


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## rexdmx

^^ common knowledge

anyway they would have a new launch in dubai world central in a few days i heard.
haven't verified the comment though but the media would pick up on it


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## AltinD

High Times said:


> Apparantly a vacancy has arrisen for a President.
> 
> The last one died whilst potholing somewhere near Tikrit.


Hm, I was seeing an episode of LOST last night, and indeed someone died in Tikrit there.


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## bizzybonita

Damac plans new office and more staff in London 

Damac CEO Peter Riddoch 

Staff Writer on Tuesday, August 26, 2008 

Damac Properties, a Dubai-based developer, is closing down four of its smaller offices in Glasgow, Southampton, Birmingham and Dublin to set up a bigger one in West London, a top company official said.

"The company is looking for a new headquarters in West London after growing out of its current headquarters in Canary Wharf, which will be used to meet extra sales capacity," said Damac Chief Executive Officer Peter Riddoch.

In a statement emailed to Emirates Business, the developer said it was planning to raise the number of its sales staff in the United Kingdom by 40 per cent over the next few months in order to meet the company's additional demand going beyond Middle East into North Africa and South East Asia. The Sunday Times reported that Damac had closed down its Irish office and its credibility was not enhanced when it emerged this month that it was marketing a resort in Iraq.

"Part of the plans include a new 5,000 square feet of showroom on Piccadilly in Central London to accommodate 40 staff and features a show apartment in addition to many displays and models of Damac's products. Showrooms in Manchester, Leicester, Chiswick and Canary Wharf will be enlarged to meet the extra internal capacity," said Riddoch.

"We have grown from 20 staff in 2007 to 105 with a plan to exceed 200 staff by the end of this year. The staff has been informed of our new plan and I am looking forward to seeing them choose their preferred new locations in this transfer. The new structure will create more opportunities and better career progression within the organisation and will allow us to align ourselves to our global business model with new, larger and more impressive offices to better showcase our products. Our new offices will have 30 to 40 sales staff to cater for the growing number of investors," Riddoch said.


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## Naz UK

If they've outgrown their Canary Wharf head office why don't they just build their own tower and re-house? Oh, what? Can't they wait that long? Hahahahaa. :lol: Sorry.


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## Dubai_Steve

*Damac rebrands itself*

Damac Properties has unveiled its new corporate identity with the theme, 'wish fulfilment'. The company said the rebranding is aimed at increasing the private sector master developer's positioning as a luxury lifestyle provider to include a focus on the benefits of luxury and to differentiate it from its competitors.

:lol:


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## jixline

yeah with every apartment u get a magic lamp...


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## rexdmx

it is confirmed. the new project in dubai world central would be launched and its name is " TOWN CENTRAL PROJECT"

three plots were merged to create two residential projects; G+7

it is quite pricey; 1950/sq ft and upwards... this makes other projects look good!


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## Hanna

*Damac CEO Hussain Sajwani*

Hi All



http://www.kippreport.com/kipp/secret-life-of-hussain-sajwani/?n=0



Kippreport




Secret life of… Hussain Sajwani

Little is known about what goes on behind the official CV of the chairman and founder of the Damac Group. 
A man who, in his own words, “does not believe in living an ultra-luxurious life,” Hussain Sajwani’s company has grown from a specialist catering company in 1982, into a multi-billion dollar corporation today. 

From the cancellation of the Damac Properties’ Palm Spring project, to the opening of its new offices in the UK, Sajwani’s company has been in the spotlight for several reasons in the past year. 

But what does Sajwani like and dislike? Does he own a huge, luxurious house? Tell us what you know about him, about his company. You could be a frustrated Damac Properties buyer, or a close friend. Share your thoughts and help us to build his profile.


Leave a Comment
Name (required) 

Email (required) 


Website 




Sam 
Aug 28, 2008 
one question, why do people keep puring money into Damac and they know its a big scam? why is Damac allowed to do such things and trick small investors into thinking they might have a decent chance in profits or end homes? Also should we be worried that the biggest companny in the UAE is being so scrutanised? what about the other developer isn't this a concern they might be worst. Too much greed in the region not enough reason Food for thought... 





Zulfiqar 
Aug 28, 2008 
Although i have not invested in any damac property so i cannot comment on that, but what i do know for a fact is that hussain sajwani is too ambitious for his own good. i have met him personally many times over 15 years and he tends to dream big, but has poor managerial and judgemental skills. as such he has collected around him a bunch of people who are not competent, but merely yes men. he is too autocratic and full of self-importance. this clouds his vision and leads him to take wrong and impulsive decisions. as for the financial status of damac, they have never ever paid on time to their suppliers, even when they were only into catering and owned the pizza franchise. we have been their suppliers for over 25 years and on several occasions had to discontinue supplies when they wouldnt pay for over 6 months! it has been an uneasy relationship with them at best, characterised by caution and suspicion at their financial health. when hussain sajwani decided to plunge into real estate, we knew, he would continue with his old ways into that sector as well. so all the controversies surrounding his projects does not come as a surprise. his dealings are not transparent and often shady. maybe he has the best of intentions, but they are not backed up by performance and honesty in dealings. i would advise anyone investing with damac to proceed with extreme caution and iron-clad agreements in place. 





John Hisher 
Aug 28, 2008 
Ethical company? Doubtful! One of my friends had a good position there and he left. Why? Conscience issues. He was made to sell seaview properties WITHOUT an actual proper seaview!! 





Salem 
Aug 28, 2008 
I met Mr. Sajwani several times since I am working with one of the real estate developers in Dubai, honestly; I can say that Mr. sajwani is a great man, honest business man, very kind person, down to earth, smart, generous, professional business man, speaks little but more than what it needs to deliver the message and I never heared any thing about his morals or behavior ... he is very clean guy. 





singh 
Aug 27, 2008 
Well Damac and business ethics dont go together. Peter Riddock in his interview declined to talk on compulsions for reinstating Palm Springs which was being cancelled for 'other' not so charitble reasons. Lok at Park Tower projects that was to be delivered in 2007 and still not on the horizon while up to 50% of the cost enricheed Damac for over two years whilst not a brick was laid and enables it to launch new projets and investors cost. The poor original investors are forced to pay interest even if there was a couple of weeks delay in payment when project had not taken off. Poor after sales service and their lack of even curtesy response is legendary. Mr Sajwanis sole aim appears to be to 'get rich',investors be damned. A poor example for the 21s century 





MAHESH 
Aug 27, 2008 
He is one of the most enterprising enterpreneur i have ever seen. May be he has seen lots of ups and downs but he has a niche and totally different risk taking character. He is of totally different breed. Very few people we find on earth with this extra ordinary quality. He is always focussed in achieving new and higher goals for himself and his company. As reagards been in spotlight, he deserves to be in spotligt. He has created a history for himself .Damac Properties is one of the best example. He has taken the company from no where to a multi billion corporation with his vision, leadership and harwork. Success is never easy .He has struggled hard and achieved it with lots of vigour. 



Ocean Heights

Aug 27, 2008 
What happened with Ocean Heights? Any news? This project was launched in 2004 and completion date was 2006. Have a look on damac properties website to take a look at the evolution of the different project. Most are still on the ground. 2300 units for 2008. Better now than never. Hope The Dubailand project' s won't be the same an illusion 



zouzou 
Aug 27, 2008 
Damac is a major Scam. if you make a list of all the projects that they are supposetly working on, and the one that they are working on, you will see quite a difference. Knowing that some of those projects were sold a long time ago, at a time when commodities were not a those prices, one wonders how they are going to pay when construction prices have gone up x 120 from original. I would be worried if i bought a Damac property. 



kaiser 
Aug 27, 2008 
Damac has been saved many time by the gvt ? is this a trends which will show the irrealistic inflation of the real eastate in the middle east . hope you will answer us , from where the money flouded into damac,, and what is the futrue of the real eastate in the middle east . now that transparency seems the word in dubai what about damac and other gcc companies ..... 



haz tower victim 
Aug 27, 2008 
Damac is a big time screwed company the whole management and the staff are thieves, you invest millions with this company and chase them years...................i know some investors visiting damac and the land department every firkin day to resolve the issues for past 18months and so. Crazy! and this shit is happening dubai.............................god bless. 



:cheers:


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## HappyLarry

WTF are these kids on?
Are you not a Damac investor? Is your building not being built, albeit later than you had bargained for?
Quit whining at every opportunity and wait patiently like the rest of Dubai investors. If you can't wait then you always have the option to sell at a handsome profit. Afterall, Dubai real estate hasn't crashed yet!

Oh and do you think PalmJ investors got their apartments on time?
It is in the nature of the beast that construction projects are almost always delayed? Doesn't matter how reliable the developer may be.
The only building that got delivered on time and apparently to budget was the Birds Nest in Beijing. You know how many hands were working on that for 6 years!


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## Hanna

Happy 'Harry' Damac stooge


If you don't get of my case !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!:bash: go and play on some motorway close by !


I saw a report today it quoted some good things some bad things about the man.So because you are a Damac investor you have to sit back like you a 'numpty' of the first degree and do nothing and write nothing.

Anyway how long have you worked for Damac ! and don't give me all that old chessnut you don't.

So in the future please don't reply to anything I put in this forum you waste my precious time you diddy. :lol: 


P.S 

You don't exit not now not never !


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## Flintbug

Hanna said:


> Happy 'Harry' Damac stooge
> 
> 
> If you don't get of my case !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!:bash: go and play on some motorway close by !
> 
> 
> I saw a report today it quoted some good things some bad things about the man.So because you are a Damac investor you have to sit back like you a 'numpty' of the first degree and do nothing and write nothing.
> 
> Anyway how long have you worked for Damac ! and don't give me all that old chessnut you don't.
> 
> So in the future please don't reply to anything I put in this forum you waste my precious time you diddy. :lol:
> 
> 
> P.S
> 
> You don't exit not now not never !


Very eloquent, Hanna!!

The DAMAC employees clearly lack any creativity or ability to think for themselves as they are always so easy to spot, spouting the same old rubbish that we should be happy because we have made a big pot of money. 

Some of us are not in this game for the money, rather to have a higher quality of life and have somewhere to live.

The 'yes men' of DAMAC are clearly only there to make money for themselves at the expense of unwary investors. Those with any sort of conscience leave very quickly.


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## Hanna

Flintbug said:


> Very eloquent, Hanna!!
> 
> The DAMAC employees clearly lack any creativity or ability to think for themselves as they are always so easy to spot, spouting the same old rubbish that we should be happy because we have made a big pot of money.
> 
> Some of us are not in this game for the money, rather to have a higher quality of life and have somewhere to live.
> 
> The 'yes men' of DAMAC are clearly only there to make money for themselves at the expense of unwary investors. Those with any sort of conscience leave very quickly.



Hi Flintbug


Thanks for your kind words :cheers:


I have been waiting patiently for nearly 3 years now to start a new life in Dubai and they have built two residential buildings out of hundreds of launches this record is undefensible in anybody’s language,so when a clown starts to defend there awfull record it get's my blood boiling.His attitude is I am alright jack F--K the rest, your building is going up with hundreds to come years from now : we will see what happens in the future.


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## jayjay1000000

So, does anyone have some positive stories to tell about any UAE developer?
Do any actually do what they said they would on paper?
Thanks to this website I now reckon it's best to steer well clear of damn Mac!


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## DUBAI INVESTOR

Hanna is correct. I originally invested in Damac's Ocean Heights in 2004. Completion date was stated as summer of 2007 ( I have that in writing ) and then when contract arrived a few months later it was changed till "end of 2008". We now looking at "end of 2009" per Damac's latest statement but 2010 is a better bet. Thats six (6) years folks.

Damac has launced what 80 something projects around the world, how many are actually under construction ?? And numerous of their top management has left the company. 

I wish I had never heard of Damac, its been a costly mistake. I fell for their glitzy ads, dont you do the same !

But ultimately is the Dubai goverment who is responsible for this as the let companies like Damac keep operating despite their very shoddy record.


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## Hanna

DUBAI INVESTOR said:


> Hanna is correct. I originally invested in Damac's Ocean Heights in 2004. Completion date was stated as summer of 2007 ( I have that in writing ) and then when contract arrived a few months later it was changed till "end of 2008". We now looking at "end of 2009" per Damac's latest statement but 2010 is a better bet. Thats six (6) years folks.
> 
> Damac has launced what 80 something projects around the world, how many are actually under construction ?? And numerous of their top management has left the company.
> 
> I wish I had never heard of Damac, its been a costly mistake. I fell for their glitzy ads, dont you do the same !
> 
> But ultimately is the Dubai goverment who is responsible for this as the let companies like Damac keep operating despite their very shoddy record.



Hi


100% CORRECT DUBAI INVESTOR

The Government allegedly has baled them out on numereous
occaisions,because they can't afford to let them to go down the pan, it could Devastate the market in Dubai.So they have no option but to let them blunder on regardless WITH THE COWPOKE at the helm (Peter Riddoch) the executive producer of the ongoing Spaghetti western re-make in Dubai called FOR A FEW DOLLARS MORE ! :cheers:


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## nas001

*DAMAC Thread*



Hanna said:


> Hi
> 
> 
> 100% CORRECT DUBAI INVESTOR
> 
> The Government allegedly has baled them out on numereous
> occaisions,because they can't afford to let them to go down the pan, it could Devastate the market in Dubai.So they have no option but to let them blunder on regardless WITH THE COWPOKE at the helm (Peter Riddoch) the executive producer of the ongoing Spaghetti western re-make in Dubai called FOR A FEW DOLLARS MORE ! :cheers:


Like countless other people on this forum, I am also a DAMAC investor (Lake View Project). I have waited patiently for over 4 years for my apartment to be handed over - it should have been ready Dec 2006. They have fed me one lie after another ie apartment will be ready 1st quarter 2007, then Summer 2007, end 2007 etc etc etc. After writing to DAMAC and in particular Peter Riddoch for over 2 years, I have now instructed my lawyers to take them to the new property court in Dubai as DAMAC have cost me 2 years lost rental income. In addition I have now decided to involve the media (TV and local/international well respected newspapers) as I am absolutely determined to expose this sham of a company for what they are - a bunch of crooks who dont give a toss about investors hard earned money. I urge you all to do the same. It is the only way to make them sit up and take any notice of us.


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## jayjay1000000

I guess Damac is wanting to be a litlle less glitzy, I just got a mail with their latest deal;
instead of offering some sports car they offer a new promotion called "Rental Garantee Scheme", where they provide an 8% rental guarantee (for a maximum of three years), on any unit, in a new project in Dubai or Abu Dhabi...
Offer is strictly limited till 30th September.
Did I not know better, that's just the sort of promotion which could have been tempting.
Oh, and you also get a free £2000 vertu phone, so there is just a bit of glitz after all!


----------



## AltinD

Anyone is queuing to buy Damac's shares? :runaway:


----------



## Mistermark

Nas001, I know where you're coming from. I too bought in a Damac development (Lake Terrace). Not only was it delivered two years late but it was also almost 10 percent too small.

Like you, I spent a lot of time writing to and emailing them but their policy seems to be 'if you don't like it, take us to court!'. So that's what I'm doing.

This being Dubai it could take up to two years, but it's certain that I will win, and the costs are surprisingly modest.

I look at it that I'm not only protecting my interests but helping Dubai become the developed economy it wants to be. Broken promises by untrustworthy developers get the country a bad reputation.


----------



## Mavekris

^^yes right quality.

My exp with lake terrace.

one day i wanted to see how lake terrace quality was went to see it my self.

Requested security for permission to have look around they said straight no.

I did not give up found an agent and requsted him for viewing.

1St shock:- guy coming out of the lift almost completely wet with his golf kit.
did not understand why he was drenched.

2nd shock :- there is a lift man in each and every lift WTF why a lift man in each lift which will come out from service charges waste of money definetly not needed.

3rd shock :- Reached 30+ i dont want to give the floor number and the unit number.

Agent struggled to open the door it was jammed took him 5 min to push it and it finally opened.

4thshock :- 2 bedroom not even the size bathrooms of international city.
think about the bathroom sizehno:

5th shock :- balcony size of 300+ sq ft curve shape and only one entrance from hall what the hell couldnt belive aedas has done shit like this.

then i told my agent thank you very much lets go back.

there was no aircon in the common areas and was fcuking hot 

pressed the button for lift and had to wait for 7 minutes then i understod why the guy whom i saw in the lobby was drenched with sweat.

And the bottom line investing in damac is like digging your own grave.

I wouldnt have made the deal even at 50% discount of what agent qouted forget paying premium i would buy it even at the original price..


----------



## Mistermark

Deelz, are you a Damac employee or agent, or associated with them in some way?


----------



## FWIW

deelz said:


> Dear All,
> I know 1 thing that when the IPO of DAMAC will be launched it would be over subscribed ----TRUST ME! see all the developers in UAE, 90% have delayed . Discovery gardens is one of the examples (delayed by 2 years+). Whetever damac has delivered till now u can see its quality and finishing. No compomise at all!! specially WAVES.. once Damac is listed in DFM , u 'll see the result


How many shares will you buy? Are you investing because shares will be over subscribed? That's a great strategyhno:, please let us know how it all works out for you!

When someone say's TRUST ME - that is my cue to do the opposite!:lol:


----------



## deelz

I 'm not at all a damac agent but I 'm based in UAE for the last 10 years and continously monitoring the property ups and downs. Believe me! there are developers over here who are selling properties even without getting Escrow account approval (UKCIG) big name. Sunset Gardens project is being sold with escrow etc etc. One thing is sure that a company like damac which is pretty deeply routed within UAE will not run atleast. Definitely there would be delayed (as construction cost have shooted up) but finally the owners of their properties will appreciate their decisions.


----------



## jixline

^^ i prefer to believe Kris


----------



## Imre

Cantonese










Mandarin


----------



## Imre

*Road Show Details*



*Shanghai*

Venue: Stand No.C31, China Int’l Luxury Property Show, Shanghai Int’l Convention Centre

Date: 5th, 6th & 7th of September, 2008

Time: 10 am onwards



*Beijing*

Venue: The Peninsula Beijing 8 Goldfish Lane, Wangfujing, Beijing 100006 

Date: 11th & 12th of September, 2008

Time: 10 am onwards



*Hong Kong*

Venue: The Shangri La Hotel, Pacific Place , Supreme Court Road Central, Hong Kong

Date: 11th & 12th of September, 2008

Time: 10 am onwards


----------



## Safrica

hi. Can anyone advise me when is the completion date for emirates garden 2.


----------



## deelz

Not before mid 2010


----------



## Imre

20/September/2008

I found this in Budapest


----------



## mohathegreat

hi.. I am wondering why you said Emirates gardens 2 will not be completed before 2010?? are u serious? I have seen the construcion updates for this month and it looks promising... will it take them 2 years to finish 2 floors?


----------



## HarryKane

I don't know if this is legit or not, but it wouldn't surprise me if it was.

http://www.burjsideterrace.com/


----------



## 234sale

Seems like an angry damac investor finding his property on the market cheaper..


----------



## deelz

Business 

Real Estate Property 


Damac Properties stresses timely delivery of projects 
Staff Report
Published: October 05, 2008, 23:25


Dubai: Damac Properties has awarded contracts worth about Dh2.5 billion in the first nine months of 2008, reinforcing its commitment to timely delivery of projects amid growing public concerns over chronic delays that have plagued the UAE's real estate market.

"From initial consultants through to enabling and main contractors, the company has awarded more than 60 contracts in the first nine months of the year - showing that it means business when it comes to delivery," the company said in a statement 

"So far approximately Dh2.1 billion worth of contracts has been awarded by Damac Properties in Dubai, Dh45 million in projects in Abu Dhabi and a total of Dh320 million in projects by Damac International in Qatar and Jordan." 


