Great name!!



DAMAC launches its first residential tower in Business Bay

http://business.maktoob.com/news/20061119052958%5CLaunch-of-La-Residence%203.JPG

Luxury lifestyle provider and the region's leading private sector developer, DAMAC Properties, has launched ‘La Residence at the Lotus’, the company’s first residential tower in Business Bay. Often referred to as the upcoming Manhattan of the Middle East, Business Bay is Dubai’s freehold commercial and business cluster strategically located off Dubai Creek and extending all the way to Sheikh Zayed Road.

“We are delighted to introduce yet another masterpiece for the discerning community in the Middle-East and worldwide. The beauty of the island inspired DAMAC Properties to pioneer a residential complex at the heart of Business Bay. This residential tower at Business Bay was a strategic decision and a much needed project as majority of them in the area are commercial. With this launch people staying at La Residence will be - just a walk away from their offices in Business Bay,” said Hussain Sajwani, Chairman, DAMAC Group.
The architectural design of the spectacular 58-storeyed tower is motivated by petals of the Lotus flower. “Our inspiration for this project comes from the spectacular surroundings untouched by the stressful buzz of business life, the site location, the enveloping water body and one of the most celebrated flowers in the world, the lotus,” said Peter Riddoch, CEO at DAMAC Properties.

La Residence at the Lotus will have 1, 2 and 3 bedroom apartments, with each master bedroom having a private spa-bath, thoughtfully planned space and utilities, tastefully chosen furniture and joinery and elegantly designed interiors. In addition, the tower will have parking at 3 levels of the podium plus 5 basements, valet parking, laundry service, mail collection and delivery, security, state-of-the-art IT facilities, room service, 24 hour concierge and help desk facilities.

In line with the government’s introduction of freehold ownership, DAMAC was the first to introduce iconic properties on all the freehold master planned development launched by Dubai and Abu Dhabi governments. Throughout the spectrum of 52 buildings launched to date, DAMAC Properties provides a luxury lifestyle that is second to none. The total value of DAMAC Properties’ projects is over US$4 Billion. It is a subsidiary of the DAMAC Holding established in 1982.
The La Residence tower also offers the perfect choice of amenities such as; swimming pool, kids’ pool, jogging track, gymnasium, with separate male and female changing rooms, function rooms, health club, sauna, steam and massage facilities and children’s play area. The project is a distinctive lifestyle expression that offers unparalleled opportunities such as shopping at the varied choice of branded stores, unwinding over a cup of coffee or meeting up with friends and family over dinner. The tower has retail stores at the ground and mezzanine levels in addition to cafés, juice bars and restaurants with outdoor settings.

In downtown Amman, Jordan, within the new Abdali development area, DAMAC Properties has already introduced three projects out of four. The first two projects, ‘The Heights', a 35-storey tower, and ‘The Lofts’ an 8-storey residential development adjacent to the tower were completely sold out in record time. The third project called ‘The Courtyard’ was unveiled this month.

The company also launched a $3.5 billion exquisite mixed-use project within Trumpet Bay region located in the Tanggu District, Tianjin, People’s Republic of China, as well as a $400 Million 14-building spectacular real estate venture within Lusail’s Fox Hills community in Doha.

Luxury lifestyle provider and the region's leading private sector developer, DAMAC Properties, won three prestigious awards at the CNBC Arabian Property Awards 2006. Property developer bagged the best development award for ‘Oceanscape’, best architecture award for ‘Ocean Heights 2’ and the best website award for the company’s website – www.damacproperties.com. In 2005, the property company was honored with three prestigious Bentley International Awards in the categories of - Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights-1 and Best Developer website at a ceremony in London.

DAMAC Holding has now grown into a global conglomerate with more than 6000 employees in 18 countries. Being the first private sector company to make a commitment to Dubai’s real estate market, DAMAC Properties has become the market leader with a strong sales record to its credit.

http://www.damacproperties.com/new/manager_images/2006-20-2-8-Bldng-Big.jpg

forgotten to post the pic or is it just not showing on my pc

doesn't look very big ... propably got the wrong one :P

thats not it...thats that Ivana trump one...anwho isnt it actuall 61F if u count the 3 podium levels...

R

Hmm... what's Damac up to? Have they started construction on any of their announced projects yet? I haven't been keeping up with them.

http://www.ameinfo.com/images/news/1/32111-damac.jpg

Often referred to as the upcoming Manhattan of the Middle East, Business Bay is Dubai's freehold commercial and business cluster strategically located off Dubai Creek and extending all the way to Sheikh Zayed Road.

