Damac / Damac Properties

[EsteemProps]

Hello Everyone,
Please will anyone holding contracts with any of Damac's developments
(we have Lakeside and Capital Bay units) please get in touch with me
so that we can share experiences and work together for a way forward
on these so called projects where no progress has happened in over a
year now, and where we do not believe Damac have the means or funding
to carry on with them.
Regards to all
EsteemProps

[Imran R]

I've invested in Damac Flamingo Heights.

I'm still guessing I'm the only one that invested in this project despite being told it was a sell out at launch!

I'm having a daily battle with Damac.. they won't accept they're in the wrong.. they won't provide any kind of information about construction, escrow accounts etc.

Imran

[dubaiinve...@gmail.com]

Go to rera first floor and meet mr Mansoor. Take all papers with you and see if this project is regesterd.
See below Damac is in



CEO of Real Estate Developer Testifies <http://www.zawya.com/Story.cfm/sidZAWYA20090525035925/Sama%20Dubai%20CEO%20of%20Real%20Estate%20Developer%20Testifies>
Zawya - United Arab Emirates
The present case involves four executives from the Lagoons project of Sama dubaisama Dubai and an executive of Damac Property Company.Damac Property Company ...
<http://news.google.com/news/story?ncl=http://www.zawya.com/Story.cfm/sidZAWYA20090525035925/Sama%2520Dubai%2520CEO%2520of%2520Real%2520Estate%2520Developer%2520Testifies&hl=en> See all stories on this topic

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From: Imran R
Date: Mon, 25 May 2009 11:28:03 +0100
To: <dubai-proper...@googlegroups.com>
Subject: [Dubai Property Investors] Re: Damac / Damac Properties

[tinasi007]

Hey,

I have invested in Damac's Parkside. Just like most of their projects
nothing has happened in the last 11 month and there dont seem to be
many people out there who have invested in that project - so far i
only found 2 others. Between Feb and May Damac approached me 3 times
to make me shift to one of their other projects but i refused.
From what I can tell you from dealing with them is that Damac will
under no circumstances let you get out of the SPA unless you find a
weak point in the contract itself or if it is enforced by law (maybe
you are lucky to get hold of 75% of the investors to file a petition).

Tina

[zahir safi]

hi,
 
i have 3 studio in linccoln park damac and one bed in lakeside IMPZ


 

 

 
> Date: Sun, 24 May 2009 23:26:22 -0700
> Subject: [Dubai Property Investors] Damac / Damac Properties
> From: i_tr...@icon.co.za
> To: dubai-proper...@googlegroups.com

[sam]

Hello All,
I have single bed room flat with Damac in jebel ali down town
(Suburbia).
No work has been done since Last one year and I have paid 30% and I
dont think they will start in the near future.
When I asked them to show the site or escrow account they say that is
against their policy.
Hope the group comes up some ideas so the we get our hard earned
money back.

Regards all.

[dubaiinve...@gmail.com]

I have one unit i

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-----Original Message-----
From: sam <somk...@gmail.com>

Date: Mon, 25 May 2009 07:37:52
To: Dubai Property Investors<dubai-proper...@googlegroups.com>

Subject: [Dubai Property Investors] Re: Damac / Damac Properties

[zalikah]

Hi , Re damac and that you have paid 30% , is damac asking you for any more installments via sms
or e-mails and have you considered legal action against them ?
I have paid my developer 50% since 18 months and  now for the last 2 weeks they have not stopped sending me payment reminders. I wonder what is there in law 9 that made them now so eager to collect more installments although they have done no work and have not linked payments to construction.
and if we are to take legal action against such developers , what are the consequences if we loose the case?and vice verse
Regards 

----- Original Message ----
From: sam <somk...@gmail.com>
To: Dubai Property Investors <dubai-proper...@googlegroups.com>
Sent: Monday, May 25, 2009 5:37:52 PM
Subject: [Dubai Property Investors] Re: Damac / Damac Properties

[rakes...@gmail.com]

Immediately place a complaint on the RERAs website.send them a letter by fax,scan email and courier, asking them to give all this information.(No emails,email normally will not be taken up as proofs in the court of law).mark a cc copy of that to RERA. C...@rera.gov.ae

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-----Original Message-----
From: sam <somk...@gmail.com>

Date: Mon, 25 May 2009 07:37:52

To: Dubai Property Investors<dubai-proper...@googlegroups.com>

Subject: [Dubai Property Investors] Re: Damac / Damac Properties

[hari]

Hello Everyone
I have a contract with Damac for an apartment at Lakeside. Can anyone
let me know the progress on this project. They were supposed to
deliver End-2010. Is the construction update on their web site a true
reflection of the construction progress or is it just a tool to fool
investors.
Hari

[Imran R]

Rakesh,

Just to clarify. When you say "asking them to give all this information" are you referring asking the developer or RERA?

Imran

2009/5/25 <rakes...@gmail.com>

[rakes...@gmail.com]

Ask the developer,since it is your right to get this information from developer as per law8,article 12 for escro funds and law8 as such is a law to discipline most dvelopers.

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From: Imran R
Date: Mon, 25 May 2009 18:06:52 +0100
To: <dubai-proper...@googlegroups.com>

[Sami Issa PPC]

Any information on the Canal Residence, Dubai Sports City?  The project is under construction, but a lot of delay in it.  At least 12 months delay from the initial promised delivery date.  I actually think it is a lot more than that.

 

Anyway, the developer has benefited from the drop in construction prices.  The sales department is denying that, but anyone in the construction industry knows that this is the case, a lot of savings due to the delays.  The developer is insisting that they will not drop the prices to the buyers, the delays are not an issue fro them.  They stopped asking for payments for now.  The major issue is that they have collected up to 60% of the value of the units from Dubai Bank on the units that have been financed, all that before they even started construction.  Of course, Dubai Bank is charging the investors interest for the whole period for the 60% paid to the developer escrow account, which is probably in Dubai Bank as well (this is not confirmed, but I assume it is the case).  If this is the case, Dubai bank moved the money from one account into the other, and started charging interest.

 

Does anyone know if the escrow account is with Dubai Bank for the Canal Residence?

 

Best Regards,

 

 

Sami Issa

Regional Manager – Middle East

Power Plus Communications AG

 

 

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E-mail – sami...@ppc-ag.de

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[geeta patel]

Hi I myself have purchased 2 x Office units in capital square Jebel Ali. Damac are trying to get me to take a completed units in another development too, but i have refused. So far i have payed 35% over a year a go.They tell me they are modifying the building plan which seems to be taking a long time, anyone know anymore about this project. Are there any regulations on giving the developers a limited time by which they must start a project without fobbing us off.
Many Thanks Jaimon