--------------------------------------------------------------------------------


--------------------------------------------------------------------------------


Chief Executive Peter Riddoch said he believed that this continued progress sent out a clear message to customers and was indicative of Damac Properties' determination to deliver luxury products to its customers.

Landmark year

"This has been a landmark year for Damac Properties for a number of reasons and when you look at the scope and extent of the contracts we have awarded you can see why we refer to it as our 'Year of Construction'," said Riddoch.

Among the largest contracts awarded by Damac Properties Dubai this year was the Dh805 million main contract for LakeSide, a four-tower development at Dubai's IMPZ area - and also a Dh275 million main contract for Capital Bay, the company's twin tower office development at Business Bay in Dubai. 

In addition, enabling contracts worth a total of Dh277 million have been awarded at Damac Properties' international developments in Jordan. 

Riddoch added that he believed it was important to show that while progress continued at other new developments that there was no distraction from the delivery of projects launched in earlier years.

The company introduced its first three projects in 2002 and has handed over all three towers that had been launched during its first two years.


----------



## bizzybonita

*Damac guarantees 40% rental return*

Damac is guaranteeing a 40% rental return over three years to buyers who invest in the new 'Executive Suites' tower in Dubai's Business Bay. Speaking at the launch at Cityscape, Peter Riddoch, CEO, Damac Properties Dubai, said, 'We are offering this incentive to our customers as we forecast positive growth trends in the coming years where the market will still be bullish and we are aiming to supply for the growing demand'. As an added incentive, customers buying an 'Executive Suite' during Cityscape between 10:00 am and 12:00 noon will get a Damac Properties voucher of Dhs100,000 against its purchase.


----------



## deelz

It seems DAMAC is coming on track to cope the existing situation


----------



## Naz UK

Yeah, that's one way of interpreting the English language used in the above press release. But then you'd have to be an Indian, and writing for the Gulf News.


----------



## Dubai_Steve

DAMAC Video Interview.

No free car this time, but AED 100,000 voucher for your next purchase instead 

http://www.ameinfo.com/170634.html


----------



## getmonty

Safrica said:


> hi. Can anyone advise me when is the completion date for emirates garden 2.


I believe it would be in the last quarter of 2009, but the master community is not ready i.e. the sewage treatment plant, the water and power line, the roads will take longer, I doubt if anyone like faraa or damac can deliver their projects in Jumeirah village south unless these issues are sorted, but yeah the project will be completed.


----------



## getmonty

deelz said:


> It seems DAMAC is coming on track to cope the existing situation


could you clarify your thoughts naz!


----------



## Hanna

*Damac Sackings 'Don't Panic'*

Hi All


Not looking good for Sheriff Peter Riddcock's posse of cowboys eh :You can rely on Peter to tell the truth' Judas was a saint 
compared to Peter The Pr_ _ k of Dodge city Edinburgh Scotland .

His catch word when I met him was I can sell sand to the ARAB'S what can yo do !

The house of cards are beginning to look shaky again !

I hope the Damac’s Palm Springs project client's are feeling safe at present they have been very quite this weather 
I am sure they will be ok in the Damac big Pyramid picture !


Sunday 9 Nov, 2008

‘More job cuts’ at Damac this week
Dubai developer Damac Properties is set to axe more UAE-based jobs this week as it adjusts to the economic downturn, a former worker claimed yesterday.
The ex-employee told 7DAYS he had his contract terminated with immediate effect on Thursday after being summoned to the company’s head office with all of his team. He puts the total number of staff to have been fired so far at 150.
“We had to sit in the canteen and they called us in one by one,” the former sales employee said, claiming 50 people were dismissed on Thursday and 70 a day earlier.
“We had to read through a letter, sign it and then we were escorted off the premises,” explained the source, who is awaiting his final settlement.
“We regret to inform you that due to internal restructuring within the department your services with Damac Properties have been terminated,” the source quoted the letter as saying, claiming that senior management in sales and human resources had been been let go.
“They haven’t adapted to how the market has been in any way,” the source said, adding that sales in his team had been virtually “non-existent” and that he had received only three inbound telephone enquiries in the past three months.
Damac was not immediately able to comment on cuts to come this week, but in a statement CEO Peter Riddoch said:
“The continuing global slowdown will inevitably lead companies to review their staffing levels and recruitment requirements. Damac Properties will continue to review its own position... and aim to ensure that it maintains its staffing levels accordingly.”



:cheers:


P.S This is an observation not a request for e-mail tennis please


----------



## kaz911

I spoke to someone in the Damac London office - that have had a clean up....

And I cant se very much progress on Ocean Heights - seems like it moves very slowly getting more floors on. Normally you see 1 floor pr. week, but i cant see that happening in Ocean Heigts.

and I know residents of Waves and Terrace is trying to get majority needed for throwing out Damac as maintenance company, since Damac is now saying maintenance will rise to 27-29 dhs pr. sqf. (up from 7 to 17 dhs pr. sqf paid today). 

The Crown has sent letter to their residents asking for 40 dhs pr. sqf in maintenance. (up from 20 dhs/sqf) - so you end up paying what is 80.000 dhs / year for a 2000 sqf flat. So you end up almost paying "rent" for the property you own.

So seems like developers are trying to milk the cow now that they dont have off-plan sales money comming in.


----------



## biyadoo

^^ Not much progress in Ocean Heights?? I had the impression it was rising fast...??


----------



## nisha

deelz said:


> Dear All,
> I know 1 thing that when the IPO of DAMAC will be launched it would be over subscribed ----TRUST ME! see all the developers in UAE, 90% have delayed . Discovery gardens is one of the examples (delayed by 2 years+). Whetever damac has delivered till now u can see its quality and finishing. No compomise at all!! specially WAVES.. once Damac is listed in DFM , u 'll see the result


Trust you??? Yeah right.


----------



## Hanna

biyadoo said:


> ^^ Not much progress in Ocean Heights?? I had the impression it was rising fast...??


Hi biyadoo


Do they still have workers on the site or maybe they have reduced there numbers !


Damac Properties said it had awarded 60 contracts in the first nine months of this year for construction of projects, but a review of its website shows six buildings finished or nearly finished, 24 in the early and middle phases of construction and 44 projects without significant progress.

Earlier this week, 'Damac announced 200 layoffs', or about 2.5 per cent of its workforce.


Peter Riddoch, the chief executive of Damac, said the company had “undertaken a review of its construction timetable with a view to rescheduling some of its later “projects”.

This does not mean that Damac Properties is postponing any projects,” he said. “

We, along with every other company across the world, are simply taking an overall view of our business and prioritising accordingly. It makes good business sense for us to prioritise at those construction sites where we have more advanced status and we have communicated our intentions to our customers. 

If they delay other projects any longer you could be looking at 2015 and on what a rubbish Company they are.


When you look back on when they changed there mind about the Springs project very quickly to be a goer, I thought this is
to easy for them to say we promised the clients to carry on but the question is what year,the credit crunch has made it easy
excuse for them to delay at will now.


----------



## Hanna

*Damac*



nisha said:


> Trust you??? Yeah right.


Hi Nisha


Its good to see you see right through there charade !
I had no end of trouble trying to contact them before the job cull God knows 
what it will be like now.We don't know if it was sales staff in the 200 job cull
or more backroom staff.


----------



## biyadoo

Hanna said:


> Do they still have workers on the site or maybe they have reduced there numbers !


^^ No idea :dunno:
Updates are not coming regularly... With Imre away 
And Damac have posted an update for 4 November, but clearly the pictures were taken long before that...
So it's difficult to follow the progress, therefore the rumours...
I wish Damac had a live webcam showing the construction...


----------



## Hanna

biyadoo said:


> ^^ No idea :dunno:
> Updates are not coming regularly... With Imre away
> And Damac have posted an update for 4 November, but clearly the pictures were taken long before that...
> So it's difficult to follow the progress, therefore the rumours...
> I wish Damac had a live webcam showing the construction...


Hi biyadoo


Thanks for the update :cheers:


----------



## malec

biyadoo said:


> ^^ No idea :dunno:
> Updates are not coming regularly... With Imre away
> And Damac have posted an update for 4 November, but clearly the pictures were taken long before that...
> So it's difficult to follow the progress, therefore the rumours...
> I wish Damac had a live webcam showing the construction...


Ocean Heights is the fastest tower going up in the entire marina I think.


----------



## HappyLarry

As long as laborers on building work are not being laid off, I don't give monkey's ass if Damac is culling 200 from its sales force. That is 2.5% out of a workforce of 8000. It is hardly big news. If nothing is selling in Dubai or at least not moving as hoped then why have bums on seats. These mercenaries can be reemployed anytime.
:nuts:


----------



## AltinD

malec said:


> Ocean Heights is the fastest tower going up in the entire marina I think.


Yes it is, it's now almost as tall as the highest completed floor of Princess Tower


----------



## Hanna

*Ocean Heights*



AltinD said:


> Yes it is, it's now almost as tall as the highest completed floor of Princess Tower


Hi Altind


Thanks for the update :cheers:


----------



## Hassan Kachal

any news on damac !?

is this rumor true that it bankrupted and sheikh mohamad bought it from sejwani !?


----------



## skdubai

lol, if i believed in every rumor i heard i Dubai, i would be hiding under a rock waiting for the big bang!!!


----------



## Hassan Kachal

*Sunday 9 Nov, 2008

‘More job cuts’ at Damac this week​
Dubai developer Damac Properties is set to axe more UAE-based jobs this week as it adjusts to the economic downturn, a former worker claimed yesterday.
The ex-employee told 7DAYS he had his contract terminated with immediate effect on Thursday after being summoned to the company’s head office with all of his team. He puts the total number of staff to have been fired so far at 150.
“We had to sit in the canteen and they called us in one by one,” the former sales employee said, claiming 50 people were dismissed on Thursday and 70 a day earlier.
“We had to read through a letter, sign it and then we were escorted off the premises,” explained the source, who is awaiting his final settlement.
“We regret to inform you that due to internal restructuring within the department your services with Damac Properties have been terminated,” the source quoted the letter as saying, claiming that senior management in sales and human resources had been been let go.
“They haven’t adapted to how the market has been in any way,” the source said, adding that sales in his team had been virtually “non-existent” and that he had received only three inbound telephone enquiries in the past three months.
Damac was not immediately able to comment on cuts to come this week, but in a statement CEO Peter Riddoch said:
“The continuing global slowdown will inevitably lead companies to review their staffing levels and recruitment requirements. Damac Properties will continue to review its own position... and aim to ensure that it maintains its staffing levels accordingly.”*

Source


----------



## Hanna

Hassan Kachal said:


> *Sunday 9 Nov, 2008
> 
> ‘More job cuts’ at Damac this week​
> Dubai developer Damac Properties is set to axe more UAE-based jobs this week as it adjusts to the economic downturn, a former worker claimed yesterday.
> The ex-employee told 7DAYS he had his contract terminated with immediate effect on Thursday after being summoned to the company’s head office with all of his team. He puts the total number of staff to have been fired so far at 150.
> “We had to sit in the canteen and they called us in one by one,” the former sales employee said, claiming 50 people were dismissed on Thursday and 70 a day earlier.
> “We had to read through a letter, sign it and then we were escorted off the premises,” explained the source, who is awaiting his final settlement.
> “We regret to inform you that due to internal restructuring within the department your services with Damac Properties have been terminated,” the source quoted the letter as saying, claiming that senior management in sales and human resources had been been let go.
> “They haven’t adapted to how the market has been in any way,” the source said, adding that sales in his team had been virtually “non-existent” and that he had received only three inbound telephone enquiries in the past three months.
> Damac was not immediately able to comment on cuts to come this week, but in a statement CEO Peter Riddoch said:
> “The continuing global slowdown will inevitably lead companies to review their staffing levels and recruitment requirements. Damac Properties will continue to review its own position... and aim to ensure that it maintains its staffing levels accordingly.”*
> 
> Source


Hi


If you look at the post 925 you might see this as old news :cheers:


----------



## pmont

Hi,

Well it seems the romours of bankrupsy are being circulated in the market and also the fact that Dubai Holdings has taken over all their projects. Thats one of the reasons the entire project development staff and project finance staff was fired.


----------



## Hanna

pmont said:


> Hi,
> 
> Well it seems the romours of bankrupsy are being circulated in the market and also the fact that Dubai Holdings has taken over all their projects. Thats one of the reasons the entire project development staff and project finance staff was fired.



Hi pmount


Might not be long till Damac makes a statement then !!!!!!!!!!! how Convenient for Riddoch to announce because of market forces
we have to close the company nothing to do with me Gov (remember we didn't join the stock exchange and we didn't registar with
RERA) just in case we didn't get the exact date we wanted this to happen.I am afraid the writing was on the wall a few years back.
Pity I never saw it till after meeting with them on a few occaisions.

I hope its not true and Sheik Mohammed of Dubai Holdings will ask us to pay all the money again ! :cheers:



Dubai Holding is a holding company that belongs to Government of Dubai (Al Maktoum family). It managed and control 20 companies which has diversified business in real estate, hospitality, finance, healthcare, energy, research, education, entertainment, media, internet, tourism and biotechnology.


----------



## looker1

*Is Damac the first of many to be downsizing?*

I have looked at buying into the Dubai market for some time now, but with the latest news of downsizing and arrogance from developers it does make me wonder. Have many people been able to sell pre completion? I have been pitched heavily by Damac to buy with this exit strategy, but I am not convinced. I have come accross an interesting blog http://investmentpropertyrumours.blogspot.com/2008/08/dubai-tax-free-sand-castles-in-sun.html that seems to follow dubai quite closely, and given of late finding it difficult to find much positive news. Can anyone inspire a positive angle on this? or should I invest elsewhere? Many thanks?


----------



## skdubai

I would suggest that you wait before jumping in... especially if it is off plan..

This is not really the time for investing, it is a time to observe the market trend!!


----------



## Hanna

*skduba*



i said:


> I would suggest that you wait before jumping in... especially if it is off plan..
> 
> This is not really the time for investing, it is a time to observe the market trend!!


Hi 

100% agree better waiting till the dust settles a bit :cheers:


----------



## Hanna

*Damac's projects in Tunisia, India and Morocco on hold*

http://www.business24-7.ae/Articles/2008/11/Pages/11262008_bd0c52e9249549e799510868788ae872.aspx


http://www.khaleejtimes.com/Display...ovember/theuae_November584.xml&section=theuae

:cheers:


----------



## Hanna

*Damac*

Hi 


I read this today


Developers that may be under some ‘cash stress’. And of rumours in the marketplace. Which leads me to advise that Damac will soon be in new ownership. How did they last so long !!! :cheers:


----------



## Naz UK

The above Damac projects are "on hold" in the same way that someone who has just suffered cardiac arrest in hospital is "on hold".


----------



## Hanna

Naz UK said:


> The above Damac projects are "on hold" in the same way that someone who has just suffered cardiac arrest in hospital is "on hold".


Hi Naz


Have a look at this site (maybe you do already) quite informative :cheers:


http://www.homethoughtsfromdubai.com/


----------



## Dubai_Steve

^^ That site is a load of bollox with wrong information.


----------



## Dubai_Steve

Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum has bought a 40 percent stake in private developer Damac Properties that plans to invest $6 billion in a Turkish coastal project, Vatan daily said on Friday.

The project includes construction of hotels, houses, shopping malls and marinas on the southwest coast of Turkey, which attracts millions of tourists every summer.

"Dubai's Sheikh al-Maktoum will gain a right in the project by buying 40 percent in the group," Cenk Fis Unlucerci, a an official at Debba, a subsidiary of Damac Properties in Turkey, was quoted as telling Vatan newspaper.

Damac Properties has purchased land worth $500 million in the region, the newspaper said. The first stage of the project is planned to start next year and finish in 2011.

Damac officials were not immediately available for comment.


----------



## smussuw

smussuw said:


> there is also a rumor that Dubai Government is going to support it by taking a share ....


:nocrook:


----------



## HappyLarry

DUBAI, Dec 12 (Reuters) - Dubai-based Damac Properties on Friday denied a Turkish newspaper report that the emirate's ruler Sheikh Mohammed bin Rashid al-Maktoum has bought a 40 percent stake in the private developer.

Turkish daily Vatan earlier on Friday quoted an official at Debba, a subsidiary of Damac Properties in Turkey, as saying Dubai's ruler had bought 40 percent of the group and that Damac Properties plans to invest $6 billion in a Turkish coastal development of hotels, houses, shopping malls and marinas.

"Damac has not sold any shares to anyone," a Damac spokesman told Reuters in Dubai.

Dubai's real estate sector has been hit hard recently as property prices fall, construction projects are scaled back and jobs are cut.

In November Damac slashed 200 jobs and said it would not be expanding into new markets due to the global financial crisis.

The developer also said it was looking to reschedule the construction of select projects. (Reporting by John Irish in Dubai; Editing by Greg Mahlich) ([email protected]; +971 4 391 8301; Reuters Messaging: [email protected])


----------



## Hanna

*Damac*

This would be great news if the Sheikh bought into the company,I have heard he has baled them out twice already maybe it was time he got his some of his investment back via promised shares in the future when they list.


Dubai ruler buys stake in Turkey's Damac-report Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum has bought a 40 percent stake in private developer Damac Properties that plans to invest $6 billion in a Turkish coastal project, Vatan daily reported on Friday.

Dubai ruler buys stake in Turkey's Damac-report.The project includes construction of hotels, houses, shopping malls and marinas on the southwest coast of Turkey, which attracts millions of tourists every summer.

"Dubai's Sheikh al-Maktoum will gain a right in the project by buying 40 percent in the group," said Cenk Fis Unlucerci, a an official at Debba, a subsidiary of Damac Properties in Turkey, was quoted as telling Vatan newspaper.

Damac Properties has purchased land worth $500 million in the region, the newspaper said.

The first stage of the project is planned to start next year and finish in 2011.

In 2007 Dubai Holding's property unit Sama Dubai made a winning bid of $705 million in a tender competition for key land in Istanbul's thriving business centre, but the project has been delayed by a court challenge.


----------



## Hanna

*Damac some good news !*

United Arab Emirates: Sunday, December 21 - 2008 at 15:34

The 84 storey skyscraper is being constructed by Arabtec, one of the Gulf's leading construction contractors and currently staffs on-site are successfully delivering one complete floor in a little over every five working days.

Ocean Heights is set to be one of Damac Properties' most iconic buildings with a twisting architectural design which is now starting to take shape. People driving past the building at Dubai Marina can now witness the building starting to give the appearance of 'turning' as it reaches the 30th floor. 

CEO of Damac Properties Peter Riddoch welcomed the progress on site by Arabtec and praised the focus and efficiency they had shown.

'We are working with Arabtec on many of our buildings. They have a reputation for delivering successfully on projects and for meeting even the most complicated of building challenges. With delivery being at the heart of the DAMAC promise for customers it is so important to us to see progress of the nature we are seeing at Ocean Heights. One floor being completed every week is something both companies are rightly proud of,'

Peter said 

Ocean Heights will eventually offer 680 apartments ranging from one to three bedrooms. In addition several floors of the building will feature Damac Properties' Signature Series penthouse range - ultimate luxury apartments with the latest in hi-tec gadgetry and luxurious home comforts. These apartments have been designed by HBA (Hersh Bedner Associates), a leader in hospitality interior design worldwide, and combine elegant décor with the most up to date home management systems.

In addition to providing stunning individual homes, Ocean Heights will offer an outdoor leisure deck complete with pool plus a gym and sauna/steam rooms for all residents. There will also be restaurants and cafes at ground level with nearby links to the new Dubai Metro and extensive leisure facilities and shops of the Marina on hand. The building is scheduled for completion in 2010.

