Damac-Lakeside Development

[jac2]

Having searched for so long, it was such a relief to find this forum site, I have felt isolated and uninformed and worried sick about the investments I made in 2008 with Damac. I invested 40% of the completion price in 3 units at Lakeside, IMPZ, having been completely reassured by the agent in Gibraltar, where i was living and working at the time, about how safe my investment would be, how the units would definately rent out, what with Dubailand and all that was being built around the area, how I would easily sell 2 to see the 3rd to completion and also that I would definately be able to consolidate the money paid, if necessary, into 1 unit, thereby having it fully paid for.

I feel totally let down and betrayed, this money was my future and my childrens future. I now live with my parents in the UK, because most of what I received in my divorce settlement was invested with Damac. I am now unable to purchase in the UK, the given date for completion never materialised, and therefore no rental income has been coming in. I gather they have to pay penalties when they go a year over completion date, where is this money? The contract is so one sided and unfair, and flawed in places. It is disgusting and appalling that Damac are able to treat us like this. I have read the forum with interest and am concerned that things seem to have gone quiet now.If we could form a group for a Solicitor to fight our corner. I am interested in this and also I would like to know if anyone has made use of a Solicitor and how things are standing with them re the courts etc. Information is so hard to come by.

Sharing information and updates would be highly useful and I do believe that if we all work together this would give us strength against Damac.

For me, this is an awful ongoing situation, I have received no understanding from Damac, I'm just a number. I now owe for the last 2 instalments but have no intention of putting any more of what little I have left into their bulging coffers. Especially knowing that the 6 instalments left to pay is actually more than the total worth of the units.

I feel cheated and lied to, by the Agent in Gibraltar, by Damac, by the UAE government, and also by the royalty who promised that we would be looked after and not be out of pocket.

Please can anyone putting together a group to do battle via the courts let me know
Any information or advice would be welcome. Thankyou.

 

[James Greg]

I did not read much about Damac-Lakeside but you provided nice information about it. Dubai`s government and investors are now taking interest in real estate sector. Rental projects are going to be start in Dubai and people are more attracted towards Downtown Dubai, Jumeirah Lake Towers. I want to get some more information about Domac. Will you share some more knowledge for my information?

 

[jac2]

Is there any unpdated information

Does anyone have any updated information on Damac and whether anyone has successfully won a case in court against a large development company or Damac in Dubai. Is it possible to sell the three studios that I invested in at Lakeside? If so, does anyone know who I should contact to at least get some of my investment back?

 

[dands]

lakeside

what is your email add, I will email you. dands

 

[jac2]

Lakeside, Damac

Hi Dands, sorry for the late reply to your email, my email address is [email protected] . Any advice or knowledge you have would be gratefully received. Many thanks... Jac2

 

[Anita63]

Lakeside Dubai

Can anyone give me some advice on my investment in the Damac development Lakeside which has been delayed for some time now ?

 

[eyeC]

what is important is to go into details of maintenance fees.

Does the developer over charge? this will effect your net income and hence your property's market value. developers over charging at an early stage of a building's life is a warning sign as the building is new and it should not have any serious defects. Add there is a 1 yr contractor's warranty after handing over and since all equipment like lifts, Chillers for the AC, ventilation system, etc are all new the developer for the first few years should not charge but a bare minimum maintenance fees.

just imagine if they over charge now how much will they charge you in the future when serious issues arise and real money needs to be paid for maintenance.

My opinion DAMAC charges more than they should for the services they provide.

another issue to consider before buying other fees which you have to pay on top of maintenance charges such as gas, cold water for the AC, etc regardless if you live in the apartment or not.

good luck

 

[1DXB]

The project is now marked as 85% completed on RERA's website. Hopefully will be done soon.

 

[Lake]

Lakeside investor

Hi,

I'm an investor at the DAMAC Lakeside project, i'm down to my last instalment to be paid at completion. I have been searching online for other investors for quite a while now to tell me what they have experienced so far.
I got in touch with a law firm in Dubai to gain more information on what I can do with my investment at Lakeside given the current delayed completion situation. They told me that before anything can be initiated, I would need "an experts's opinion" that would officially outline what DAMAC owes me up till date (in accordance to my purchase agreement) and to evaluate the loss in rent income due to the delay. This "expert's examination" will cost me AED50,000 off the batt, and that cost will NOT include costs of taking the matter to court.
That being said, I was wondering has anyone experienced any success against DAMAC in this project?
Any information at all about what is going on with this Lakeside project would be helpful to me, so please contact me if you have any. I have lost a lot in value and then some as a result of the delays. It would be great to get in touch with other investors in the project and gain collective information!!! My posts on other sites seem to mysteriously disappear...strange stuff!