Any DAMAC Lake View Owners out there?

[zal_kindi]

Hi Michelle,

You are not alone. We are all suffering from the endless delays and DAMAC's lack of professionalism and proper communication. There was a brief period when they got their act together but it was short lived. Even the staff they employ are a bunch of kids but that's what you get when a bubble is growing out of control, all hype and no substance. Unfortunately, the bubble is is deflating rapidly. Prices in Dubai are coming down fast with the recent layoffs in a lot of companies including DAMAC! There is a lot of supply on the market. DAMAC have cost us all at least 2 years' worth of good rent because of the delays. I was told by a Dubai Estate Agent today that rentals have shrunk to about 2006 prices already.

As far as compensation is concerned, DAMAC will not tell you but be very very pessimistic. We will find out when they send us demand for the final installment. My guess is that they'll offer LIBOR which will be near nothing at today's interest rates.

On the positive side, I have been to the building and viewed my apartment. It does look good and reasonably well finished. The gentleman who showed us round was very professional and courteous, and yes, he works for DAMAC. So, there is a building which is something.

The last I was told by DAMAC was handover by end of 2008 which is less than 2 weeks away! I don't have faith in them anymore.

I suggest we revisit this thread when we receive the demand for final installment.

 

[Michele]

Hi Zal,

They told me we be offered the Libor rate for compensation, I'm waiting to hear back from them how much this will be but I'm not holding my breath for it!! I'm glad to hear someone has been in there and had a look around, it has put my mind at ease. Thanks for your reply.

Michele

 

[amidhadli]

lake view damac

I was wondering what everyone's feelings are about the seemingly endless delays and what compensation DAMAC will offer for the delays. Has anyone gone inside Lake View to see the finishing?

hi i have done an inspection would recommend doing a snagging report as i found over 100 defects very shabby finishings not happy at all

 

[Michele]

I had hoped to get someone to snag it for me to save me flying out there. Does anyone know of a good company that offer this service?

Michele

 

[zal_kindi]

I had hoped to get someone to snag it for me to save me flying out there. Does anyone know of a good company that offer this service?

Michele

There are a number of real estate management companies. I would do a search. I am dealing with Better Homes bhomes.com

Hope that helps

 

[Michele]

Cheers thanks a million.

M

 

[Rammah]

I bought into Lakeview 2 years ago and up until the summer I was happy enough as I'd been kept well informed. However, since then I've booked flights based on a guarentee by a member of staff that the project would be well finished by Sept only to have to cancel them. I was also told by the same member of staff that the compensation would more than cover the final payment but I have not been able to get that in writing!!

Dear Michele,

I read your message yesterday, and I just didn't know what to answer!
I still don't know. The way I look at it is: "If there's nothing new to say on a certain matter, then what communication can be done?"
But I'm sure you look at it from a different perspective!

Anyway, I'm sure CRM will contact you in due course, meanwhile, nothing to do!

Regards,


Rammah
07825107389

 

[zal_kindi]

Michelle,

I managed to get through to a DAMAC "CRM" today and it appears that there is yet more delay on top of the delay which DAMAC didn't communicate to us. I think this is their way of saving the environment by using less paper. According to the CRM, the "anticipated" handover is now January 15th 2009, that is a 25 month delay considering that DAMAC initially gave a completion date of 31st December 2006.

The CRM insisted on using the word "anticipated" which means that more delays are very likely if you go by DAMAC's past history and credibility. She said that they are preparing handover invoices including compensation and will mail them around Jan 15th.

I just hope that DAMAC will still exist and not disappear before handing over because there is a lot more trouble on the way for the market and especially for companies who have over-promised and under-delivered. Fingers crossed..

 

[Rammah]

Michelle,

I managed to get through to a DAMAC "CRM" today and it appears that there is yet more delay on top of the delay which DAMAC didn't communicate to us. I think this is their way of saving the environment by using less paper. According to the CRM, the "anticipated" handover is now January 15th 2009, that is a 25 month delay considering that DAMAC initially gave a completion date of 31st December 2006.

The CRM insisted on using the word "anticipated" which means that more delays are very likely if you go by DAMAC's past history and credibility. She said that they are preparing handover invoices including compensation and will mail them around Jan 15th.

I just hope that DAMAC will still exist and not disappear before handing over because there is a lot more trouble on the way for the market and especially for companies who have over-promised and under-delivered. Fingers crossed..

DAMAC will exist. And what else than "anticipated" do you expect them to use if it's not yet "confirmed"?

Anyway, good luck to all.

Rammah

 

[amidhadli]

damac lake view

I had hoped to get someone to snag it for me to save me flying out there. Does anyone know of a good company that offer this service?

Michele

hi i used dubai luxury homes a lady called amy leitch she was very thorough she found stuff i had missed does a good report and sends to damac to
#
has anyone had issues with the parking as i have been quoted 75000 if i want parking now where as before it was 45000 please advise

 

[revolutionary]

hi i used dubai luxury homes a lady called amy leitch she was very thorough she found stuff i had missed does a good report and sends to damac to
#
has anyone had issues with the parking as i have been quoted 75000 if i want parking now where as before it was 45000 please advise

I believe there is a zoning requirement for at least one parking space to be provided with every apartment with extra ones when the apartment exceeds a certain size. You could try to stick out for not paying any more than the contractual commitment and see what happens. Will you get no parking, a free parking space or be forced to pay whatever they choose??