Mr Riddoch added, 'Ocean Heights is set to become one of Damac Properties' flagship buildings with its eye-catching external design and beautifully finished apartments so we are delighted to see the excellent progress being made on site. We are confident that continuing to work closely with Arabtec we will continue to make further strides during the first few months of 2009 and people in Dubai will continue to see swift progress being made at this iconic building.'

A Significant Year
2008 has been the 'Year of Construction' at Damac Properties, during which its businesses have aggressively focused on construction and contract delivery to trusted and quality contractors.

An impressive Dhs2.5bn worth of contracts were awarded in the first nine months of 2008. From initial consultants through to enabling and main contractors, the company has awarded more than 60 contracts in the first nine months of the year - showing that it means business when it comes to delivery. So far approximately Dhs2.1bn worth of contracts have been awarded by Damac Properties in Dubai, Dhs45m at projects in Abu Dhabi and a total of Dhs320m by Damac International in Qatar and Jordan.

In line with this, the company is making good progress at its major developments and has recently handed over 571 units at Lake Terrace in Jumeirah Lake Towers in Dubai and with the promise of delivery of 192 units at the Executive Heights project at TECOM in Dubai, 198 units in its Tera Del Sol developments in Discovery Gardens in Dubai, 536 units at Lake View in Jumeirah Lake Towers in Dubai and 847 units at The Crescent, located at IMPZ in Dubai, all before the end of 2008.

Approximately a further 7,100 units are planned for handover in 2009/10 across the region. :cheers:

http://www.ameinfo.com/179346.html


----------



## Spoogle

"....one complete floor in a little over every five working days...."



Considering it was launched in 2004, i make that one floor every 2 months!

At that rate construction should be finished some time in 2017 !!

:badnews:


----------



## HappyLarry

Spoogle said:


> "....one complete floor in a little over every five working days...."
> 
> 
> 
> Considering it was launched in 2004, i make that one floor every 2 months!
> 
> At that rate construction should be finished some time in 2017 !!


Nice post. I bet you were happy to get that out in public. Now tell me something!
If your parents thought of having a kid (i.e. you) about 10 years before you were born, does that make you 10 years older?
Concept and start were similarly a few years apart. But I guess you already knew that.
Happy Xmas and New Year.:cheers:


----------



## Flintbug

HappyLarry said:


> Nice post. I bet you were happy to get that out in public. Now tell me something!
> If your parents thought of having a kid (i.e. you) about 10 years before you were born, does that make you 10 years older?
> Concept and start were similarly a few years apart. But I guess you already knew that.
> Happy Xmas and New Year.:cheers:


Better analogy would be getting to the stage of learning your times tables - awful long time preparing the foundations and then you gradually build up the knowledge one table at a time until you have the complete set - still not the finished article of a mathematical genius once the floors are all complete either!!

I do find it strange that in Dubai they don't seem to be organised enough to be completing the follow on steps for each floor in line with the rising structure e.g. first fit electrics a couple of floors down from concrete pouring, then glazing, then kitchen fit-out a few floors lower, finishing and by about ten floors down you have the completed apartments. I saw this in Manhattan and it made everything so much easier to organise and keep on schedule. If they had been allowed they would have had the tenants moving in a couple of months after the floors had been poured.


----------



## AltinD

^^ No body can move in before the entire building is completed and passed the inspections and a fit ccertificate issued by the Municipality.


----------



## Imre




----------



## Porcello

What a disappointment!!!!
I would have expected something juicier from Damac for this DSF... something like buy a penthouse and get a spaceship free....

If I'm not wrong they started offering Audi A3, then BMW, then Porsche and last year a private Jet. A spaceship would have been the most logical offer this year....


----------



## ottoman1924

hi...
can anyone tell me about the progress of the lincoln park project please ?
any delays etc.

thanks


----------



## Imre




----------



## moolibaba

*Suprise Suprise*

http://www.gulfnews.com/nation/Employment/10272038.html


----------



## jooody

*THE LOTUS by DAMAC*

Does any one have any information about the subject project, DAMAC is playing a game about the truth of the project trying to mislead the investors to accept another property in a different DAMAC project.

I ave asked for a refund for more than four months and until now the claim that RERA didn't approve yet.

Any advice.hno:


----------



## CrescentOwner

*The Crescent IMPZ*

Anyone had any hard news on handover time frame for The Crescent IMPZ?

I have a 2 bed there and have been told repeatedly "soon", in fact I was refused a request for a site inspection because handover is so near 

Anyone seen inside their unit yet? Please give feedback on finish etc.

Also maintenence is AED 25 sq. ft plus AED 14 per sq ft for Empower "Chilled Water" fees for the AC diesel powered generator.

Are these high or the norm?

Thanks


----------



## Imre

*PROPERTY BOOM IS BACK WITH A BANG!*


----------



## malec

:lol:


----------



## msaleh

Dear all, i am in the preliminary stages of pursuing Damac in the new established property courts. Could someone please provide me with any details, information, or advise that can help me in the case against them. Any info in the form of :

- Previous court cases/experience with this company
- Time frame i am looking at.
- If someone is facing a similar situation of anger and disgust with this company and would like to join forces in pursuing them through the legal route.

The case with them is with respect to a promise to transfer my paid amount of approx 1.6M AED from a commercial property to a residential property which they have failed to fulfill this written promise. Could someone please get in touch with me in this respect. I can be reached on diabmohamedATgmail.com or by cell on +971-50-6966634 or +60-21-0684084. 

Note: I am a UAE national currently living in NZ doing my PHD and would appreciate any help from everybody out there, please, as i've been away from the country for a long while and would appreciate your guidance and information that can help me in my quest to get this company in the spot it deserves in the Media and in the courts. 

Thanks to all!


----------



## gerald.d

Which marketing dunce thought it was a good idea to advertise a "property boom" with a stick of dynamite?

I can only assume that Damac have already fired their marketing team, and the office teaboy was the only one left who knew how to use the computer.


----------



## gerald.d

Ahh. My apologies.

Only just noticed that the fuse has gone out. It's clearly meant to be a damp squib.

There's more to this teaboy than meets the eye.


----------



## peacesells

Nice payment plan. Too bad that even at 2007 levels, their prices are waaaaayy beyond anything resembling reasonable. Also... Damac Guarantee? hno:


----------



## DUBAI INVESTOR

Msaleh, on what grounds are you trying to sue Damac ? They broke their promise to transfer your funds from one project to another ? It sounds a bit weak to me. I know an attorney who have dealt a lot with Damac should you need ... although Damac has publicly stated that they will win any and all cases brought against them in Dubai....


----------



## DUBAI INVESTOR

Interesting facts on Damac...or scary facts rather...

http://www.uaelists.com/the-news/90-analyzing-dubais-damac-properties


----------



## Hanna

*Damac Ocean Heights*

Hi

I have never been one to blow a trumpet for Damac,but I think and hope 
they will finish Ocean Heights by the the first quarter 2010. Arabtec are
making good progress and what I have heard are a quality company,you
can see the progress they have made by looking at the link I have attached.

I have done a transfer with them and everything went fine,My friend in London
got his money back of them and that went fine.So I am not sure what is 
happening now as regards transfers and refunds.I know they have wiped out 
most of there sales staff and customer relations department maybe it has something to with that. :cheers:




http://www.skyscrapercity.com/showthread.php?t=372214&page=79


----------



## HappyLarry

^^ Nice one Hanna. You have definitely started this year with a resolution to be positive.


----------



## DUBAI INVESTOR

Damac Heights "revised" ( suspended )

http://www.business24-7.ae/Articles/2009/1/Pages/01152009_0258bb272c964ba3ad9f9a06c2ea425e.aspx


----------



## kaz911

Before you buy damac - just beware that they do now want 30-35 dhs in maintenance charges from the owners of Marina Terrace. That is an increase of 90-300% dependent on when you bought your property. (all maintenance fees in the building is from 6 dhs to 17 dhs today)

For 2000 sqf 3 bd that will equal about 70.000 dhs! - or about 1/2 of what "fair value rental price" should be. They are crazy...


----------



## beer51

Not really, Discovery Garden maintenance fee is approx 30AED per sqft. Nahkeel is crazy. Marina Terrace is in Dubai Marina, a premium living area where as Discovery Garden isn't.....it is meant to be an affordable area.


----------



## kaz911

beer51 said:


> Not really, Discovery Garden maintenance fee is approx 30AED per sqft. Nahkeel is crazy. Marina Terrace is in Dubai Marina, a premium living area where as Discovery Garden isn't.....it is meant to be an affordable area.


Check this weeks Meed magazine. There is a short story about Nakheel loan of 1.2 b dhs which they have secured against future sales - and is only a short term loan - to cover "general operation". That sounds like Nakheel wallet is empty....


----------



## kaz911

and to put Marina Terrace maintenance into perspective - the maintenance income would be at least 17,500,000 AED pr. year. That is equal to 182 full time maintenance and security staff @ 8000 dhs pr. month. That is crazy. But I do agree Nakheel @ 30 dhs is just as crazy. But all maintenace fees are out of scope now - and it will only fuel the downturn like adding petrol to a fire.


----------



## Money2Burn

time to bring together the majority of owners and let some 3rd party do it for cheaper


----------



## beer51

Thanks Kaz


----------



## Sami2009

*Discount refund from Damac*

Hi,

Damac needs to pay us back some money because of a discount (as per the sales contract) but they have been dragging the refund for many months now. Anyone facing similar issues?


----------



## Sami2009

Maintenance fee at 35 aed in Marina Terrace!!!! Any idea on Lake Terrace?


----------



## kaz911

Sami2009 said:


> Maintenance fee at 35 aed in Marina Terrace!!!! Any idea on Lake Terrace?


No have not heard anything - but if I do i'll post it. I get lots of news from the journalists in the UAE and they are working on maintenance fee's article.  And there are owners meeting at Marina Terrace on the 28th and the 2nd of feb... to try and push in a new maintenance company.


----------



## n7chap

*Lake Terrace Fee*

I paid 11,265.00 for maintenance fees back in June. This is for a one bed which I think is 756sq ft.


----------



## Flintbug

N7Chap....

Your maintenance rates look in line with the DAMAC contract. Do you know what happened to anyone that may have had a lower rate per sqft or hgher rate in their contract? There seems to be at least 3 diferent rates in the DAMAC lake View contracts.

Have you ever got the compensation as described in the contract or late delivery? Did DAMAC provide the calculation or just make up a number?

Many thanks


----------



## n7chap

*Damac Refund*

Flintbug: 

Yes I received the discount when I made final payment to Damac for the apartment. It was based around the LIBOR rate. It was a refund/discount what ever you want to call it-wasn't what I wanted as it did not go anyway near the amount I lost in rent.... At least they honored what they said they would do though.


----------



## nas001

n7chap said:


> Flintbug:
> 
> Yes I received the discount when I made final payment to Damac for the apartment. It was based around the LIBOR rate. It was a refund/discount what ever you want to call it-wasn't what I wanted as it did not go anyway near the amount I lost in rent.... At least they honored what they said they would do though.


Dear N7chap,

a) What was the total length of your delay?
b) how much compensation did you receive in total for the delay from DAMAC?
c) what LIBOR rate did they use and based on what date(s)?

Thanks


----------



## Flintbug

*Libor rates*

I've had a quick look at Libor rates to try to estimate the compensation. The rate stated in my contract is the US$ 90 day rate which doesn't seem to exist on the official site so I used the 3 month rate. It seems that DAMAC compound on the 1st of every quarter and use the prevailing rate then for the rest of that quarter. I've extracted the following rates from the official site of the people (BBA - British Bankers Association) that define LIBOR.

01/01/2007	5.36
01/04/2007	5.35
01/07/2007	5.36
01/10/2007	5.23
01/01/2008	4.7025
01/04/2008	2.68375
01/07/2008	2.78750
01/10/2008	4.15000
01/01/2009	2.22000

Not good for us that it went down to less than 3% when DAMAC charge you 1% compounded per month for late payment. 

If anyone has time to create a simple spreadsheet so that the above numbers can be slotted in, we should all have a better idea what to expect as compensation. Seems every penny counts right now!!!


----------



## Flintbug

My quick back of a *** packet calculation that may be absurdly wrong puts the current compensation for Lake View in the region of 6-8% of the original price assuming all payments are on time.

Anyone better at maths?


----------



## jooody




----------



## jooody

Is there any Lotus investors here, DAMAC promised me for a refund plus AED 150 persqf as a compensation since there is an issue with the land and that was in July 2008 and I have send them all the document for the settlement along with the original purchase agreement as per their request, and until this moment they have not made the refund transfer. DAMAC says that they are waiting for RERA to approve the release of funds.

Any suggestions ???


----------



## jooody

I wont trust this developer again, they are very good in marketing thats it.


----------



## getmonty

..............


----------



## getmonty

better watch out, they didnt plan to give me the compensation until I asked about it, suprising that it wasnt on my SOA, but they said theyd get back to me, it has been quite long. Is there any way they can screw me out of this?


----------



## DUBAI INVESTOR

Damac in need of cash....

http://www.arabianbusiness.com/546066-egyptian-bank-eyes-stake-in-uaes-damac


----------



## Samoyedman

*Lago Vista Investors*

Quick question my fellow posters ( Still trying to figure out why my original post was closed on this subject). Bought a Studio apartment in Lago Vista 1 at time of Launch 2005 from memory. Just curious as to why Lago Vista 3 is not advertised anywhere....and does anybody else have ....eh....concerns about putting their hard earned cash into this? 

Whats the word on the street about this development from you folks in Dubai?

Seen the pictures posted on the Crescent ( Completed Development section of this website) and the apartmentfinishes don't look all that luxurious to me!


----------



## 234sale

http://www.gulf-news.com/business/Real_Estate_Property/10283504.html
UAE developer Damac Properties is considering selling a large stake to an Egyptian bank.


----------



## Naz UK

The most shocking thing about the entire Middle Eastern credit crunch is how Damac has not gone bust.


----------



## dbxdude

Naz UK said:


> The most shocking thing about the entire Middle Eastern credit crunch is how Damac has not gone bust.


exactly, they are looking like one of the solid ones now!


----------



## Flintbug

I think that DAMAC may have pulled the old trick of getting too big for the banks to let go bust. If you only owe the odd million the banks are happy to foreclose. When it comes to a few billion of debt the banks are far more flexible!


----------



## dbxdude

at least that means we are safe with the other big ones... assuming the banks arent forclosed - ooops


----------



## smussuw

60% of Damac Egypt have been sold to Egyptian investors.


----------



## Hanna

edited


----------



## ADCB

olga3 said:


> I speak toi good friend in Dubai - said Damac and Petr Riddoch in triouble and Mr.Sjawni maybe soom will let him go to prison for him to tak e punishment.



That's Guy Sjawni should be the one having a tea in the prison, by what he lied in everytime standing in front of media. It's enough for bullshit!!:bash:


----------



## Hanna

*DAMAC’s stance !!!!*

Hi 

Basically this is the reaction you will have to get used to no matter what 
project you have bought in tolake view or a 'n' other .:cheers:



I have just spoken to DAMAC and at least have some definitive statements on DAMAC’s stance:

Increased Area Billing
DAMAC say they have contacted RERA and RERA have agreed that they can apply excess charges because it is detailed in the contract.
I brought their attention to
a) Article 12 of Law 13 of 2008 and
b) Contract paragraph 22 stipulating that the Laws of Dubai apply
They basically said that they didn’t care. They allegedly have RERAs approval to make these charges and they are going ahead.

2% Registration Fee
DAMAC are charging 2% + 760 AED.
I brought to their attention to
a) Contract paragraph 8.5 states 1.5% (or whatever fees apply)
b) Article 4 of Law 21 of 2006 states Purchasers fee is 1%
Again, they don't care. They are charging 2%.

Compensation
Compensation is being calculated and a new final invoice will be sent this week. A net payment is required from us. Who expects this to be calculated correctly?

Snagging
All snagging has been actioned.

Infinity Swimming Pool
They don’t care what’s written in the contract. No compensation.


So overall they have a real 'pay up or see you in court' attitude. I'm now debating flying over to Dubai this week to have it out with RERA. I see this as potentially a cheaper and more effective first step than getting a lawyer involved.

Does anyone have any contacts in RERA or know the procedure? I don't want to fly over there sit in a waiting room all day and then be fobbed off by someone talking from their backside


----------



## Toofif

You beat me to it Hanna!

These guys are absolute crooks. They don't care about the contract you signed, they don't care about the letter of the law and they certainly don't care about their customers.

Do not buy off-plan/incomplete property from these gangsters!


----------



## Hanna

Toofif said:


> You beat me to it Hanna!
> 
> These guys are absolute crooks. They don't care about the contract you signed, they don't care about the letter of the law and they certainly don't care about their customers.
> 
> Do not buy off-plan/incomplete property from these gangsters!


Hi Toofif 

I am sorry to hear your plight with the gangsters Damac I realised they were
con men about four years ago,by then it was to late I was caught napping.
I have done my best to steer people away from them I cannot tell you how many accepted my warnings,the old saying you live and learn applies. I did try my best.The minute you walked into there offices you felt something strange was going on I cannot explain it something was amiss. I hesitated about signing but decided to go through with it.
My prediction is they will go under this year and no monies will be paid back to there clients in all there phony launches.Palm Springs clients had a chance to get something back hindsight is 20/20 I know but I think they should have took there money + 6% and ran the proverbial mile with a paper loss on what they could have had.

All I can say is you have a building and it may cost a little extra in the long run you have something many will not I am afraid.


Good luck and fight them as hard as you can :cheers:


----------



## Rituioo162

*You work for me*

"Oh," I said, rocking my chair back against the wall; I sat thereperched on two rear legs of the chair.Mike did the same thing."Do you know what the offer is?" I asked."No, but we'll soon find out."Suddenly, Mike's dad burst through the rickety screen door and onto the porch. Mike and I jumped to our feet, not out of respect but because we were startled."Ready boys?" Mike's dad asked as he pulled up a chair to sit downwith us.We nodded our heads as we pulled our chairs away from the wall to sit in front of him.He was a big man, about 6 feet tall and 200 pounds. My dad was taller, about the same weight, and five years older than Mike's dad. They sort of looked alike, though not of the same ethnic makeup. Maybe their energy was similar."Mike says you want to learn to make money? Is that correct, Robert?"I nodded my head quickly, but with a little intimidation. He had a lot of power behind his words and smile."And you don't?" I asked."No, not really," said rich dad. "If you want to learn to work for money, then stay in school. That is a great place to learn to do that. But if you want to learn how to have money work for you, then I will teach you that wow power leveling. But only if you want to learn.""Wouldn't everyone want to learn that" I asked."No," said rich dad. "Simply because it's easier to learn to work for money, especially if fear is your primary emotion when the subject of money is discussed.wow gold""I don't understand," I said with a frown. buy wow gold for cheap ..."Don't worry about that for now. Just know that it's fear that keeps most people working at a job. The fear of not paying their bills.wow gold, The fear of being fired.wow gold, The fear of not having enough money. The fear ofstarting over. That's the price of studying to learn a profession or trade, and then working for money. Most people become a slave to money... that is wow power leveling web page for cheap wow power leveling, and then get angry at their boss.""Learning to have money work for you is a completely different course of study?" I asked."Absolutely," rich dad answered, "absolutely.""OK, here's my offer. I'll teach you, but I won't do it classroom-style. You work for me, I'll teach you. You don't work for me, I won't teach you. I can teach you faster if you work, and I'm wasting my time if you just want to sit and listen, like you do in school. That's my offer. Take it or leave it.""Ah... may I ask a question first?" I asked."No. Take it or leave it. I've got too much work to do to waste my time. If you can't make up you mind decisively, then you'll never learn to make money anyway. Opportunities come and go. Being able to know when to make quick decisions is an important skill. You have an opportunity that you asked for. School is beginning or it's over in ten seconds," Mike's dad said with a teasing smile."Take it," I said. `"Take it," said Mike."Good," said Mike's dad. "Mrs. Martin will be by in ten minutes. After I'm through with her, you ride with her to my superette and you can begin working. I'll pay you 10 cents an hour and you will work for three hours every Saturday.""But I have a softball game today," I said.Mike's dad lowered his voice to a stern tone. "Take it or leave it," he"I'll take it," I replied, choosing to work and learn instead of playing softball.


