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Damac-Lago Vista

Discussion in 'Dubai property' started by Sixgun, Jan 14, 2009.

  1. Sixgun

    Sixgun New Member

    Just received advertising from Damac, about this complex.
    "Seems" to be looking good now, as they've built up to about 15th floor and handing over at end of this year.
    when I clicked for "more info" however, nothing came up.
    Anyone have any info about the current prices? the front 2 bed flats overlooking the lake.
    Any horror stories about them??
     
    Last edited: Jan 14, 2009
  2. revolutionary

    revolutionary New Member

    Do your research on DAMAC.

    Check any legal documents thoroughly with a professional - they will try it on. Don't believe any marketing literature or anything their sales reps say - the contract usually specifically excludes anything outside the contract and specifically excludes the sales literature. If you specifically want something and they verbally offer it, make sure you get it in writing in the MOU as you can guarantee that once signing you won't get any changes in your favour and they will make a lot of mistakes which unsurprisingly are always to their advantage.
     
  3. jackcze

    jackcze New Member

    There have been rumors for a while that DAMAC is about to go under. Despite that, they still keep building.

    Personally I would only consider DAMAC properties which are completed so that you can see the quality.

    In the current market there are lots of bargain basement properties under construction. Keep looking.
     
  4. Sixgun

    Sixgun New Member

    Thanks for the advice,
    I've heard to be careful with Damac, and of course I would be,
    Just wondered if this would still be considered as off-plan, as it's more than half finished,I can't see why they would cease now, with current climate they must think it's worth finishing, and then selling actual units rather than dreams??

    i think the IMPZ has/had a great opportunity, especially a lake-side community, as it's in the middle of the deset, but I'm wondering now if the overseas firms might not be rushing in any longer, with budget cutting happening worldwide?

    Anyone have any info or opinions on the IMPZ zone?
    Again, thanks.
     
  5. Roshan

    Roshan New Member

    IMPZ has a 20% residential and 80% commercial mix. Looks like a great opportunity to invest in residential if this is true.

    Roshan
     
  6. Hussein Awadh

    Hussein Awadh New Member

    Lago Vista Residential is going at 1650 AED/Sq.ft with an offered Rental Guarantee of 10% for 1 year and Guarenteed Delivery, it's alreay 65% complete.

    The Payment plan is:
    10% Immediate
    10% within 30days
    10% within 90 days
    10% within 150 days
    60% on Hand-Over

    *If you want to negotiate it's completely possible, consumers have the power now.

    Fantastic Facilities and a lot of Retail going there too. IMHO, it's a fantastic location that's close to the Marina, SZR, DSC, Dubai Land, Barsha, etc;

    Being a MEDIA Production Zone, I think they may ask all media producing companies to move there like they asked most universities to move to Academic City, so actually it does sound like a fantastic opportunity. Plus the Fact that DAMAC takes more expensive plots because of it's location being easy access etc;

    Don't worry about DAMAC as a company, worry about the Sales staff, they're the ones ruining everything for themselves. Make sure you get a good one, and he won't give you any false pretenses.

    If you're truely interested do give me a call, I'll give you the facts straight :)

    Mobile: 00971 50 107 65 87

    [Edit]

    Oh and I forgot to mention, those rumors are false, DAMAC is still up and going through with their projects. They have plenty of money (Why the pricy Apartments) so they do make sure they have the cash for construction.
     
  7. Jyan

    Jyan New Member

    Guys ..anyone know the status of the Corner at Business Bay one of DAMAC Projects??
    Can someone evaluate this project?! is it one of the good projects?!
     
  8. Hussein Awadh

    Hussein Awadh New Member

    All updates on projects can be found on DAMAC's website. Otherwise you'll have to call them yourself to find out.

    Currently during DSF The Corner is being sold at 1780 AED/Sq.ft and payment plan is as follows;

    10% Immediate
    5% within 30 days
    5% within 60 days
    5% within 120 days
    5% within 150 days
    10% On Commencement of Main Works
    10% On Completion of basement structure
    10% On Completion of 5th Floor
    40% On Completion/Handover

    For more information on prices and availability call me.
     
  9. TommyC

    TommyC New Member

    If you read the local regulated newspapers everything in Dubai "seems" fine as well. You cannot trust what the developer says, unless it's in signed and stamped writing with hefty compensation clauses if they don't deliver on their promise. I urge you to really question what they claim and demand everything on those signed and stamped papers.

