Give me insight on DAMAC Property - Lake View - JLT

[Rammah]

Hello Rammah,

I am someone who has paid a deposit on my Lake View apartment almost FOUR YEARS ago with the full intention of renting it out from Jan 2007. 18 months later I have still not got a property to rent out and no one from DAMAC (YOU, Peter Riddoch (CEO) or anyone else from your company) can tell me when my property will be ready for certain. In the meantime I have already lost out on 18 months rental income and almost certainly much more. Who will give me compensation for this loss of rental income?

As someone who works for DAMAC, your response is entirely predictable and undoubtedly you have a blinkered view of your own company and will defend it to the end come what may. The reality is that people like me and lots of other investors are absolutely fed up with endless delays by DAMAC, loss of rental income, apalling customer service by DAMAC and are never going to buy from your company again. I know many friends and family members who have asked me about investing in Dubai. My honest advice to them is keep away from DAMAC.

Regards
sap001

Don't say never... the grass always looks greener somewhere else, until you sit on it and get get stung by it. I'll leave it for time to change things. Experience is the best changer.

Good luck elsewhere, and see you again soon

Note 1: One excellent thing you have done so far: didn't resell your DAMAC unit yet. I don't know if that's luck, wisdom or God's grace upon you

Note 2: If delays are causing you that much stress, then avoid investing in Dubai, PERIOD. No need to repeat myself, but that's the healthiest peace of advice I can give you..... considering I'd better have you not investing, than seeing you having heart problems because of construction delays.

Rammah

 

[zal_kindi]

Don't say never... the grass always looks greener somewhere else, until you sit on it and get get stung by it. I'll leave it for time to change things. Experience is the best changer.

Good luck elsewhere, and see you again soon

Note 1: One excellent thing you have done so far: didn't resell your DAMAC unit yet. I don't know if that's luck, wisdom or God's grace upon you

Note 2: If delays are causing you that much stress, then avoid investing in Dubai, PERIOD. No need to repeat myself, but that's the healthiest peace of advice I can give you..... considering I'd better have you not investing, than seeing you having heart problems because of construction delays.

Rammah

Dear Rammah,

I believe you and I had a very similar debate when I posted my first thread here entitled "Any Lake View Owners out There?". What people like me and SAP001 are complaining about is the outrageously excessive delays that DAMAC are subjecting their customers to. We are not talking about a few months here which would have been quite understandable. I paid my deposit on 31st of August 2004; yes 2004, and was told that completion would be Dec-2006. As of now, the delay is 17 months. I spoke to your office yesterday and was told that the completion is probably not "summer 2008" as per you recent letter; rather it is now "Q4-2008" which can potentially drag on until December, bringing us nearer to 24 months of delay. A friend of mine bought a 1 BR apartment, off-plan, in JLT form another developer in April-2006; thats 20 months after I bought from DAMAC, and he took possession this morning with little to no delay. Not only that, the developer has furnished the apartment for him and has already rented it out for him to Emirates Holidays. So please, do not equate DAMAC's delays with everyone else's. DAMAC and you need to show some understanding and accept responsibility rather than further offending your customers by saying that they should feel "privileged" to own a DAMAC property. You also need to understand that non of us are interested in bad-mouthing DAMAC and we have every interest in DAMAC succeeding and delivering on its promises; because if it doesn't, we all stand to loose our savings. DAMAC investors have put their money where their mouth is and its about time that DAMAC did the same.

I have very very specific questions for you Rammah.

1. exactly how much compensation are DAMAC going to pay their investors, as entitled in the contract, for the delays encountered?

2. What exactly is the "penalty rate" in the contract, as a % of the installments paid, which should be calculated form 1-Jan-2007 and be paid all the way until the property is handed over?

3. How much compensation did Lake Terrace owners receive for the delays they had to put up with?

You answers to these questions will go a long way towards addressing the concerns people like me. If people are reassured that their losses will be shared and fairly compensated, their faith in DAMAC will be fully restored. Thanks you in advance.

 

[DivyaSesi]

I believe there is a 1 bed unit selling at the rate of around 1300 AED/sqft. Let me know if you're interested and I can check on its availability for you.

Hi, Could you provide details about the builders, when is the estimated date of completion and which place it is