----------



## Hanna

*Damac Disaster's !*

Quote:

Originally Posted by DUBAI INVESTOR View Post

Hannah is right, Damac is a disaster, check for yourselves, just follow the Damac threads under Completed Projects, Lake View and The Crescent

http://www.skyscrapercity.com/showth...129370&page=30

Yes, I hope they finish the tower. Yes, I would sell if I could at least close to original price for my flat....Over In The Crescent we pay a maintenace fee of AED39/sqft...and AC still not hooked up to the building...
Hi DUBAI INVESTOR

Thanks for the compliment

Some people dig there heads in the sand and some people listen,and some people may have hidden agenda's to discredit anything anyone has to say against Damac.The facts are clear they are a damaged company and no one can deny this fact.When Alan Gammon left as the VIP CRM manager the writing was on the wall he was a true gentelman caught up with Peter Riddock shenanigans and could not take anymore of his dodgy workings.
They are as a company a disgrace to Dubai and the Sheihk is in bed with them and let's it happen so what chance have the public got for clear and open society (no chance) it will not happen,take this thought with you if the world rescession never happened the Damac deciet was getting bigger by the day launch after launch on the back of the Dubai lie about Visa's been granted then brushed aside as if nothing happened that was a massive disgrace to all the people that bought into the lie.They thought they got away with that one, then the world market collapsed then they have a change of mind because of the market crash to give a paltry 6 months visa what a F-CK-NG JOKE.The main point is they change with the weather and change laws to suit worse than the corrupt Government of the UK and that is going some,the mafia are babes in armes to the Gorgon Broon regime the worst unelected prime minister in history.


----------



## Toofif

*UK Complaints*

I have registered a call with Consumer Direct on 08454 04 05 06. They will pass this on to the Office of Fair Trading who will, if they receive enough complaints, investigate DAMAC's operations from the UK sales office(s).

I have also logged a message on www.bbc.co.uk/watchdog 

A large proportion of DAMAC's customers are from the UK and any aggrieved UK owners should do the same.


----------



## Hanna

*Damac hit the headlines !*

Hi

Damac hit the headlines this time not for a free jet or car,its for trying
to turn there supposed 'valued customers' over in Lake View for more money who would have believed they would try a thing like that. hno:



http://www.xpress4me.com/articles/09/03/05/20012248.html


----------



## harvy

*Lincoln Park*

Lincoln Park is cancelled. Just got off the phone to Damac. They are offering Lago Vista development as compensation.


----------



## DUBAI INVESTOR

here we go again.....

http://www.xpress4me.com/news/uae/dubai/20012248.html


----------



## Samoyedman

Please Help

Have arrived home from work tonight to a letter from DAMAC (Termination Noice) for an apartment in Lago Vista. We have paid 75% of the purchase price and had paid all payment by UK cheque which have all taken approximately 6 weeks to clear through our bank from the date of posting. We have followed a number up with the Client Relations Team and all have been found and eventually cashed. Anyway, the termination notice refers to a letter sent to us on 22 January 2009 in wich it asked us to regularise an overdue amount of approx £4000. We sent a cheque for this sum on 23 January and to date it has not been cashed, although on the history, this is not unusual. 

Anyway, this termination notice is effectively exercising DAMACs right under the contract to terminate and keep all of our money and notify us of any other costs that are due. Please, please can someone advise if their is anything we can do


----------



## kathrynH

*Termination Notice*

Between both my properties with Damac I must have received about 6 of these notices.

It was always my fault though, trying to hold onto my money for as long as I could. What I used to do was quickly arrange the money to be sent via bank transfer to the specified Damac bank account and e-mail them proof of the transfer. 

I never heard anything more from them by doing that just a "Thank you" reply to the e-mail.

I suggest you send them an e-mail stating that you did send them a chq, however due to the chq going missing you will cancel and send payment via transfer and you will e-mail them a copy of this as proof of payment.

I *wouldn't recommend *to anyone to do as I did with the late payments as I have received my final invoice for one of the apartments which is ready and can see my huge late payment penalties hno:


----------



## bjassin

Don't you have at least 60 days to pay? I thought that once you get an official completion date letter, you have 30 days to pay.

If you don't pay after 30 days, the company can file a case in the court against you and the court then gives you 30 days to pay. If you don't pay after those 30 days, then they move to terminate the contract.

Basically, I am saying that terminating a contract is something that has to be done in the courts--it's not something the company can just arbitrarily do. They can SAY they are doing that, but it's not true.

BJ


----------



## Hanna

*Mixed reviews for Damac !*

Dubai developer lifts prices of pre-sold apartments

Myanmar News.Net
Friday 6th March, 2009

Giant Dubai developer Damac has irked buyers of its apartments in its recently completed Lake View project.

The 550-apartment tower in the Jumeirah Lakes precinct is ready for handover to buyers who started entering into contracts to buy in 2004. Those buyers are set to pay their final 10% instalment to take possession of their long-awaited apartments. However Damac has just issued notices to buyers saying the apartments are bigger than those they contracted to buy in 2004. The developer says it expects buyers to pay for the additional space, pointing to a clause in the buyers’ contracts which states the developer can charge for additional space if it is more than 3%.

Exacerbating the problem for buyers is the late notice of the additional charges. Damac has had total control of the project since it first started selling units off the plan five years ago. As it drew up the plans and supervised the construction, buyers are finding it difficult to comprehend that Damac has only just established the apartments are bigger than intended and contracted for. The timing couldn’t be worse as buyers are struggling to service finance on the units which they have had to wait five years for, and are now required, without notice, to cough up with more cash. Some apartment owners have been notified they are up for additional charges of around AED 100,000.

Complicating the problem is a law passed last year by the Dubai government prohibiting developers from charging for additional space. The Real Estate Regulatory Authority of Dubai (RERA) is now investigating claims by Lake View owners related to the increased charges levied by Damac.

Owners are also complaining of 2% charges being claimed by Damac for registering their title deeds.

To its credit Damac is compensating owners for the delays in completing the project and says it is prepared to stand by RERA’s rulings on the additional charges.

The developer has been dogged by bad publicity due to delays, its slick marketing tactics and its attempted abandonment of its Palm Springs project on Palm Jebel Ali. However it has delivered some quality projects in Dubai including Marina Terrace, and The Waves towers in Dubai Marina, and Lake Terrace in Jumeirah Lakes. Lake Terrace owners were compensated for delays.

The developer’s signature project near Dubai Marina, the proposed 94-story Ocean Heights, was stalled for around two years but has made rapid progress since Arabtec took over the construction. More than half the floors in the project are now complete.

Some client comments :

Toofif
03-07-09, 06:51 AM 
Dubai developer lifts prices of pre-sold apartments

I am an Owner in Lake View.

DAMAC are a very untrustworthy company. They are doing everything they can not to honour the contract and Dubai’s Laws.

I would urge anyone comtemplating buying off-plan from DAMAC to resist. They do not deserve to be in business.
dab
03-07-09, 08:32 AM 
Buyer Beware!

I also own a unit in Lake View and am faced with more than 5% surcharges for a project that is more than two years late!

Bare in mind that these delays were incurred during a 'boom time' in the Dubai property industry.

While I do not expect to be compensated for lost rental income, judging by their current behavior, I would be very surprised if DAMAC even honored their contractual compensation clauses.

My co owners and I are currently battling a company that is not only manipulating the sales contract but have attempted to flaunt the Law of The Land declaring that it is open to interpretation.

If you are considering buying off plan from DAMAC

BEWARE!!
Anonymous
03-07-09, 09:22 AM 

It sound like a n excellent advice to any one attempting to purchase one . As for me I do not have any money or the intention of buying one. I do not have enough money not to even buy peanut/jelly for my lunch.I am waiting for Mr Obamas stimulus plan and I hope it will be coming I could buy what ever I want or may be just a talk coming from him for He himself does know what he is talking about.
Jesu
03-07-09, 10:05 AM 

They should be banned from doing business in the Emirates.
Anonymous
03-07-09, 10:44 AM 

The Dubai government should clamp down on Damac and make an example of them to prevent other rogue companies trying to extort money from their customers. Stories like this will make people think twice about investing in Dubai and delay any recovery in the housing market.
Jihad
03-07-09, 12:26 PM 
Fraud

Damac’s CEo needs to be thrown in jail. Another theif looking to steal more money from the helpless
Nas001
03-07-09, 01:05 PM 
DAMAC Lake View

RERA have stated the registration of Units costs 1% and should be paid directly to them. This fee is nothing whatsoever to do with DAMAC, so why are they insisting a fee of 2% is paid to them instead? The only reason I believe is for DAMAC to keep 1% of the fees for themselves! As a Lake View Investor, I believe their CEO Peter Riddoch should be personally held accountable for deliberately misleading investors. In addition DAMAC have sent out letters to Lake View clients demanding they sign a totally one sided agreement which gives DAMAC total control of the Owners Association budget. What happened to representatives of Lake View being involved in setting the budget along with DAMAC as envisaged by RERA? I donot trust DAMAC at all.
indi
03-07-09, 01:17 PM 
Chor

Chor chor . Thief thief in the guise of a developer. Unethical to the core.

Reminds me of a fly by night operator, the only thing that prevents them from doing so is that it cant fly anywhere now
Ash the One
03-07-09, 02:38 PM 
Damac Not To Be Trusted

I also owed an apartment in Lakeview and have incurred same increases as others and Damac is bullying to pay up or incur penalties.

No Compensation until all bills are paid then they will hand you the keys. I have also brought second apartment in another project and have not given me an extention in payment for this one. They want me to pay up or incur penalties. Damac are moving the goal post to suit them.

Please be aware and do not buy from Damac, if you do you will have along wait and a very bad nightmare.


----------



## Dodgy Dubai

*Damac Termination Notice*



Samoyedman said:


> Please Help
> 
> Have arrived home from work tonight to a letter from DAMAC (Termination Noice) for an apartment in Lago Vista. We have paid 75% of the purchase price and had paid all payment by UK cheque which have all taken approximately 6 weeks to clear through our bank from the date of posting. We have followed a number up with the Client Relations Team and all have been found and eventually cashed. Anyway, the termination notice refers to a letter sent to us on 22 January 2009 in wich it asked us to regularise an overdue amount of approx £4000. We sent a cheque for this sum on 23 January and to date it has not been cashed, although on the history, this is not unusual.
> 
> Anyway, this termination notice is effectively exercising DAMACs right under the contract to terminate and keep all of our money and notify us of any other costs that are due. Please, please can someone advise if their is anything we can do


What you can do depends to a large extent on whether you have a Sale and Purchase Agreement (SPA) or instead still a Unit Reservation Contract (URC)?

If you have a URC I believe this will state that if you fail to pay an installment on time then Damac can terminate you and take all your money.

If however (as I suspect you do) you have an SPA then, even 'if' you have in fact missed a payment then the maximum Damac can take off you is 30% plus 30% of the money over the first 30%.

More importantly perhaps, Damac are not entitled to terminate your contract. Based on recent laws, any terminations should be done via and by the Real Estate Regulation Authority (RERA) and not by Damac.

I believe the first thing you should do is phone RERA and explain the position. I suspect they'll be none too pleased with Damac's actions.

All Damac i trying to do (generally with everyone) is to find as many excuses as possible (however poor) to terminate as many apartments as they can so that they can get their hands on the cash they desparately need to stay afloat now that all the buyers have disappeared. Don't be conned by these tricks. Get on the phone to RERA.


----------



## jooody

Any one has a contact in Real Estate Regulation Authority (RERA) to make a complaint on DAMAC on other projects, I dont know whom to contact.
Thanks


----------



## beer51

Here you go

Call Center : +971 - 4 - 222 - 1112 
Fax No : +971 - 4 - 222 - 2251 ,Phone No : + 971 - 4 - 222 - 2253 
Dubai Land Department, Real Estate Regulatory Agency. Location Map»

Web page:
http://www.rpdubai.ae/rpdubai/welcome?lang=0


----------



## Hanna

*Damac and there Ethicts ! or severe lack of them*

Hi All


Some more up to date info what is happening at the Lake view thread,
confirming what I said years ago about my Damac giant pyramid scheme theory.:cheers:

I whole lot of people are going to get hurt big time when they are forced to 
come clean on there dodgy dealings.


http://www.skyscrapercity.com/showthread.php?t=129370&page=35


----------



## ottoman1924

*Lincoln park*

Hi,

Can anyone tell me with certainty about the cancellation or not of the lincoln park project.?!
Thanks


----------



## Dodgy Dubai

ottoman1924 said:


> Hi,
> 
> Can anyone tell me with certainty about the cancellation or not of the lincoln park project.?!
> Thanks


It's not on this list but unfortunately with Damac that's not a guarantee that they will be going ahead with it as they are cancelling more projects each week.

http://www.kippreport.com/kipp/2009/01/06/4974/


----------



## Hanna

*Damac Handover Blues Lakeview ?*

Hi All 

I see you got some coverage from 

http://dubai7stars.blogspot.com/



Damac Handover Blues ? 

posted by Nic

Damac is blackmailing the owners of the Lakeview at Jumeirah lake Towers

with 3 different level of scamming:







1st They want us to pay 2% to rera (real price 1 %)

2nd They told us the apartments are bigger and we have to pay money for it

2500€ per square meter 

3rd If we do not buy the parking lot we will never receive the keys

Is the damac mafia accorrding with Rera ?


Is this the faboulus safe and clean dubai advertised around the world ?


----------



## liamC

http://www.gulfnews.com/business/Real_Estate_Property/10295700.html


----------



## HappyLarry

^^
"With the new projects contracts and deliveries, we will emerge as one of the largest and most sound companies in the UAE," Sajwani said.
Sajwani said, the market would see an upturn by the end of this year.


Despite all the doom and gloom, and with some disgruntled speculators/investors, I say, Well done Damac. :cheers:


----------



## Richard Head

HappyLarry said:


> ^^
> "With the new projects contracts and deliveries, we will emerge as one of the largest and most sound companies in the UAE," Sajwani said.
> Sajwani said, the market would see an upturn by the end of this year.
> 
> 
> Despite all the doom and gloom, and with some disgruntled speculators/investors, I say, Well done Damac. :cheers:


Those are some real super-strength happy pills you have there my friend. Keep taking 'em I say. :lol:


----------



## Dubai2011

liamC said:


> http://www.gulfnews.com/business/Real_Estate_Property/10295700.html


I still cant trust a word Damac says until I actualy see something happening


----------



## HappyLarry

Richard Head said:


> Those are some real super-strength happy pills you have there my friend. Keep taking 'em I say. :lol:


Thanks. You want some? :banana2:


----------



## Toofif

HappyLarry said:


> Despite all the doom and gloom, and with some disgruntled speculators/investors, I say, Well done Damac. :cheers:


Please join us on the Lake View forum. You won't find a single happy Owner. Dealing with DAMAC has been a nightmare and they have really excelled themselves at handover. I can only assume you are not an owner yourself. If you are, I urge you to open your eyes now for your own sake.

Some of us have been invested since 2004 and have patiently waited for our apartments which are now over 2 years late. Our mistake was to buy into the promises of DAMAC and Dubai. Don't believe all of the soundbites from DAMAC and RERA - neither is interested in resolving the simplest (but finanacially huge) problems - DAMAC hide behind the fact that the court process is long-winded and overwhelmed and you can't bring class actions to court.

Teething problems in a immature real estate market we can all accept. However DAMAC's behaviour is crazy. Is it incompetence, lethargy or corruption we are dealing with?


----------



## amadc

*class action*

hi
can someone please confirm that a class action cannot be made as i am in the process of gathering people together to do this very thing
obviously have not consultated any lawyer as of yet but just naturally assumed that you could do a class action
if indeed this is not the case then im stuffed and trully damac have won because i cant afford 150 000 aed which is what it take to bring damac to court

please advice


----------



## HappyLarry

Toofif said:


> Please join us on the Lake View forum. You won't find a single happy Owner. Dealing with DAMAC has been a nightmare and they have really excelled themselves at handover. I can only assume you are not an owner yourself. If you are, I urge you to open your eyes now for your own sake.
> 
> Some of us have been invested since 2004 and have patiently waited for our apartments which are now over 2 years late. Our mistake was to buy into the promises of DAMAC and Dubai. Don't believe all of the soundbites from DAMAC and RERA - neither is interested in resolving the simplest (but finanacially huge) problems - DAMAC hide behind the fact that the court process is long-winded and overwhelmed and you can't bring class actions to court.
> 
> Teething problems in a immature real estate market we can all accept. However DAMAC's behaviour is crazy. Is it incompetence, lethargy or corruption we are dealing with?


I am sorry to read yours and others plight. I hope that Damac remedy the situation in your favour. Good luck with your situation.


----------



## Toofif

HappyLarry said:


> I am sorry to read yours and others plight. I hope that Damac remedy the situation in your favour. Good luck with your situation.


Thanks for your support. We are not giving up. In fact, I don't think DAMAC know the problems that lie in store for them.

All the best.


----------



## Toofif

amadc said:


> hi
> can someone please confirm that a class action cannot be made as i am in the process of gathering people together to do this very thing
> obviously have not consultated any lawyer as of yet but just naturally assumed that you could do a class action
> if indeed this is not the case then im stuffed and trully damac have won because i cant afford 150 000 aed which is what it take to bring damac to court
> 
> please advice



I am not a lawyer and have not directly contacted a lawyer. However, I have read many times that class actions are not possible in Dubai.

Nevertheless, there is always strength in numbers so you'd be advised to group yourselves together. Clearly most of DAMAC's investors are from outside the UAE hence it is outside of the UAE where most damage can be done to their reputation - not that anyone wants to do anything other than tell the truth about this pathetic company. In the UK, we are well aware of our rights to demonstrate, petition and seek justice.


----------



## Hanna

Toofif said:


> Please join us on the Lake View forum. You won't find a single happy Owner. Dealing with DAMAC has been a nightmare and they have really excelled themselves at handover. I can only assume you are not an owner yourself. If you are, I urge you to open your eyes now for your own sake.
> 
> Some of us have been invested since 2004 and have patiently waited for our apartments which are now over 2 years late. Our mistake was to buy into the promises of DAMAC and Dubai. Don't believe all of the soundbites from DAMAC and RERA - neither is interested in resolving the simplest (but finanacially huge) problems - DAMAC hide behind the fact that the court process is long-winded and overwhelmed and you can't bring class actions to court.
> 
> Teething problems in a immature real estate market we can all accept. However DAMAC's behaviour is crazy. Is it incompetence, lethargy or corruption we are dealing with?




Hi Toofiif

The happy harry has changed his tune he has slated every one of my posts, 
now he has the gaul to wish you good luck what a loser he is. I wouldn't 
believe a word he says first class hypocrite .:cheers:

P.S 

I am the neighbor from hell for speaking the truth about the cowboys according to him.
go back my posts and go back his and you will see the bias. I was sure from the start he was
a Damac plant and I still think he is.


----------



## HappyLarry

Hey Hanna montana. Grow up winge bag. I was answering to Toofif's invitation to join. So, winge bag. Naught to do with. You retard. Grow up, you baby. You are a true northern jrsse you don't even know me to call me names. Wishing you total Damac wipe out and for all else to have total success. So grow up, again.