    Another sales rep it seems....

    AED 1650/psf sounds way to much in my opinion, and guranteed rental for 1 (ONE) year!? Rental guarantee should be 5 (FIVE) years minimum. Be aware that basically all places in Dubai are (or "will be" in...) GREAT locations (close to this and this and this).

    Check your sources many many times as well as getting the MOU checked (as revolutionary suggests) and changed in your advantage, make sure there are specific delay penalties and compensations regulated. "Investors will be compensated" is used to widely as a general term, and is never specified until the day you get compensated 1% or less for years of delays. Once again, price seems high and rental guarantee ridiculous.

    Gotta love that smiley in the end....

    Be advised that I'm just another investor stuck in this mess, NOT a government approved real estate agent like the ones that "helped" me. And as such you shouldn't listen to me, because I haven't agreed to on the "Code of Ethics" as per the RERA website (http://www.rpdubai.ae/), a government approved real estate agent/developer will of course have MUCH better morale and "facts" for you than anyone else. Do your research!

    Make use of that! There is no need to rush, look around and negotiate with several developers if you really want to invest. Don't just listen to one and get carried away with shiny brochures and sweet talking, check them all, compare and negotiate.
     
    Last edited: Jan 15, 2009
  10. Jyan

    Jyan New Member

    Last edited: Jan 15, 2009
  11. Hussein Awadh

    Hussein Awadh New Member

    I don't make the rules I just forward them.

    Yes, I am a Property Consultant for DAMAC Properties Co. LLC. and you're right, Rental Guarantee should be for five years, but that's why I mentioned that you should negotiate; since, as you agreed, you can take advantage and make use of it.

    I only speak for myself here when I say I WILL give you the facts straight up :)

    [Edit]

    To answer your question Jyan, (Sorry didn't notice your post);

    So far I like the project, although the Master Developer hasn't started constructing their part, from what I see it'll take another year or so for the area to even become popularly populated.

    The building is around 65% completed and is quite nice, looking a bit similar to The Crescent it complements the similar architecture. It's the current surroundings at this current time that I'm disappointed at, but it all depends on the person who might consider moving there soon. If you want to know what the surrounding is like, try and find a satelite picture, or take a look at The Crescent Construction Updates. As far as my opinion, it will be a good place to rent out, but not for re-sale. Not with the current market.

    I agree with 10% for 5 years rental guarantee, but they only put 10% for 1 year since it's already 65% complete and to boost confidence in the building, so people know they're getting something while they wait till it's complete and actually rent it out at more than 10% since DAMAC has a clause in their rental guarantee, that the rental contract cannot be canceled during the time period specified in the Rental Guarantee. Then again, you can still negotiate. In this current market, anything is possible.

    As for their phone number it's +971 800 DAMAC (32622)

    My comment did sound a little Sales Pitchy didn't it? All I meant was that DAMAC is over priced for a good reason... So they can stay in business as a Private Developer.

    ~ Consumer Power!!
     
    Last edited: Jan 15, 2009
  12. revolutionary

    revolutionary New Member

    I think if you are a cash investor right now you should definitely not be relying on sales literature and advertising to get a good deal.

    Basically the whole of Dubai is up for sale right now at bargain basement prices. Choose some areas you really want, get in touch with a number of agents and ask for their bargains, shortlist a few and then bargain them down further.

    Off plan without being close to completion should be avoided as developers are likely to go bust and holes in the desert won't have any value for many years. I even think completed places in newly developing areas are a risk as you may find yourself surrounded by abandoned building sites with no facilities. If you are lucky enough to be able to afford the Palm then I would say you money is better spent on the Marina, Downtown Burj Dubai, JLT which are all nearing completion and already looking far more spectacular than the palm which is frankly disappointing.
     
  13. eyeC

    eyeC Senior Member

    look at completed projects by the developer ...checking past history

    delay in delivery

    bad finishing (low end)

    high prices for no reason

    risk of going bankrupt

    check out the lake view they promise small swimming pool

    better options out there

    last seeing the frame of the building complete doesn't mean the building will soon be ready finishing and providing building services take the longest time

    good luck with your investment
     
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