 

[revolutionary]

Amidhadli - I tried to send you a private message but you may have that option switched off.

 

[amidhadli]

damac lake view

I believe there is a zoning requirement for at least one parking space to be provided with every apartment with extra ones when the apartment exceeds a certain size. You could try to stick out for not paying any more than the contractual commitment and see what happens. Will you get no parking, a free parking space or be forced to pay whatever they choose??

hi i have spoke to damac they are not backing down from the price i have reported this to rera, also nakeel the master develpers and there is a department on the government site where i have emailed a complaint about this waiting for response i have this all on my purchase agreement and also spoke to a lawyer in dubai i am tryin to do what they say but if not work i suppose i wont get parking space i even have a letter they posted last april 07 that parkin was 45000 now they are changing the price but that is damac very dishonest and a bad company to do business with and what is a zoning requirement

 

[amidhadli]

damac

Amidhadli - I tried to send you a private message but you may have that option switched off.

how do you switch it on i dont know

 

[Rammah]

hi i have spoke to damac they are not backing down from the price i have reported this to rera, also nakeel the master develpers and there is a department on the government site where i have emailed a complaint about this waiting for response i have this all on my purchase agreement and also spoke to a lawyer in dubai i am tryin to do what they say but if not work i suppose i wont get parking space i even have a letter they posted last april 07 that parkin was 45000 now they are changing the price but that is damac very dishonest and a bad company to do business with and what is a zoning requirement

Why didn't you buy the parking space in 07 when the price was 45000? You could've sold it for 60000 very easily now

In what way what u described shows any dishonesty from DAMAC's part?

Anyway, good luck with the complaints to rera and nakheel and whoever else you have approached. Also, remember that if your lawyer is charging you for example AED5000, then your parking space will end up costing you AED80000 and not only 75000.

Also, I hope DAMAC increase the price of their parking spaces to AED100000 or AED125000! Why not? That's still very cheap when considering that parking spaces in central London exchange hands for over £100,000 !!!!!

Rammah

 

[revolutionary]

But the developer is now required to provide parking with every development according to the municipal standards. DAMAC as the developer is not doing this, rather seeking to profit out of what should surely be expected of any reasonable developer when providing accommodation.

If DAMAC is so reasonably justified in asking for additional payment for the provision of a parking space, then surely we the customers may make a reasonable deduction for failure of DAMAC to provide the huge infinity pool that was the major feature of this development as sold.

 

[amidhadli]

damac lake view

Why didn't you buy the parking space in 07 when the price was 45000? You could've sold it for 60000 very easily now

In what way what u described shows any dishonesty from DAMAC's part?

Anyway, good luck with the complaints to rera and nakheel and whoever else you have approached. Also, remember that if your lawyer is charging you for example AED5000, then your parking space will end up costing you AED80000 and not only 75000.

Also, I hope DAMAC increase the price of their parking spaces to AED100000 or AED125000! Why not? That's still very cheap when considering that parking spaces in central London exchange hands for over £100,000 !!!!!

Rammah

you probably dont have a property here thats why you saying all this i quoted a content in my contract thats why i didnt pay in april and also my contract still states 50000 and i am holding damac to this if they dont agree doesnt matter as i am still getting a good rental return without parking so as of today i am not fussed if i dont get parking the tram stop just outside so it will be easier for someone to go on tram as we all know the traffic in dubai is horrendous i know rera and nakeel and damac all useless you didnt see the state of my apartment forget luxury it was terrible you would know what i mean if you saw it

 

[Rammah]

Construction Updates pictures on Lake View can be found here:

Dubai Real Estate, Dubai Freehold Property, Dubai Investment Property : Damac Properties Middle East

Live the Luxury,


Rammah

 

[amidhadli]

damac lake view

But the developer is now required to provide parking with every development according to the municipal standards. DAMAC as the developer is not doing this, rather seeking to profit out of what should surely be expected of any reasonable developer when providing accommodation.

If DAMAC is so reasonably justified in asking for additional payment for the provision of a parking space, then surely we the customers may make a reasonable deduction for failure of DAMAC to provide the huge infinity pool that was the major feature of this development as sold.

do you have any contact numbers for the municipal standards dept maybe i can email them to to ask them but i do agree with you the pool is teeny not at all what was promised they have changed alot of stuff i have asked them to measure my unit to make sure i got what i paid for to as it looked to small maybe everyone should request this to i think we should also make a deduction for the quality of materials they have used internally in our homes as it reminded me of hotel room in india not a five star luxury apartment we were promised i am gutted with the whole thing i am just looking forward for this to complete and the only consolation is the rent value

 

[amidhadli]

damac lake view

Construction Updates pictures on Lake View can be found here:

Dubai Real Estate, Dubai Freehold Property, Dubai Investment Property : Damac Properties Middle East

Live the Luxury,


Rammah

i dont need the construction pictures i have actually inspected my unit and you will be shocked if you saw them pictures you would never believe this is damacs property as i found over 100 defects i was quite disgusted that the showroom i was paid for was a complete misrepresentation to what i saw it was nothing alike i thought i was in a 1 star hotel in india it was awful

there was certainly no luxury in my apartment the only luxury i saw was the lobby and the sitting lounge where i think they have spent all our monies on