Can you tell, I can't stand your negative posts.


----------



## Hanna

*Damac Cowboys*

Hi All


I think we all know who the retard is on this site with the total drivel he writes LOL :cheers: 

Invite my ass who would invite a DAMAC 'doppelganger' to any site, give these lads and lasses
from Lake view some credence, take heed what you have to say ha ha ha ha ha.

At least nobody will accuse me of not being inconsistant not like someone we know !!!!!!!

It should have said good luck with your situation you will need it, lying 'toad' comes to mind.

I am sure we are dealing with Peter Riddoch direct with this guy H.H.



P.S

Yes I am from 'SCOTLAND' and proud of it, can't wait to meet you in the flesh
big southern boy ! 



NOW GO AWAY AND PLAY TIG ON SOME MOTORWAY !


----------



## Hanna

*Posted by Asphyx24 Lake view thread*

Interesting 


I am working with a national Canadian paper to publish a story on Dubai real estate slump and fraudulent activities by developers and cautioning Canadians not to invest in Dubai specially with DAMAC, EMAAR, RUFI and CHAPAL . I will send you guys link over the weekend once its published. I have also contacted some other investor to place their comments about the developer.
Paper : www.theglobeandmail.com

Once its published i will definately get it republished in pakistani newspaper www.jang.com.pk and www.dawn.com.

Keep them coming guys :cheers:


----------



## HappyLarry

*The Oracle has spoken*

*Damac chief sees new era for UAE property market*

by Andy SambidgeThis email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 18 March 2009 UPBEAT MESSAGE: Damac's chairman Hussain Sajwani says there has been a paradigm shift in the UAE's property market. (ITP Images)

*The chairman of Dubai property company Damac on Wednesday said a new era had begun in the UAE real estate market - one in which investors would no longer be able to make "millions overnight".*

Hussain Sajwani said the days of flipping were over and that the optimum time for an investment in Dubai's property market would now be five to seven years.

He also said he was confident that the emirate would emerge from the current economic crisis and become one of the world's "best planned cities" over the next decade with investments including the metro system coming to fruition. 

"The recent events in the global economy have created panic among investors. The public has lost confidence and they do not want to consider venturing into new investments," he said.

"Moreover, the credit crunch has left them struggling, trying to liquidate their investments to release cash. Dubai, as one of the key financial hubs in the world, is currently experiencing mixed reviews from economists, investors and opinion leaders. 

"However this is the time to invest. There are no two ways about this fact. History has proven that individuals who respond to a new market revolution in a timely manner, planning for an upturn during a downturn emerge successful within the market. 

"The paradigm has changed. One should not expect overnight returns. It was a dream run when many made millions. It is time to change perspectives and invest with a long term vision. The ones who understand this and act upon it will do well again."

He said the current market correction, presented an opportunity even though it was painful in the short term. 

"No market can beat the supply and demand battle; the market will stabilise and will grow. The underlying demand for property in the region is very strong compared to other parts of the world. Hence, companies will continue to want to do business here." 

Sajwani said smart investors would change their strategy and adapt to the current market conditions. 

"I believe the premium time for holding a property investment will probably now be 5-7 years upwards and generally the longer one holds, the more he will make. Long term investment in property will not only generate capital growth but also generate ongoing rental income." 

Asked whether the UAE would be an attractive market to long term renters when it has been synonymous with those looking to spend much shorter times here working, he said: "In the next decade Dubai will become one of world’s best planned cities. Not only will the infrastructure get better, with the introduction of the long awaited Metro but with new faster roads links and increased air travel capacity, but there will be further benefits from Government investments in education, culture, history, and diversification.

"In addition the number of tourist attractions continues to grow with bigger and better shopping malls, a new sports city complex and top name chefs still opening new restaurants here, so to me it is not a case of if Dubai will bounce back…but when and how high?"

He added: "While history will always show the UAE to be one of the biggest success stories in the development of overseas property in the past decade, I firmly believe that it has so much more to see and achieve. 

"While the global recession continues to impact here it is important to understand that it also provides a new opportunity for us to realise – the future is inevitably bright as Dubai will have its golden days again."


----------



## nas001

HappyLarry said:


> *Damac chief sees new era for UAE property market*
> 
> by Andy SambidgeThis email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 18 March 2009 UPBEAT MESSAGE: Damac's chairman Hussain Sajwani says there has been a paradigm shift in the UAE's property market. (ITP Images)
> 
> *The chairman of Dubai property company Damac on Wednesday said a new era had begun in the UAE real estate market - one in which investors would no longer be able to make "millions overnight".*
> 
> Hussain Sajwani said the days of flipping were over and that the optimum time for an investment in Dubai's property market would now be five to seven years.
> 
> He also said he was confident that the emirate would emerge from the current economic crisis and become one of the world's "best planned cities" over the next decade with investments including the metro system coming to fruition.
> 
> "The recent events in the global economy have created panic among investors. The public has lost confidence and they do not want to consider venturing into new investments," he said.
> 
> "Moreover, the credit crunch has left them struggling, trying to liquidate their investments to release cash. Dubai, as one of the key financial hubs in the world, is currently experiencing mixed reviews from economists, investors and opinion leaders.
> 
> "However this is the time to invest. There are no two ways about this fact. History has proven that individuals who respond to a new market revolution in a timely manner, planning for an upturn during a downturn emerge successful within the market.
> 
> "The paradigm has changed. One should not expect overnight returns. It was a dream run when many made millions. It is time to change perspectives and invest with a long term vision. The ones who understand this and act upon it will do well again."
> 
> He said the current market correction, presented an opportunity even though it was painful in the short term.
> 
> "No market can beat the supply and demand battle; the market will stabilise and will grow. The underlying demand for property in the region is very strong compared to other parts of the world. Hence, companies will continue to want to do business here."
> 
> Sajwani said smart investors would change their strategy and adapt to the current market conditions.
> 
> "I believe the premium time for holding a property investment will probably now be 5-7 years upwards and generally the longer one holds, the more he will make. Long term investment in property will not only generate capital growth but also generate ongoing rental income."
> 
> Asked whether the UAE would be an attractive market to long term renters when it has been synonymous with those looking to spend much shorter times here working, he said: "In the next decade Dubai will become one of world’s best planned cities. Not only will the infrastructure get better, with the introduction of the long awaited Metro but with new faster roads links and increased air travel capacity, but there will be further benefits from Government investments in education, culture, history, and diversification.
> 
> "In addition the number of tourist attractions continues to grow with bigger and better shopping malls, a new sports city complex and top name chefs still opening new restaurants here, so to me it is not a case of if Dubai will bounce back…but when and how high?"
> 
> He added: "While history will always show the UAE to be one of the biggest success stories in the development of overseas property in the past decade, I firmly believe that it has so much more to see and achieve.
> 
> "While the global recession continues to impact here it is important to understand that it also provides a new opportunity for us to realise – the future is inevitably bright as Dubai will have its golden days again."


HAPPY LARRY - DO YOU WORK FOR DAMAC?


----------



## HappyLarry

I posted a relevant article to this thread. What made you conclude that I work for Damac?
Seriously!


----------



## missmichelle

So happy larry what is your interest in Lake View ? Do you own property there??


----------



## HappyLarry

missmichelle said:


> So happy larry what is your interest in Lake View ? Do you own property there??


So missmichelle!
How are you? Are you having a nice day?
To answer your question plainly, I have sympathy for the people who are upset with Damac and it is in my interest also to see what Dubai developers are doing. 
Oh, there is one exception to my sympathy. There is a guy here called Hanna who does nothing but bitch and moan. I can't agree with such a loser.
Can I ask what your interest might be? :cheers:


----------



## missmichelle

Hi ....sorrry im not interested who may be "bitchin"

Im more interested in whom my have have valid information...................


Back to my original question.....ar you a Lake view purchaser? if so what is your apartment number if you wish to pm me.............


----------



## HappyLarry

Thanks for asking but I don't have an apartment in LV.:cheers:

Other than that, what information are you after?


----------



## moonnic

*hey!!!*

do not fight guys, keep the energy to burn the damac empire, those asshole will go to hell i can't wait riddoch to be jailed and his albulshittini boss too!


----------



## Hanna

moonnic said:


> do not fight guys, keep the energy to burn the damac empire, those asshole will go to hell i can't wait riddoch to be jailed and his albulshittini boss too!



Hi moonnic


That's a tall order to give a Damac employee plant 'Happy bitching Harry' 

I agree Mr Riddoch should do time, but in Dubai not at our expence in 
Scotland thanks :cheers:

Keep up the good work it will benefit all the clients of Damac in the end
if they are still trading by this time next year and beyond !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


P.S 

I expect a some more inane drivel reply from the 'bitching Harry' the sado that he is,not to worry
I have work to do not like some 'Damac employees' who seem to be doing a lot of fire fighting this 
weather.I wonder how there sales are going at present !


----------



## HappyLarry

Damac to finalise Iraq, Egypt masterplans
United Arab Emirates: Thursday, March 19 - 2009 at 13:32
UAE-based developer Damac is finalising its masterplans for the Dhs55bn Tarin Hills project in the Iraqi province of Kurdistan and the Dhs60bn Gamsha Bay development in Egypt. Tarin Hills will be a mixed use development, spread over 170 million square foot in Erbil.
:cheers:


----------



## HappyLarry

Hanna said:


> Hi moonnic
> 
> 
> That's a tall order to give a Damac employee plant 'Happy bitchin Harry'
> 
> I agree Mr Riddoch should do time, but in Dubai not at our expence in
> Scotland thanks :cheers:
> 
> Keep up the good work it will benifit all the clients of Damac in the end
> if they are still trading by this time next year and beyond !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


Alas, you are a disservice to good people of bonny Scotland. Can you learn to spell check before you start drivelling?


----------



## Flintbug

Since DAMAC are not playing ball, I believe the following should lead to a successful outcome.

1. Pay the final installment less your own calculation of the compensation (get an accountant to do it for you if unsure)

2. Challenge DAMAC to give evidence as to why the other charges are due and to state the Completion Date 

3. When they fail to do No.2, take your evidence to the legal department referred to in Ai's mail and pay the 1% land registration charge direct and get them to transfer as they have the power to do so.

4. Do not pay any service charges until the Owners' Association asks you to do so. DAMAC Lake View and DAMAC Generaal Maintenance have no legal right to invoice anyone in that regard.

Let's end this fun - its getting a bit boring now and I want to start enjoying my views!


----------



## Hanna

*Service charges !*

Example of Service charges Jumeirah Beach Residence 

May help Damac clients in the future !



Service charges will be adjusted accordingly after they are approved by the owners. (IMAD ALAEDDIN) 
By Sean Davidson on Monday, March 23, 2009 

Salwan Property Management will soon reduce its service charge at Jumeirah Beach Residence (JBR), said a company spokesperson.
"We have reviewed the situation and will be revising our service charge shortly. We will issue a formal statement, but in the interim, I can tell you that the rates will drop," the spokesperson told Emirates Business.
The company's response came after a JBR Residents Association filed a complaint with the Real Estate Regulatory Agency (Rera) that contested the 129 per cent increase in maintenance fees.In December 2008, the company informed residents that a new fee of Dh21.75 per square foot would be charged, effective September 2008, from the previous Dh9.5 per sqft.
In February, Rera had said that service charges for existing buildings, which have been handed over, will be frozen at the rates that were applicable in the year 2008 unless the 2009 rates are less or have been approved by the agency.The freeze will last until the first general assembly of the owners' association (OA), which will have to be held within three months of registration.Service charges for buildings that are about to be handed over, or are in the process of being handed over, will be subject to approval by Rera and after approval will apply until the first general assembly of the owners' association.Owners in both categories of buildings will be required to pay the relevant service charges until the owners approve, with or without amendment, the service charges at the first general assembly.Service charges, which have already been paid by owners for 2009, will be adjusted accordingly after the service charges are approved by the OA.Developers or managers currently managing jointly owned properties (such as buildings or villa communities) must continue to manage such properties until the first general assembly at which time they must present a proper budget for consideration by owners, said Rera Chief Executive Officer Marwan bin Ghalita.


----------



## HappyLarry

^^
Above is excellent news and will surely help Damac investors to fight their corner.

The sooner owner associations start taking shape the better.

I am all for owner association. :banana:


----------



## Dodgy Dubai

HappyLarry said:


> Damac to finalise Iraq, Egypt masterplans
> United Arab Emirates: Thursday, March 19 - 2009 at 13:32
> UAE-based developer Damac is finalising its masterplans for the Dhs55bn Tarin Hills project in the Iraqi province of Kurdistan and the Dhs60bn Gamsha Bay development in Egypt. Tarin Hills will be a mixed use development, spread over 170 million square foot in Erbil.
> :cheers:


Maybe worth asking Damac how many properties they've actually sold so far at either of these projects? Despite the new report, neither projectis new - they've been marketing them both for around 18 months. In this time they've sold less that 1% at Tarin Hills and less than 5% at Gamsha Bay. Worse still they've now sold the the majority of the Gamsha Bay land due to the problems mentioned to raise some badly needed cash. I don't think either Tarin Hills will ever actually be built (or started to be built) for the same reason. The news report is just more positive 'bullshit and marketing spin' from Damac again I'm afraid.


----------



## bizzybonita

Damac signs 10 new projects worth Dh2bn for 2009

Friday, March 20, 2009

Damac Properties, UAE's largest private sector developer, has announced plans to sign Dh.2bn worth contracts this year, which includes construction of 10 new towers, to take advantage of the current low construction costs and overheads.

A top official of the company revealed that towards the end of this year, the company will sign contracts worth Dh.2bn for construction of 10 projects.

The cost of construction materials have declined considerably over the past couple of months, owing to lesser demand. Contractors are now in search of fresh projects, as several projects have been shelved due to recession. Few of them are even willing to work at cost prices, to save jobs and continue their businesses.

This situation is an opportunity for developers. Developers who had been selling properties at higher prices till last year, can generate more profits by signing new projects now, when constructions costs are lower, the official said.

The Damac CEO, Hussain Sajwani, says "We are well aware of the market condition, and hence are focusing on deliveries. We would like to begin construction of all remaining projects, before the market rises by early next year."

The company already delivered 2300 units during the last six months, and hopes to deliver 7,100 units more by the end of 2010. The company has already sold 10 projects and plans to deliver 25 more projects, by end of next year.

By adhering to timely deliveries, the company plans to bring back investor confidence in the market. According to Sajwani, the market may see an upturn by the end of this year.

A recent survey by Ernst & Young, on companies managing their businesses in the event of global economic slowdown, about 74 percent of the companies were found focused on "securing the present".

Although, it may sound perverse, the period of crisis can actually be an opportunity to drive change more rapidly and effectively, than during a period of prosperity, the report suggests.


----------



## Hanna

*Dubai - The very special Hand Over Blues Made by DAMAC - Developer asks for extra 5 %*

Tuesday, March 10, 2009
Dubai - The very special Hand Over Blues Made by DAMAC - Developer asks for extra 5 %

Dubai March 2009 Xpress4Me

Owners of the Lake View building at the Jumeirah Lake Towers by Damac Properties are up in arms after the developer asked them to pay an extra five per cent of their property value weeks before the final handover.
Owners of units in the Lake View building at the Jumeirah Lake Towers received a notice from Damac on February 9 stating that the floor space of their unit has been revised and that they have to pay between Dh30,000 and Dh55,000 extra on their final invoice, otherwise they will be charged a penalty or risk losing their property. The handover is this Sunday.
Ali Mohammad, owner of a two-bedroom unit, said Damac has turned down his request to have his apartment measured by a surveyor.
“They said I would have to pay the additional fees by the handover date. Only then would they reimburse me if any discrepancies were found with the measured size of the apartment,” said Mohammad.Bank executive Salman Jawaid, who bought an apartment in September, said the fee was “unjustified” as the mortgage deal stipulated that “the first payment was to be made on the day of the handover”.Roger Fleming, who bought a one-bedroom apartment, said he has been or an extra 54 sq ft.Land fee Fleming said he was puzzled by the two per cent shown in his invoice as “land fee”. “I contacted Rera (Real Estate Regulatory Authority) and found out the land fee is one per cent and that it should be paid directly to Rera,” he said.Niall McLoughlin, Damac Senior Vice-President for Corporate Communications, has urged owners to be patient. He said the interpretation of Article Number 12 of Law 13 has yet to be clarified. “We expect Rera to shortly issue by-laws in relation to area variations. Obviously, we will adhere to any regulations issued by Rera.” :cheers:


----------



## amadc

*translation*

hi

a group of us are about start legal proceedings against damac

we need help because all of our documents have to be translated to arabic

is there anyone out there who could recommend a translator or better still is there anyone out there that has an arabic version of the contract that we can simply copy and insert our relevant pages

your help and advice is gratefully received


----------



## Safrica

hi
Has Damac cancelled any projects or refunded customers by cash or credit notes?


----------



## jooody

Hi,
Does anybody knows a property investment lawyer that can help me to get my money from DAMAC for a Lotus investment .
Thanks


----------



## davidbht

Kamala predeep
James berry law
Dubai
tel
971 4


----------



## davidbht

*Lawyers*



jooody said:


> Hi,
> Does anybody knows a property investment lawyer that can help me to get my money from DAMAC for a Lotus investment .
> Thanks


 Kamala at James Berry Law
tel dubai 971 4 331 7552:bash:


----------



## HappyLarry

*Contractor performance 'excels' at XL Tower*

*Luxury lifestyle provider, Damac Properties has announced that construction at its XL Tower, a modern and elegant commercial tower located at Business Bay, has reached the third floor.*

The building, being constructed by CSHK Dubai Contracting (LLC), a group member of China State Construction Engineering (Hong Kong) Ltd is one of two Damac projects they are constructing, the second one being 'Business Tower' also at Business Bay. 

XL Tower reflects a unique elliptical design and provides a total of 161,700 sq.ft. of commercial space to the market. 153,000 sq.ft. will be office space and 8,700 sq.ft. will be dedicated to retail at ground level including shopping arcade, covered walkway, and parking for staff and customers. 

Chairman and Founder of Damac Holding, Mr. Hussain Sajwani said: 
'XL Tower is progressing well as per our plan. The pace at which CSHK is operating is encouraging and I am confident that customers will be pleased to move into this state-of-the-art seamlessly integrated property. Our continuous progress is testament to our long-term confidence in the real estate market in Dubai and we will continue to focus on our delivery goals.'​
On the current market conditions, Mr Peter Riddoch, CEO of Damac Properties said that, 'The current market correction, presents an opportunity. The current scenario seems painful in the short term but such fluctuations are part of the natural cycle of a growing and maturing property market. No market can beat the supply and demand battle; the market will stabilize and will grow. The underlying demand for property in the Middle East is very strong compared to other parts of the world.' 

Mr Qin Jidong, Deputy Chairman, CSHK Dubai Contracting said that, 'We have a proven track record of delivering world class projects and have contracted extensive projects across the region. CSHK plays an active role in the industry by means of sound and responsible management. We have been aggressively driving towards high quality and technically complicated projects.' 

He added, 'We have completed more than 500 projects in over 20 years and have undertaken a number of mega size projects of multi-discipline nature, including industrial, commercial and residential buildings, hospitals, hotels among other projects. We are proud to bring this wealth of experience to the Middle East.' 

'We are pleased to build two prestigious projects for Damac Properties at Business Bay. XL Tower is a modern and elegantly designed commercial tower that serves as an ideal business location. The tower is equipped with parking on 7 levels with 24-hr security, swipe access, hi-speed internet, and a host of leisure activities like outdoor swimming pool, outdoor jogging track, gymnasium, health club and cafeteria,' concluded Mr. Jidong. 

XL Tower project also recorded one of the largest concrete pour in the company's history when a total of 5,500 cubic meters of concrete was poured in 25 hours.


----------



## HappyLarry

*Damac denies cancellation rumours*

http://www.ameinfo.com/192851.html

*Damac Properties has denied media reports that it has cancelled its Hyde Park project in Cairo, and its Al-Jawharah Tower on the Jeddah Corniche in Saudi Arabia. A company statement said that development is on schedule, and if there is a delay in completing a project, investors will be compensated in accordance with their contracts.*


----------



## madferrit

I guess "on schedule" means they're on schedule in collecting payments and sending out default notices to their investors., and "compensated in accordance with their contracts" means that if you read the small print, the investor gets nowt!


----------



## HappyLarry

madferrit said:


> I guess "on schedule" means they're on schedule in collecting payments and sending out default notices to their investors., and "compensated in accordance with their contracts" means that if you read the small print, the investor gets nowt!


When there is a rush brought on by greed, most people don't bother with small print and certainly do not consider if things might go pear-shaped. We are all guilty of that.


----------



## joeking

Hi there!

Do you know where I can get my hands on databases such as the Damac client?

Thank you for your help!

Joe


----------



## rexdmx

^^ :rofl:


----------



## madferrit

joeking said:


> Hi there!
> 
> Do you know where I can get my hands on databases such as the Damac client?
> 
> Thank you for your help!
> 
> Joe


There have been some people on the inside who have been able to source information for you.. sadly many of those are now in fear of being found out.


----------



## SA BOY

what a great scam, collect hundreds of depoists, sit on them for 2 years earning intrest and then be forced to hand back money (ex intrest) and keep the intrest.

Not bad if you hold 100 million in your "escrow" account at fixed margins of 5%


----------



## uaeprop

The National's blog - sums up the incredulity of the DAMAC situation - 

http://blogs.thenational.ae/crane_c...game-parks-abroad-cost-cutting-back-home.html

"Damac Properties says it will award Dh2bn worth of construction contracts in 2009. That's a good idea because they have a lot of projects to build. As of last November the company had less than a dozen finished projects, but now they are planning to have delivered (over the lifetime of the company) a total of 25 towers by the end of the year, according to Emirates 24/7 Business."

and another statistic....

"The property and construction sector will contribute about 1 per cent less to the economy than it did last year, according to Hamad Buamim, director general of the Dubai Chamber of Commerce and Industry. I guess we can all rest easy then."


----------



## harvy

*Damac, more like daCrack!!*

Hi people! the advert earlier in this thread for Lincoln Park makes me laugh! That project is now cancelled as well (according to Damac it is on hold due to redesigning the plans). I have come across many people who have bought from Damac and their 'dream' but have not once found a satisfied customer. I have been dealing with real estate for 9 years but never come across such scams! They are now reccommending you put your money into a complete (nearly) project in JVS or IMPZ. Don't do it! once you move your escrow account money into a complete project your done for. Also there are extra fees for completed property: Mainenance charges are very high. Car parking costs more then the apartment is worth. If you would like further advice and some inside info please PM (Private Message) me. I am already i touch with 20 clients who are unhappy from Damac.


----------



## Safrica

hi.
Can someone please confirm if damac has officialy cancelled any projects?
Have they refunded
or issued credui notes


----------



## madferrit

Safrica said:


> hi.
> Can someone please confirm if damac has officialy cancelled any projects?
> Have they refunded
> or issued credui notes


I haven't heard Damac issuing credit notes, and even if they did I would never touch one.. its hardly worth the paper it is written on.

They have been very keen lately to offer transfers to projects near completion, yet the price they are asking are still at pre-recession prices and they don't seem to understand that the market has fallen in the last 12 months.

However, with RERA announcing that they are looking to cancel a number of projects in which little or no work has happened I wouldn't be surprised if a few of these were Damac projects.


----------



## Hanna

*Interesting comments from the Lake View thread*

Toofif 

Onwards and upwards.

http://story.argentinastar.com/index...d/502005/cs/1/



More bad publicity for DAMAC.

http://www.constructionweekonline.co...on_the_record/

Lies, lies and more lies from Riddoch. 

- Lake View was handed over the end of 2008 
- RERA have only just issued guidelines on area variation (the clue is in the title Peter "Article 12 of Law 13 of 2008") 

The rest is the usual nonsense that's not worth even commenting on.

Negative media is snowballing as more and more truth is coming out about DAMAC and how they treat their "valued customers".

The bottom line is that DAMAC even resort to Blackmailing their customers. Absolutely crazy and almost certainly a criminal act in Dubai.

Everyone please submit your comments to the Construction Week article.


PS
If the above links don't work please go to the Lake view thread
http://www.skyscrapercity.com/showth...129370&page=91 :cheers:


----------



## Flintbug

madferrit said:


> I haven't heard Damac issuing credit notes, and even if they did I would never touch one.. its hardly worth the paper it is written on.
> 
> They have been very keen lately to offer transfers to projects near completion, yet the price they are asking are still at pre-recession prices and they don't seem to understand that the market has fallen in the last 12 months.
> 
> However, with RERA announcing that they are looking to cancel a number of projects in which little or no work has happened I wouldn't be surprised if a few of these were Damac projects.


Yes, anyone who thinks DAMAC are doing them any favours by 'letting' them transfer to a project nearer completion, obviously has not yet understood the type of unscrupulous company they are.

You are bound to be far better off leaving your money in Escrow in a project that will get delayed and possibly cancelled, than to get stuck into a new payment plan where if you default on a hugely overpriced property, DAMAC are likely to take most if not all your money.


----------



## HappyLarry

Not all doom and gloom.


----------



## skmskm

i am investor in Lincoln park project. i am getting calls from them that i should switch over to another project, when i refused, they told me it will be delayed. they falsely declared that enabling work is completed in april this year and only yesterday i got mail that its only 60% completed and now they are changing the design so project will be delayed for sure. i wonder if they have to give any compasation for delay because they have lots of fine prints in their contract. i regret to invest with such a lousy developer


----------



## Hanna

skmskm said:


> i am investor in Lincoln park project. i am getting calls from them that i should switch over to another project, when i refused, they told me it will be delayed. they falsely declared that enabling work is completed in april this year and only yesterday i got mail that its only 60% completed and now they are changing the design so project will be delayed for sure. i wonder if they have to give any compasation for delay because they have lots of fine prints in their contract. i regret to invest with such a lousy developer


 Hi skmskm

You are not alone with major regrets in dealing with this company :cheers:



iawaaa
Registered User

Join Date: Feb 2009
Posts: 75

Just sent this message to Khawala:
Dear Ms. Khawala,

Damac Properties has again failed to keep up the promises it made to you and the Lands Department in writing last month. I am emailing you to desperately ask for your help and assistance, the same way you have helped us in the past!!! As per your email from last month sent to the owners of Damac's Lake View building in JLT regarding the excess area charges for our apartments, Damac had given Lands Department a written commitment to refund us the excess money within one month time. I would like to inform you that more than 1.5 months have passed since then and there has been no sign of any refund. As of today 27-May-2009 none of the 150 owners have received any refunds. Damac has also not confirmed when the money will be refunded to us (if at all). Rather, most of our emails on the subject of refund are being ignored.

Please see the text highlighted in red below in the email sent by you to the Lake View owners around 21-April-2009.

Can you please ask Damac return our money that they are holding on illegally?
Thanking you for your assistance in advance.

Kind Regards,
Lake View apartment owner

I am thinking of visiting Khawala's office at the Land Department on Monday. Anyone else whose money is also stuck with Damac and would like to join me, please send me a PM and we will coordinate.


----------



## skmskm

Dear Hanna
i am sorry to hear about your experiences, i wonder who will invest with them in their future projects, they are killing themselves by doing this. they are not replying to me also about my project, not giving any clear answer despite of sending several mails.. i have a question, if we go to RERA for any complaint against developer, do we have to deposit court fees? how much? in dubai court their is court fees of 30k aed and lawyers are very costly. can you guide me
thanks


----------



## kjsagar

harvy said:


> Hi people! the advert earlier in this thread for Lincoln Park makes me laugh! That project is now cancelled as well (according to Damac it is on hold due to redesigning the plans). I have come across many people who have bought from Damac and their 'dream' but have not once found a satisfied customer. I have been dealing with real estate for 9 years but never come across such scams! They are now reccommending you put your money into a complete (nearly) project in JVS or IMPZ. Don't do it! once you move your escrow account money into a complete project your done for. Also there are extra fees for completed property: Mainenance charges are very high. Car parking costs more then the apartment is worth. If you would like further advice and some inside info please PM (Private Message) me. I am already i touch with 20 clients who are unhappy from Damac.


Dear Harvy I have invested in lincoln park and facing the same problem with damac...they are offering alternatives at overpriced rartes. I want to get back my money...what should we do?


----------



## Safrica

hi,
i currently need to pay Damac aed260k and my total payment due to Damac is aed460k.
If anyone is willing to transfer there funds to this at a reasonable discount please pm me.


----------



## skmskm

i am in same boat , paid 40% till now and no construction yet. i think we can file a complaint to RERA. i am very far from uae , can any agent/lawyer help me to file it? thanks


----------



## Safrica

a agent advised that there are many damac credit notes available at 40 percent of its value,
how true is this?
if its true where do you buy it from and what's the process?


----------



## Dubaiiscool:)

*Damac Properties issues eight new tenders this month; embarks on steady progress across projects*

The tall lists of projects for which the main works tenders are issued are Capital Bay, Executive Bay, The Corner, Park Central, Burjside Boulevard, Amber Residence, Lake side and Al Jawhara. And enabling tenders for Commercial Square, Water's Edge and Harbour Heights project have also been issued. 

Making bullish commitments on delivery, Mr. Ziad El Chaar, the General Manager of Operations of Damac Properties, said: 

'The first half of the year we have made significant progress. We delivered over 2,300 units and we will continue to be aggressive on delivery. Continuing with the momentum of the year, in July we have issued 8 new tenders. In the next two years our aim is to have delivered a total of 25 towers totaling to 7,100 units.'



Earlier this year, Damac Properties announced the completion of Lake View and Executive Heights and The Crescent projects. The company has also made notable progress on various other projects under construction. The company is building a floor every 5.2 days at its Ocean Heights tower in Dubai Marina which is now at the 71st floor and a floor a week at Park Towers at DIFC. With the focus now moving away from aggressive expansion to aggressive completion and delivery, the company is once again leading by example. 

'2008 and 2009 have been busy years at Damac. The collaboration and hardwork by the 'Damac Properties Team' along with the various contractors involved with the projects, truly made 2008 the 'Year of construction' and 2009 is heading towards being the 'Year of Delivery',' added El Chaar. 

Construction is at full pace at Damac projects, enabling works at the Lincoln Park site at Arjan in Dubailand have been completed. The construction of XL Tower is approaching the 19th floor and Business Tower's Structure achieved completion, both being located at Business Bay. Smart Heights at TECOM has completed with interior work now starting. External cladding and painting has started at Emirates Garden in Jumeirah Village. The company has also completed the enabling works for its Executive Bay development at Business Bay. 

In addition, Stromek has been appointed to undertake the piling contract at Damac's Burjside Boulevard and enabling works have commenced at its Marina Bay project in Abu Dhabi as well. The company has also awarded the enabling works contract for the Piazza in Fox Hills, Lusail in Qatar and the contract for main construction at Hyde Park in Cairo. 

Damac Properties has already delivered more than 3,029 units into the market place and will continue with steady progress across all its projects.

Link: http://www.ameinfo.com/207257.html


----------



## amadc

*fed up*

hi
its been over a year half since i took the plunge and invested my hard earned money in damac

since then we have had a global recession and the real truth about investing in off plan schemes in dubai has been revealed

fact there is no justice in dubai for overseas investors

no law exists to help overseas investors fact

name one peron who has won in court and actually got their money back

you are at the mercy of these so called developers which are in fact no better than madoff

73 projects announced how many complete ?

you will never get your money back fact

it will take 5 to 10 years if in fact it ever does for the market to recover in dubai

the off plan market in dubai is dead who will ever invest in a proposed building again

whats built is built whats not will never be built

possession seems to be the law in dubai they have your money so they can do what they want

what can you do ? ABSOLUTELY NOTHING#

damac will only consolidate your off plan investment into some almost finished project at apiril 2008 prices on a take it or leave it basis


once you reluctantly agree you will be forced to sign a new water tight contract and have done to you what the poor investors of lake view had done to them so dont think the nightmare is over by consolidating they not only have forced you into a corner but they will continue shafting you

what is the solution for an overseas investor ?

well after much research the conclusion i have reached is this there is none

we have well and truly lost

if the present administration continues to support the developers as they are by continuing to change laws to suit them then how can anyone get justice

what is sad is that in doing so the laws at be are condemning dubai to become a concrete wasteland in the future

who in there right mind will invest in dubai in the future

will the infrastucture truly hold up to the demands being put on it ie waste electricity and water


i am a muslim and it is sad to see that a country that preaches such divine principals actually is really motivated purely by the greed of a few

i personally will eventually succumb to consolidation and take my shafting like a man on the principal that the hope to get some money back is better than getting no money back


----------



## Flintbug

AMADC - I think your analysis is spot on with one exception - consolidation.

I think you obviously realise that DAMAC never do anything to the benefit of their investors and consolidation only benefits DAMAC. If you consolidate you will be stuck with a seriously overpriced property that will not live up to the glossy brochure. If you stick with your original contract, then you should eventually do better. Either DAMAC will be forced to cancel the project and refund the money with interest, or they will build because the demand has returned and you should get lots of late delivery compensation. 

I wouldn't touch any sort of contract renegotiation with DAMAC ever again as they are completely deceitful and don't stick to the contract terms anyway unless they act in their own favour. 

If your contract has a clause allowing cancellation if delivery is not achieved by a certain date, I would start focussing on that and plan to employ a local lawyer for the apparently simple task of invoking that clause. However you will probably find that DAMAC have put plenty of wriggle room for themselves and will probably find some way in which you breached the contract first and invalidated the clause.


----------



## amadc

Flintbug said:


> AMADC - I think your analysis is spot on with one exception - consolidation.
> 
> I think you obviously realise that DAMAC never do anything to the benefit of their investors and consolidation only benefits DAMAC. If you consolidate you will be stuck with a seriously overpriced property that will not live up to the glossy brochure. If you stick with your original contract, then you should eventually do better. Either DAMAC will be forced to cancel the project and refund the money with interest, or they will build because the demand has returned and you should get lots of late delivery compensation.
> 
> I wouldn't touch any sort of contract renegotiation with DAMAC ever again as they are completely deceitful and don't stick to the contract terms anyway unless they act in their own favour.
> 
> If your contract has a clause allowing cancellation if delivery is not achieved by a certain date, I would start focussing on that and plan to employ a local lawyer for the apparently simple task of invoking that clause. However you will probably find that DAMAC have put plenty of wriggle room for themselves and will probably find some way in which you breached the contract first and invalidated the clause.


dear flintbug

im not sure if your aware of a new amendment in the law which allows a developer to start a project and then cancel it and only have to pay 70% of the total an investor has paid

anyone that has had a default letter sent to them of the relevant project is entitled to NOTHING ZERO

also this is hearsay and in no way am i alleging this but the rumour is that damac are broke have even spent all the money that is supposed to have been save in escrow accounts so how they are even going to pay you the 70% beats me

by the way talking about escrow accounts they are no longer called escrow accounts GET THIS THEY ARE NOW CALLED GOODWILL ACCOUNTS only opened as a gesture of goodwill by developers but apparently carrying no legal liabilty

talk about a load of cheats

they probably will just delay the projects for many years and hope that investors like you or i eventually succumb to consolidation

the contract you have with them at the moment immaterial of the fact it may have various delay penalties written into it isnt worth the paper its written on 
to you as you or i as we cant enforce it

we are in a no win situation 

which is why i said some money is better than no money

i hope they choke on the money they have swindled from me


----------



## yaj1

does any one have info on the damac suburbia and lake side projects?


----------



## Imre

*CEO of Damac Properties to resign *

Staff Report 
Published: September 07, 2009, 14:11

Dubai: Peter Riddoch, CEO of Damac Properties announced on Monday that he will be resigning as CEO of the UAE-based property developer next month. 

Riddoch said he arrived at his decision to leave with great difficulty but that it was time for him to move on. 

“To leave an organisation that has been a significant part of my life for so many years will not be easy, but I know that the time is right for me to make some changes, focus a bit more on my personal interests and family, and possibly even take on new challenges," Riddoch said.

Hussain Sajwani, Chairman of Damac Properties confirmed that he had reluctantly accepted Peter’s resignation and that although he was sad to lose him that he wished him every success for the future. 


He said: ‘’Peter has contributed significantly in steering our business over the past seven years and as an organisation we have greatly benefited from his industry knowledge and experience." 

Until such time as a suitable replacement for Riddoch is appointed, day to day operations will be run by the senior management team at Damac Properties under the direction of the Chairman.

http://www.gulfnews.com/business/Real_Estate_Property/10346931.html


----------



## Hanna

*Peter Riddoch Who !*

Hi Imre 


It must be my sixth sence or something. I was going to write yesterday 
Peter Riddoch has not been heard of in months and maybe he has been 
booted right out of the company, and you know what I still think he has,
I don't believe time was right and new challenge bullshit he is going in 
just the same way his fellow Edinburgh brethern Gordon Brown, out the 
door by October only difiference Brown will go out under 'Mental' eh eh I mean
health reasons.

Maybe we will get an honest and ethical regime in his place (you can only hope).:cheers:



CEO of Damac Properties to resign 

Staff Report 
Published: September 07, 2009, 14:11

Dubai: Peter Riddoch, CEO of Damac Properties announced on Monday that he will be resigning as CEO of the UAE-based property developer next month. 

Riddoch said he arrived at his decision to leave with great difficulty but that it was time for him to move on. 

“To leave an organisation that has been a significant part of my life for so many years will not be easy, but I know that the time is right for me to make some changes, focus a bit more on my personal interests and family, and possibly even take on new challenges," Riddoch said.

Hussain Sajwani, Chairman of Damac Properties confirmed that he had reluctantly accepted Peter’s resignation and that although he was sad to lose him that he wished him every success for the future. 


He said: ‘’Peter has contributed significantly in steering our business over the past seven years and as an organisation we have greatly benefited from his industry knowledge and experience." 

Until such time as a suitable replacement for Riddoch is appointed, day to day operations will be run by the senior management team at Damac Properties under the direction of the Chairman.

http://www.gulfnews.com/business/Real_Estate_Property/10346931.html[/QUOTE]


----------



## Imre

*DAMAC Awards Contracts for On Site Projects *


17 September 2009

DUBAI — Luxury lifestyle provider DAMAC Properties has awarded three more contracts for work to begin on site at projects in Dubai and Abu Dhabi. 

Enabling works contracts have been awarded for the company’s Harbour Heights project in Abu Dhabi and at its Suburbia development at Downtown Jebel Ali while the enabling works contract at DAMAC Heights  has restarted.

The contract for Harbour Heights has been awarded to National Dewatering and Drainage Services and commencement of work on site will mark the third project that DAMAC Properties has under way in Abu Dhabi, following on from enabling works already in progress at its Marina Bay and Oceanscape developments in the city.

Harbour Heights is located on Al Reem Island at Marina Rise overlooking the waterfront. It is one of the few residential towers in a prime business district and will be an ideal location for those working in the area. At 41 storeys tall, the tower will offer a range of apartments from studios up to three bedrooms along with duplexes on the higher floors. In addition to this contract, a second enabling works order has been issued to National Piling for the company’s Suburbia project in Dubai at Downtown Jebel Ali. —

http://www.khaleejtimes.com/biz/ins...er/business_September397.xml&section=business


----------



## Dasfrica

*re: Palm District Cooling charges*

I recently recceived a statement from Damac requesting payover of PDC (Palm District Cooling ) charges for common areas. Is this a legal statement. Surely if there are payment to be made, it has to be to PDC directly. Does anyone have any further information relating to this?


----------



## HappyLarry

http://www.ameinfo.com/210970.html


----------



## kevin_1980in

Has anyone invested in Executive Business Bay or Water Edge or Suburbia or Park Side? We (30 of us) have filed our cases two weeks back! Did you know these guys showed one tower on display at time of sale? In fact their website also shows one tower but in FACT it is a twin tower! No one was informed of this! If you need any information or contact of our lawyers, let me know.

I did not find a specific thread on thes projects.


----------



## kurd123

Hi DAMAC

I was just wondering if the project Tareen Hills in Erbil is still going to be built or not?

Best regards


----------



## deelz

I purchased a studio unit on 7th March 2007 by standing in an endless cue in "Lakeside" with a promise of delivery on 30th June 2010. Till now the main tender is even not awarded ... This is simply ridiculous.. There is simply no piece of equipment on Lakeside IMPZ site. An old dewatering pump is just sucking the filthy water out & that's it. I am seriously concerned about the progress of this project. Damac is totally a flop company. I don't know how & when they are going to deliver this project. I think they have spent the major share of their retained earnings on the lavish advertising, premium dinners and management pockets. I will seriously visit their office and sit over there until I 'll get the realistic reply from any senior guy. Keep you posted!!


----------



## Richard Head

deelz said:


> I purchased a studio unit on 7th March 2007 by standing in an endless cue in "Lakeside" with a promise of delivery on 30th June 2010. Till now the main tender is even not awarded ... This is simply ridiculous.. There is simply no piece of equipment on Lakeside IMPZ site. An old dewatering pump is just sucking the filthy water out & that's it. I am seriously concerned about the progress of this project. Damac is totally a flop company. I don't know how & when they are going to deliver this project. I think they have spent the major share of their retained earnings on the lavish advertising, premium dinners and management pockets. I will seriously visit their office and sit over there until I 'll get the realistic reply from any senior guy. Keep you posted!!


Good idea. Enjoy jail.


----------



## jagmp

Richard Head said:


> Good idea. Enjoy jail.


^^
Today i am enjoying your sense of homour all over SSC. Is it some special day?:lol:


----------



## kevin_1980in

kevin_1980in said:


> Has anyone invested in Executive Business Bay or Water Edge or Suburbia or Park Side? We (30 of us) have filed our cases two weeks back! Did you know these guys showed one tower on display at time of sale? In fact their website also shows one tower but in FACT it is a twin tower! No one was informed of this! If you need any information or contact of our lawyers, let me know.
> 
> I did not find a specific thread on thes projects.


Anyone invested in any of above projects?


----------



## AltinD

jagmp said:


> ^^
> Today i am enjoying your sense of homour all over SSC. Is it some special day?:lol:


Today's the day the clutch didn't play a trick on him.


----------



## Toofif

*‘VIP investor’ sues Damac*

http://www.thenational.ae/apps/pbcs.dll/article?AID=/20100117/BUSINESS/701179864/1005

‘VIP investor’ sues Damac
Angela Giuffrida

Last Updated: January 17. 2010 9:53PM UAE / January 17. 2010 5:53PM GMT 

Lothar Hardt invested heavily across five of Damac’s property developments in Dubai. Randi Sokoloff / The National

A German investor is suing Damac Properties for alleged breach of contract in what could be the largest lawsuit taken by an individual against a Dubai developer.

Lothar Hardt has filed his case against one of the region’s biggest developers and four of its executives at the Dubai International Financial Centre Courts.


Mr Hardt claims to have invested US$9.7 million (Dh35.6m) across five of Damac’s developments in Dubai, including one building on land he says is owned by the UN.

The dispute relates to a series of off-plan investments made since 2006 in projects including: Park Towers at DIFC; Water’s Edge and Lotus Residences at Business Bay; Wildflower at Jumeirah Golf Estates; and Ocean Heights at Dubai Marina.


Mr Hardt alleges the developer failed to deliver the projects on time, mismanaged escrow accounts relating to some of the projects and did not register the transactions with Dubai’s Land Department, court documents show.

Damac is also accused of selling property in Water’s Edge, Lotus Residences and Wildflower to Mr Hardt without owning the land or obtaining construction permits.

The land on which Lotus Residences is planned is owned by the UN, the court documents claim.


Mr Hardt, considered one of Damac’s “VIP investors”, is also suing for additional loss of income after he claimed to have signed agreements with retail outlets that were going to rent the commercial units he bought from Damac.

“Through my experience with Damac I have been very frustrated,” he said. “I think this has to be fought in public. When I pursue something, I will really pursue it until the end. This is a young country but I’m confident in the new laws here.”


Now Mr Hardt is demanding a refund of the $9.7m he has invested in Damac projects, in addition to damages and lost profits.

Damac has acknowledged the case against it and four of its executives: Hussain Sajwani, the company chairman; Faisal Sajwani; Sofyan Khatib; and Peter Riddoch, a former chief executive.

But the company is contesting that the case be heard at DIFC, where it is registered and where one of the projects, Park Towers, is located.

It has until February 4 to declare its reasons for contesting the DIFC’s jurisdiction, which follows English common law and, unlike the main Dubai courts system, allows foreign lawyers to represent clients and cases to be heard in English.

Damac declined to comment yesterday.

If all or part of the case takes place at DIFC, it will be the first major dispute against a property developer to be heard at the court since it was set up in 2004, said Ludmila Yamalova, a partner at Al Sayyah Advocates and Legal Consultants, which is pursuing the case on behalf of Mr Hardt.

“We think at least part of the case has to be heard at DIFC, such as the part that relates to projects located there, like Park Towers,” said Ms Yamalova. “Damac is also a DIFC-registered entity.”

If Damac’s bid to have the case heard elsewhere is granted, then the rest of the dispute would have to go through the main Dubai courts system, which is more costly for complainants as they have to pay separately for each contract dispute, rather than take a class action.

“Right now, investors think there is no justice or no recourse, but at DIFC we do have a world-class institution that can deal with these issues at an international level … this is what DIFC has aimed to represent,” added Ms Yamalova.

“If DIFC steps up to the plate and starts looking at these cases, it will give people confidence.”


----------



## Nice guy ozzy

*the crescent by damac*

Hi hope someone can help 

I have a studio in the crescent and the agent has done a runner with my rent and the tenant has moved out and not returned the key. im a locksmith by trade can i go to dubia and change the lock my self or is it just like everything in dubia (what can be done in a day takes a month)

Really need some advice and hoping someone can help

Regards
Nce Guy ozzy


----------



## GreenKiwi

I used a locksmith called Samer 050 2172512. Turns up on time .....very un Dubai even in the boom times. He may need a map to get to new Dubai as he is in the older part of town


----------



## FWIW

Damac case:
http://www.7days.ae/storydetails.ph...e=Damac aims to strike out landmark DIFC case


----------



## Hanna

*Dubai legal System an Trial - German Investor filed five motions in response to Damac Properties*

Dubai legal System an Trial - German Investor filed five motions in response to Damac Properties, including a motion for judgement by default and an award of damages of over $132 million


----------



## Hanna

*$140m Damac suit under way at DIFC courts*

A view of Park Towers. Damac has questioned the jurisdiction of DIFC courts to hear the case. (SUPPLIED) 

By Karen Remo-Listana on Wednesday, February 24, 2010 

Damac has allegedly used investments from cancelled property projects to fund the Park Towers, a twin-tower development located in Dubai International Financial Centre, the DIFC courts heard yesterday.

Lawyers representing a German investor, Dr Lothar Ludwig Hardt, said the developer allegedly used the money from other property projects to construct Park Towers, the only development that appears to be ongoing out of the five that Hardt had signed up in February 2007.

"These close links show the other four properties are connected to Park Towers… which should have been finished two years ago," Ludmila Yamalova, legal consultant and partner at Al Sayyah Advocates and Legal Consultants, told Emirates Business. She said Hardt has invested $9.7 million on five properties which, in addition to Park Towers include the two cancelled projects – Lotus Residences and Wildflower; Ocean Heights, which was scheduled for completion eight months ago; and Water's Edge, where construction hasn't been started yet.

The German investor is thus demanding refund of $9.7m and is seeking damages and lost profits caused by the developers' breach of contract and other violations of the UAE, Dubai and DIFC Courts. Yamalova estimates that damages, loss of profits plus all the legal fees could go up to $140m.

"As of today, defendants have not delivered any of the properties and have not complied with any of the contractual obligations to claimants," a claim form seen by Emirates Business said. 

"Defendants have committed a series of violations of UAE, Dubai and DIFC Laws in connection with properties such as enticement and unfairness, illegal sale, failure to obtain necessary approvals, failure to commence construction timely, failure to timely register developer and obtain necessary license, mismanagement of escrow funds and violation of trust account regulations, unfair contracts of adhesion, fraud and deception… illegal competition, bribery, trickery, breach of trust, cheating in commercial transactions, money laundering and accomplice liability," said the claim form.

Damac has not submitted a rebuttal on the substantive grounds and instead questioned the jurisdiction of the DIFC courts to hear the case. It has filed a motion to stop the lawsuit from being heard and has also moved to strike the case entirely on the basis of jurisdiction.

Law firm Simmons & Simmons argued that parties concerned have agreed in the contract that any disputes will be governed by Courts of Dubai and therefore Courts of Dubai has exclusive jurisdiction of the case.

Claimants argue that DIFC Courts is one of the Courts of Dubai but defendants say that Courts of Dubai only refers to the local Dubai Court. 

"We argue that DIFC courts has jurisdiction over all these properties because it has jurisdiction over Damac LLC and Damac Property LLC is the entity to whom all the payments to all the other projects were made," Yamalova said. "They use different names but they all own each other. Damac LLC is owned by Damac Investment and so on and so forth."

Damac has other cases pending in Dubai Courts but this is the first time that a case against it is lodged in DIFC courts.

"It's a complicated issue of jurisdiction. It is an untested waters. But I think we have a strong case," Yamalova said.

She said it is more favourable for the defendants to hear the case in Dubai Courts because of the time delaying factor. 

"There it'll take longer and we'll have to file five separate cases," she said. "In this case, we need to file 45 different cases and would have to pay Dh30,000 for each and would have to translate everything into English – so that's additional expense."


----------



## HappyLarry

Hanna said:


> A view of Park Towers. Damac has questioned the jurisdiction of DIFC courts to hear the case. (SUPPLIED)
> 
> By Karen Remo-Listana on Wednesday, February 24, 2010
> 
> Damac has allegedly used investments from cancelled property projects to fund the Park Towers, a twin-tower development located in Dubai International Financial Centre, the DIFC courts heard yesterday.
> 
> Lawyers representing a German investor, Dr Lothar Ludwig Hardt, said the developer allegedly used the money from other property projects to construct Park Towers, the only development that appears to be ongoing out of the five that Hardt had signed up in February 2007.
> 
> "These close links show the other four properties are connected to Park Towers… which should have been finished two years ago," Ludmila Yamalova, legal consultant and partner at Al Sayyah Advocates and Legal Consultants, told Emirates Business. She said Hardt has invested $9.7 million on five properties which, in addition to Park Towers include the two cancelled projects – Lotus Residences and Wildflower; Ocean Heights, which was scheduled for completion eight months ago; and Water's Edge, where construction hasn't been started yet.
> 
> The German investor is thus demanding refund of $9.7m and is seeking damages and lost profits caused by the developers' breach of contract and other violations of the UAE, Dubai and DIFC Courts. Yamalova estimates that damages, loss of profits plus all the legal fees could go up to $140m.
> 
> "As of today, defendants have not delivered any of the properties and have not complied with any of the contractual obligations to claimants," a claim form seen by Emirates Business said.
> 
> "Defendants have committed a series of violations of UAE, Dubai and DIFC Laws in connection with properties such as enticement and unfairness, illegal sale, failure to obtain necessary approvals, failure to commence construction timely, failure to timely register developer and obtain necessary license, mismanagement of escrow funds and violation of trust account regulations, unfair contracts of adhesion, fraud and deception… illegal competition, bribery, trickery, breach of trust, cheating in commercial transactions, money laundering and accomplice liability," said the claim form.
> 
> Damac has not submitted a rebuttal on the substantive grounds and instead questioned the jurisdiction of the DIFC courts to hear the case. It has filed a motion to stop the lawsuit from being heard and has also moved to strike the case entirely on the basis of jurisdiction.
> 
> Law firm Simmons & Simmons argued that parties concerned have agreed in the contract that any disputes will be governed by Courts of Dubai and therefore Courts of Dubai has exclusive jurisdiction of the case.
> 
> Claimants argue that DIFC Courts is one of the Courts of Dubai but defendants say that Courts of Dubai only refers to the local Dubai Court.
> 
> "We argue that DIFC courts has jurisdiction over all these properties because it has jurisdiction over Damac LLC and Damac Property LLC is the entity to whom all the payments to all the other projects were made," Yamalova said. "They use different names but they all own each other. Damac LLC is owned by Damac Investment and so on and so forth."
> 
> Damac has other cases pending in Dubai Courts but this is the first time that a case against it is lodged in DIFC courts.
> 
> "It's a complicated issue of jurisdiction. It is an untested waters. But I think we have a strong case," Yamalova said.
> 
> She said it is more favourable for the defendants to hear the case in Dubai Courts because of the time delaying factor.
> 
> "There it'll take longer and we'll have to file five separate cases," she said. "In this case, we need to file 45 different cases and would have to pay Dh30,000 for each and would have to translate everything into English – so that's additional expense."


I guess, he can't make installments!!!! hno:


----------



## delvg

Hi all,

another Damac SUBURBIA booking older, still looking in Skies for the project.
any news, advise, status of project shall be deeply appreciated.


----------



## Naz UK

I wonder if "DAMAC-LOVER" is still on the forum reading this, he also had invested in his beloved Damac's Park Towers and used to take the piss out of Torch investors back in 2006! :lol:


----------



## deelz

Gulf Technical Construction awarded two contracts worth Dhs484m
United Arab Emirates: 34 minutes ago PRESS RELEASE 
Gulf Technical Construction Company (GTCC) Dubai, a subsidiary of Drake and Scull Construction (DSC), a newly formed company under Drake and Scull International PJSC (DSI), has been awarded two contracts valued at Dhs484m by Damac Properties in Dubai. 
Article continues below ▼ 
+ Enlarge 

Lakeside.Related stories
Drake & Scull RSS feed 
DSI Kuwait wins two contracts totalling over Dhs90m 
Drake and Scull International records 2009 net profit of Dhs333m 
Third contract win for DSI PJSC brings Q1 total awards value to Dhs369m 
Positive start to 2010 for Drake and Scull International PJSC 
Drake and Scull International moves forward with the strategic acquisition plan 
» more Drake & Scull news 
DSC is the newly-established, regional civil contracting arm of DSI PJSC, set up to manage and control the civil contracting operations of its subsidiaries Gulf Technical Construction Company (GTCC) in Dubai and Abu Dhabi and drive civil construction business development efforts outside the UAE, as well as oversee operations of future civil projects and acquisitions that will play a role in expansion plans for DSI.

"DAMAC's reputation for building iconic projects in desirable locations in Dubai and across the GCC is well known," said Saleh Muradweij, Executive Director of DSC. "We feel that we were a natural choice for this project given Damac's eminent association with premium contractors and we look forward to a long and successful working relationship." 

GTCC will begin construction immediately on Lakeside, an eco-friendly residential building comprised of 4 towers located in Dubai's International Media Production Zone - a project worth Dhs371m - and the 15-storey The Corner - projects worth Dhs113m located in Dubai's Business Bay.

The civil contracting business stream of DSI, through its subsidiaries, has been operating locally and steadily growing since 2005, and is currently working on different projects across the UAE such as Royal Amwaj Hotel & Resort on The Palm Jumeirah, KPM Tower in Dubai Marina and the Mangrove Place project in Abu Dhabi.

"The vision of DSC is to be one of the leading civil contractors in the Middle East, and we are moving forward very quickly," he continued. "The creation of DSC was a strategic move devised to help us secure a strong presence both locally and regionally, and streamline our growth in the region's construction industry."


----------



## Imre

Naz UK said:


> I wonder if "DAMAC-LOVER" is still on the forum reading this, he also had invested in his beloved Damac's Park Towers and used to take the piss out of Torch investors back in 2006! :lol:


from 2006:



kano said:


> This Thread is for Naz ...........


----------



## HappyLarry

Naz UK said:


> I wonder if "DAMAC-LOVER" is still on the forum reading this, he also had invested in his beloved Damac's Park Towers and used to take the piss out of Torch investors back in 2006! :lol:


From my recollection, he/she was taking the piss out of you Naz. :lol:

I read recently that Damac are now probably the best developer in Dubai.

If you are on the ground, perhaps, you could appraise their progress.

:cheers:


----------



## 234sale

Quite suprised as Damac has started 4 projects in Business Bay.

Commercial Square, The Corner, Park Central and another which the name illudes me untill I look at the plot map.


----------



## dubaimat

Judge rejects case against Damac

A judge has thrown out a highly publicised case brought by a German investor against Damac Properties because the Dubai International Financial Centre (DIFC) Courts does not have jurisdiction over the claims.

The judgement, issued yesterday, could deter property investors thinking of using the court as an alternative to the Dubai property tribunal, lawyers said.

Lothar Hardt, one of Damac’s “VIP investors”, alleged in the original filing that Damac and four individuals had broken their contractual agreements and several laws by failing to deliver the property projects on time, mismanaging escrow accounts relating to some of the projects, and not registering the transactions with the Dubai Land Department.

http://www.thenational.ae/apps/pbcs.dll/article?AID=/20100404/BUSINESS/704049882/1005/NATIONAL


----------



## 234sale

Notice they have a stand now in MOE

New Discounted Prices

Business Bay from 1100 sqft

DIFC From 1600 sqft


----------



## Imre

Park Towers (DIFC) first launch was in 2004, 6 years left , still not finished and it seems ON HOLD/extra slow now..

Who will buy from them again?

Business Tower and XL Tower maybe ok because almost finished but the price is double than the market price at the Business Bay.


----------



## biyadoo

234sale said:


> Notice they have a stand now in MOE
> 
> New Discounted Prices
> 
> Business Bay from 1100 sqft
> 
> DIFC From 1600 sqft


Anything for sale at Marina, Ocean Heights / Damac Heights?
What are the prices?


----------



## 234sale

Ocean Heights

1250 aed sqft back lower floors

1850 aed sqft sea view upper floors


----------



## biyadoo

^^ Thanks, I think these are close to original launch prices..


----------



## tgrmughal

234sale said:


> Ocean Heights
> 
> 1250 aed sqft back lower floors
> 
> 1850 aed sqft sea view upper floors


When is espected the handover for?


----------



## 234sale

If they were honest they would not be able to give a date..


----------



## pki

Hi,
I am an investor in Lincoln Park and interested in any routes to get my investment back. It is not an option to switch to another development as I need the money (or as much of it as I can get back) to pay my mortgage on my home and not upset my bank.

Does anyone know of anyway to get the investment back? 
They forced me to sign my contract by threatening to keep my deposit (under UK law this is duress so I would be entitled to cancel and get my money back - but if course UAE law does not favour us). 
They provided me with a letter and constant assurances that they could facilitate a 70% mortgage. Of course when I mentioned this to them and sent in the proof - they 'lost' it. And my fault, I did not take a copy (was too stressed to think straight). 
Also the development was meant to be ready in Jan 2010, but the enablling work has only been finished now (though they told me it was complete in Jan 2009 (LIES!))

Any advice, recommendations etc would be appreciated!


----------



## I Know

*Palm Spring buyers net 100% refund from Damac*

Investors in Dubai’s stalled Palm Springs project have reached a deal with developer Damac for a full, upfront refund on payments made for their uncompleted properties.

Buyers on the Palm Jebel Ali project, who have waited eight years for construction to begin, were previously offered a 70 percent refund of their deposits, or 25 percent immediately followed by a further 25 percent annually for the next three years

Of the 48 investors involved, 21 have received payment, and a further 27 are expected to receive their cheques in the next two weeks.

“We received cheques for almost half of the investors. The cheques for the other half are in the process of being arranged,” said Fareya Azfar, partner and head of arbitration at The Legal Group (TLG), who advised the investors.

“The group of investors believed that a partial refund was not a fair compensation, so they wanted us to negotiate with Damac in the hopes of reaching a more acceptable settlement.”

Investors had initially hoped to receive compensation for their lost investment, but settled out of court with the developer in a bid to avoid a lengthy legal battle, said Azfar.

“The investors are pretty satisfied. They were told that we don’t know of any developer in UAE who gave a 100 percent refund in one payment without a court case initiated against them.”

Announced during Dubai’s real estate boom, Palm Springs was designed to be a 25-storey beachfront development located on Nakheel’s Palm Jebel Ali island, but stalled in the wake of the emirate’s real estate crash.

Damac had attempted to cancel the project in 2008, but the move was fought by investors through meetings in the UK and Dubai, and the threat of legal action.

Damac later agreed to reinstate the development, and wrote to investors last year to say it was in discussions with Nakheel, and a decision on Palm Springs would be made in December.

In a statement to Arabian Business, Niall McLoughlin, senior vice president of corporate communications at Damac, said the company had been committed to solving the dispute.

“We are happy that we can now bring closure to this issue,” he said.
http://www.arabianbusiness.com/palm-...ac-442433.html


----------



## DUBAI INVESTOR

Court of appeal drama for Damac project investors.

Lawyers representing an investor in a Damac Properties commercial project said their client has won the first of what may be many compensation claims against the company. 

A claimant that had bought seven units in the mixed use Executive Bay project in Business Bay has won money from the Dubai developer, according to law firm The Legal Group.

The case is currently in the Court of Appeal.

The ruling broke the mould in property cases as a breach of an obligation due to failed delivery was ruled to have occurred ten months before the scheduled handover. The planned 19-storey Executive Bay tower was deemed to be behind the scheduled April 2012 completion date.

Normally, claims against developers occur at the time of handover, Fareya Azfar - a partner at The Legal Group told CW, adding that the date for completion needed third-party verification.



Story 

http://www.constructionweekonline.c...-of-appeal-drama-for-damac-project-investors/


----------



## 4everdreamin

Hi Verjan
Did you sign the Addenda?

If so, you will see that the penalty rate does not come into effect until delay is over 12 months after the new anticipated completion date. A full refund is only potentially payable to you by Damac if notice of handover is not offered to you 36 months after the new anticipated completion date
AND then ONLY if the project is certified to be less than 60% complete at that date.

Let me know what you think


----------



## 4everdreamin

verjan said:


> I am also an Oceanscape investor , DAMAC tried to change my payment schedule but I had to sign a amendment and they changed some articles including the one with the completion date ( new date May 2013) probably to escape from their late delivery payment.
> Does anyone know what the late delivery penalty will be if the completion date will be May 2013.
> Everyone who invested in Oceanscape let's exchange our experience and see if we as a group of buyers can put more pressure on Damac and if necessary get a laywer to represent all Oceanscape investors


Apologies previous post was in reply to this one!


----------



## verjan

4everdreamin said:


> Hi Verjan
> Did you sign the Addenda?
> 
> If so, you will see that the penalty rate does not come into effect until delay is over 12 months after the new anticipated completion date. A full refund is only potentially payable to you by Damac if notice of handover is not offered to you 36 months after the new anticipated completion date
> AND then ONLY if the project is certified to be less than 60% complete at that date.
> 
> Let me know what you think


I haven't signed the addenda , I just wonder what the compensation will be according the original contract from 2006 , when I bought Oceanscape.
Ant other information and experiences from othet Oceanscape investors are welcome


----------



## tired

verjan said:


> I haven't signed the addenda , I just wonder what the compensation will be according the original contract from 2006 , when I bought Oceanscape.
> Ant other information and experiences from othet Oceanscape investors are welcome


I also bought a unit in oceanscape and was asked by damac to sign a new contract last june but I did not. Now they are asking me to pay. Any update from yourside


----------



## verjan

tired said:


> I also bought a unit in oceanscape and was asked by damac to sign a new contract last june but I did not. Now they are asking me to pay. Any update from yourside


The construction is going well , and no problem to pay , I payed all my scheduled payments , the last 20% upon completion is the only one open.
Expected delivery May 2013 , I just want to know what the late delivery compensation will be , because Oceanscape should have been completed early 2011.


----------



## DUBAI INVESTOR

Palm Springs investors secure a 100 % refund....

http://m.arabianbusiness.com/remaining-palm-springs-investors-secure-100-refund-453142.html


----------



## HappyLarry

Damac's new glitzy sales office moved from OH and being readied in Park Towers DIFC. The amount of money these guys spend to attract fresh suckers is there to see.
Sell with razzmatazz and deliver sh*te.
I know it doesn't rhyme with Damac but maybe we can start a competition.


----------



## Mahesh.gupta

I am sorry to add this comment that only the investors represented by Ferara Azar of TLG group got their full deposit back. After reading the artcle in Arabian business , I also approached Damac for the refund of my deposit. But Damac is only prepared to pay me 70% of my deposit. I would appreciate any bodies help to get my deposit back.


----------



## 4everdreamin

verjan said:


> The construction is going well , and no problem to pay , I payed all my scheduled payments , the last 20% upon completion is the only one open.
> Expected delivery May 2013 , I just want to know what the late delivery compensation will be , because Oceanscape should have been completed early 2011.


Hi Verjan original Contract (April 2006) has a completion date of 36 months + 6 mos extn so completion shud've been Oct/Nov 2009. Penalty rate is variable as per LIBOR rates.


----------



## Thewaveb

hi


----------



## verjan

Thank you for your information , very usefull


----------



## tired

Thanks for the info


----------



## desertrat

I think most of us are in the same boat with this project. hno:Anyone have any idea how one can get out of this contract? Not looking to get my deposit back, just want to give the unit back and owe nothing. Also, if I was to try to sell my 2 bedroom at Oceanscape, what is the going market price?

Appreciate the help.


----------



## 4everdreamin

desertrat said:


> I think most of us are in the same boat with this project. hno:Anyone have any idea how one can get out of this contract? Not looking to get my deposit back, just want to give the unit back and owe nothing. Also, if I was to try to sell my 2 bedroom at Oceanscape, what is the going market price?
> 
> Appreciate the help.


Hi, Desertrat how comes you've only paid a deposit??? Verjans post says 80% of monies paid now only 20% left to pay. You are talking bout Oceanscape Abu Dhabi aren't you?


----------



## desertrat

4everdreamin said:


> Hi, Desertrat how comes you've only paid a deposit??? Verjans post says 80% of monies paid now only 20% left to pay. You are talking bout Oceanscape Abu Dhabi aren't you?


Yes, you are correct. I too have allowed the bank to release 80% of my payment. Do we have any recourse in getting out of this contract and getting our money back?


----------



## 4everdreamin

desertrat said:


> Yes, you are correct. I too have allowed the bank to release 80% of my payment. Do we have any recourse in getting out of this contract and getting our money back?


When did you purchase and what was the anticipated completion date on your Contract?


----------



## desertrat

4everdreamin said:


> When did you purchase and what was the anticipated completion date on your Contract?


I bought in April 06 and it was to be completed in Nov 2009. What do you think?


----------



## Parisian Girl

_Damac Properties has a yacht to offer home buyers_ http://www.thenational.ae/thenation...c-properties-has-a-yacht-to-offer-home-buyers


----------



## verjan

desertrat said:


> Yes, you are correct. I too have allowed the bank to release 80% of my payment. Do we have any recourse in getting out of this contract and getting our money back?


I don't think it is possible to get out of the contract , but I would suggest you write to Damac and ask when Oceanscape will be completed and how much compensation you will get.
Anyone who has bought an apartment in Oceanscape should start sending question to Damac and put some pressure on those liars


----------



## redjay22

Damac have sent an email to all owners of lago Vista threatening to start withdrawing essential services due to unpaid service charges.

This does seem ridiculous to those who have paid!

Can't they just take some action against non paying individuals and or legal action?


----------



## d3itemsale

At Diablo 3 maybe you are enjoy your game now , so are you happay? What Diablo 3 powerleveling do you get now?If your D3 powerleveling cannot get what do you want,what will you do?Yeah, you must need some Diablo 3 gold,D3itemsale can service to you the cheapest D3 gold ,so join us .


----------



## 4everdreamin

Hi someone a few months back mentioned possibly starting a lawsuit against Damac regarding the unbelievably delayed delivery of Oceanscape - now over 3 years and still not complete or even close. Has thee been any developments?


----------



## firoz bharmal




----------



## LeagelFighter

I have invested in 2006 and completion date was
36 months.(sep 2009). I have paid 40% and has not signed new contract. I am interested to join for getting right discount/compensation for the delay. 3.5 years rent + interest for period of delay. Please contact if anyone in same boat. tamweelipo at rediffmail dot com


----------



## desertrat

*Oceanscape*

Has anyone heard anything new about the completion date? Is it still May 2013? I too would like to ensure that we get our due compensation. Anyone have any idea's ? Huge mistake on my part buying into this property....Thieves !! :bash:


----------



## verjan

It seems that completion date will be May 2012 , and now compensation , probably the best way is to act as a group , I don't know now how to get all people together , let's keep in contact.
It seems also that the sizes of the apartments are not according the contract , when smaller than 3% you have also right for compensation.
And it seems that the quality of the materials is not as described in the contract , but that will be more difficult to proof.
Damac has built a very bad reputation as it comes to care about its investors , still cannot understand why people keep buying their properties.
If I would have known before I never would have put my money in this company


----------



## verjan

How can you have payed only 40% , you are behind the payment schedule , Damac will charge you penalties for late payments , and they are based on 24% yearly , this will cost you money .
You better contact Damac about an update of your payments , they won't tell you without asking because thats how they make also money.
But their compensation penalty is only around 1% per year , Thiefs


----------



## PropertySolution

*Damac's cheating*

please share the problems with Park Towers DIFC project and any others. We are compiling multiple cases of investors being cheated and misled by Damac's team acting like a well organized gang. We can advise you on their regular tricks and how to protect yourself in case of current purchasing process!


----------



## PropertySolution

*why people buy, why agents sell*

Damac pays the highest commissions to agents, and many agents do not care. It is an easy transaction process and high reward. Its as simple as it is !


----------



## PropertySolution

5% is acceptable diviasion


----------



## Parisian Girl

*Damac and Abu Dhabi investment company in bidding war for Northacre*



> Hadeel al Sayegh | Jan 24, 2013
> 
> Damac has entered into a bidding war with Abu Dhabi Capital Management to win control of the London-listed luxury property developer Northacre.


http://www.thenational.ae/thenation...vestment-company-in-bidding-war-for-northacre


----------



## Parisian Girl

*Damac launches $550m pair of Fendi-branded towers*



> by Michael Fahy on Feb 10, 2013
> 
> Dubai-based developer Damac has launched two new projects in Dubai and Riyadh worth over $550m (AED: 2bn).


http://www.constructionweekonline.c...0m-pair-of-fendi-branded-towers/#.URg2z6VRX3U


----------



## unknownpleasures

> DAMAC Properties has announced its first major new product launch since 2008, with 295 premium serviced hotel apartments in the Burj Area.
> New industry contacts
> 
> 'The Distinction' will be a 195 metre, 53-storey, iconic tower overlooking the platinum real estate in the heart of Dubai, with enviable views of the fountain, mall and world's largest tower.


http://www.ameinfo.com/damac-properties-launches-distinction-322779

http://www.damacproperties.com/en/project/projects/the-distinction.html

http://www.damacproperties.com/en/project/projects/the-distinction.html


----------



## 4everdreamin

Hi Verjan
Why anyone buys from DAMAC and yet they still keep building!!!
Compensation will be almost nothing, and no compensation for size variation either?
Do you know completion date yet..... don't think it will be May?


----------



## Parisian Girl

*Damac unveils $1bn Dubai hotel, apartments complex*



> by Michael Fahy on Mar 6, 2013
> 
> Developer Damac has unveiled plans for a $1bn five-star hotel and branded serviced apartments within the Downtown Dubai area.


http://www.constructionweekonline.c...-dubai-hotel-apartments-complex/#.UTfEVRyFUfY


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## verjan

*Oceanscape*



4everdreamin said:


> Hi Verjan
> Why anyone buys from DAMAC and yet they still keep building!!!
> Compensation will be almost nothing, and no compensation for size variation either?
> Do you know completion date yet..... don't think it will be May?


According to Damac completion date will be *July 2013* , but don't count on it , how many times Damac mislead their customers .

I have big concerns about the quality of the apartments , Damac tried to save money on the materials by using 2e grade quality.

According to Damac Oceanscape supposed to have floor till ceiling windows all around , now they reduced the amount of glass by using cheap panels
Also the size of the apartment will be different , smaller than in the contract.

It was 2006 when I signed the contract and 7 years later Damac is going to deliver the apartments , you can imagine how much interest I could have got on my investment in those 7 years .

I worry also about the service cost , for sure Damac will try to make some money out of this to compensate the money they have to pay for late delivery.


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## chefdude

Parisian Girl said:


> http://www.constructionweekonline.c...-dubai-hotel-apartments-complex/#.UTfEVRyFUfY



Its the wrong side of Al Khail Road built over what was the old humanitarian city I think this location is a big mistake and access will be poor making car ownership a neccessity even to get to the Dubai Mall


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## Parisian Girl

*Damac buys Dubai Maritime City plot for project*



> by Andy Sambridge on Mar 24, 2013
> 
> Dubai-based Damac Properties has announced plans to transform a plot of land on the seafront at Dubai Maritime City into a high-rise luxury tower of serviced hotel residences.


http://www.constructionweekonline.c...-maritime-city-plot-for-project/#.UVDTSBxBJik


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## desertrat

Just got notice that the bank wants to release another payment to Damac for Oceanscape. Is anyone holding back payment? Any info on what kind of compensation we will receive?


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## verjan

You cannot withold payments , Damac will charge you a penalty , 24%/year , Damac hasn't announced the compensation,they probably won't announce, you have to fight for it , in the best case they will settle it with the final payment when handing over the apartment.
Handover should be 2e quarter of 2013 , normally before 1 July , but you never know with Damac


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## sgn7200

*LAKESIDE IMPZ*

Has anyone got any information with regard to completion/handover date of the towers at Lakeside IMPZ.


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## Tem937

i am new here.... however, with regard to Damac properties I am on the same boat with you all... maybe worse..

Thru a friend of mine, who was a Damac agent, back in March 2008 I purchased a retail at Oceanscape project and paid up the first three installments (30%). I got suspicious when i passed by the construction site and saw nothing except for piling.. So, i refused to carry on with the payment and never signed up the contract.

By end of 2010, I have filed a lawsuit case against Damac properties and sadly lost it twice. Later i approached Damac to have a settlement and they offered me to reduce the price of the retail from 5000 AED/sqft to 3700 AED/sqft. Still it was overpriced and we never reached to an agreement.

Now i am wondering, what would be the scenarios if I failed to sign the contract and fulfill their payment? 

I am willing to loose the 30% rather than paying the rest which I know for sure is not worthy. The issue here in Abudhabi is that no authority that regulates real estate related businesses .


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## 4everdreamin

*Compensation for late delivery?????*



verjan said:


> You cannot withold payments , Damac will charge you a penalty , 24%/year , Damac hasn't announced the compensation,they probably won't announce, you have to fight for it , in the best case they will settle it with the final payment when handing over the apartment.
> Handover should be 2e quarter of 2013 , normally before 1 July , but you never know with Damac


Well, what a surprise........... compensation was almost nothing for all these years late.
And you were right bout the reduction in size, not good and the compensation for that appears only for the sq ft over the 3% not the whole reduction.

Seems to me that we cannot even go to see the rubbish they are delivering to us until we hand over all the money to them and get what is they call it ....a PCC??????


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## uau2137

hey guys, 
I'm new to the forum. Please guide me about DAMAC. Are they reliable enough to invest in a 1-bed hotel apartment in their project "Bay's Edge". Will be very grateful for a prompt response. Thanks


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## verjan

uau2137 said:


> hey guys,
> I'm new to the forum. Please guide me about DAMAC. Are they reliable enough to invest in a 1-bed hotel apartment in their project "Bay's Edge". Will be very grateful for a prompt response. Thanks


Don't even try to think to invest your money in Damac , they are cheaters


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## verjan

Oceanscape completed , according to DAMAC , but although handover started the owners are not able to enter their apartments.
No Electricity , No Water , No Gas , No AC , this is again the true identity of Damac.

They collected their money and leave their customers in the cold ( or rather in the heat )

If any company did their business like DAMAC is doing they already would be bankrupt


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## verjan

When there will be Electricity connection in OCEANSCAPE Damac can not tell , don't be surprised if it will take several weeks before owners can start moving in the apartments


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## verjan

We are collecting all complaints against the Damac Oceanscape project in Abu Dhabi

Sent your complaints to [email protected]


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## desertrat

Has anyone completed the handover process for Oceanscape? I hear that they have extended the final payment till July 31 since they messed up again. The worst company to deal with. No wonder they only do business in the ME. They would be bankrupt years ago if they tried to compete in the western world.


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## desertrat

Drove by Oceanscape this evening and the whole building is in darkness. :bash:hno:


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## essani

verjan said:


> Oceanscape completed , according to DAMAC , but although handover started the owners are not able to enter their apartments.
> No Electricity , No Water , No Gas , No AC , this is again the true identity of Damac.
> 
> They collected their money and leave their customers in the cold ( or rather in the heat )
> 
> If any company did their business like DAMAC is doing they already would be bankrupt


I'm in the same boat & in the same situation mentioned above ,but the project is 'The Signature'(Burjside Boulevard) in Dubai by Damac !!!!!! 

I want to REALLY hear from other fellow buyers in the 'Signature' project ,as what is advisable to do now ! hno:


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## 4everdreamin

verjan said:


> We are collecting all complaints against the Damac Oceanscape project in Abu Dhabi
> 
> Sent your complaints to [email protected]


Verjan

I see you are stating a hotmail UK email. Who is the "we" you refer to for collecting complaints?


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## verjan

" We " are investors in Oceanscape , the only way to file a case against Damac is as a group , an individual has no change and it will cost a lot of money


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## desertrat

Good idea Verjan. How is the list coming along?


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## verjan

Around 20 , most UK , investors replied and forwarded their complaints , major points are compensation and quality of the apartment


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## desertrat

verjan said:


> When there will be Electricity connection in OCEANSCAPE Damac can not tell , don't be surprised if it will take several weeks before owners can start moving in the apartments


Does anyone know if they've sorted out the electricity problem yet? Have people actually moved into the building ? As usual Damac is leaving their customers in the dark (no pun intended  ) :bash:


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## verjan

Still no electricity , only promises from DAMAC , the liars from DAMAC .


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## desertrat

verjan said:


> Still no electricity , only promises from DAMAC , the liars from DAMAC .


Sept 3 and over 2 months past the handover date hno: Has anyone been able to move in to Oceanscape yet?

Last I was told by the handover manager was that they were waiting for the end of Ramadan before ADDC would approve......I guess I should have asked the liar for what year !!


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