'We are delighted to introduce yet another masterpiece for the discerning community in the Middle-East and worldwide. The beauty of the island inspired DAMAC Properties to pioneer a residential complex at the heart of Business Bay. This residential tower at Business Bay was a strategic decision and a much needed project as majority of them in the area are commercial. With this launch people staying at La Residence will be - just a walk away from their offices in Business Bay,' said Hussain Sajwani, Chairman, DAMAC Group.

The architectural design of the spectacular 58-storeyed tower is motivated by petals of the Lotus flower. 'Our inspiration for this project comes from the spectacular surroundings untouched by the stressful buzz of business life, the site location, the enveloping water body and one of the most celebrated flowers in the world, the lotus,' said Peter Riddoch, CEO at DAMAC Properties.

La Residence at the Lotus will have 1, 2 and 3 bedroom apartments, with each master bedroom having a private spa-bath, thoughtfully planned space and utilities, tastefully chosen furniture and joinery and elegantly designed interiors. In addition, the tower will have parking at 3 levels of the podium plus 5 basements, valet parking, laundry service, mail collection and delivery, security, state-of-the-art IT facilities, room service, 24 hour concierge and help desk facilities.

In line with the government's introduction of freehold ownership, DAMAC was the first to introduce iconic properties on all the freehold master planned development launched by Dubai and Abu Dhabi governments. Throughout the spectrum of 52 buildings launched to date, DAMAC Properties provides a luxury lifestyle that is second to none. The total value of DAMAC Properties�f projects is over US$4 Billion. It is a subsidiary of the DAMAC Holding established in 1982.

The La Residence tower also offers the perfect choice of amenities such as; swimming pool, kids�f pool, jogging track, gymnasium, with separate male and female changing rooms, function rooms, health club, sauna, steam and massage facilities and children�fs play area. The project is a distinctive lifestyle expression that offers unparalleled opportunities such as shopping at the varied choice of branded stores, unwinding over a cup of coffee or meeting up with friends and family over dinner. The tower has retail stores at the ground and mezzanine levels in addition to cafés, juice bars and restaurants with outdoor settings.

In downtown Amman, Jordan, within the new Abdali development area, DAMAC Properties has already introduced three projects out of four. The first two projects, 'The Heights', a 35-storey tower, and 'The Lofts' an 8-storey residential development adjacent to the tower were completely sold out in record time. The third project called 'The Courtyard' was unveiled this month.

The company also launched a $3.5 billion exquisite mixed-use project within Trumpet Bay region located in the Tanggu District, Tianjin, People's Republic of China, as well as a $400 Million 14-building spectacular real estate venture within Lusail's Fox Hills community in Doha.

Luxury lifestyle provider and the region's leading private sector developer, DAMAC Properties, won three prestigious awards at the CNBC Arabian Property Awards 2006. Property developer bagged the best development award for 'Oceanscape', best architecture award for 'Ocean Heights 2' and the best website award for the company's website - www.damacproperties.com. In 2005, the property company was honored with three prestigious Bentley International Awards in the categories of - Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights-1 and Best Developer website at a ceremony in London.

DAMAC Holding has now grown into a global conglomerate with more than 6000 employees in 18 countries. Being the first private sector company to make a commitment to Dubai's real estate market, DAMAC Properties has become the market leader with a strong sales record to its credit.

OMG!!!!! I thot as much it wuld be more than one tower...wow...for once thats a damac design I actually like...

R

Wow that's nice. Definitely the superplot aswell. Any idea where this could be?

http://img50.imageshack.us/img50/1791/untitled1mu9.jpg

That is actually rather nice. Do they get wider and then thinner as they rise or is that render just very deceptive.

All of Damac's designs are gorgeous. It's just their progress that scores 1/10.

So is a commercial tower/hotel included?

this is ridiculous

Is there a free Lotus for the 1st 25 customers? :D

^^ i guess so :D

this looks awesome, why don't u like it samir?

but it is really worrying, they have 52 buidlings launched and 3 completed..

^^ It is worrying! Do DAMAC own the land for each of these developments or are they mortgaged? If they are mortgaged I would be very concerned about this company.

i ws along the lines o what steve posted

sure so am i.

i am really not sure if damac will be the first big one to flush down the toilet.

I don't think the family behind Damac was really that big of a business player before they started their ventures into real estate development.

Groups like Al Habtoor or Al Futtaim would probably be able to pull off large-scale developments, but these guys are amateurs.

Another local group that worries me is I&M Galadari, mainly because of their relative inexperience in this sector. But they're sensible enough not to go on a project rampage, host dozens of gala dinners and get all their figures wrong. They're focusing on City of Arabia.

There are probably quite a few black-dotted companies we could list, including 32 Group, Wind International/Farayand, and Nakheel ;)

Really nice towers. Let's hope they will be built.

Well, damac is nowhere near Wind. At least they're trying (not sure but I remember hearing they fired some of the contractors who worked on the interiors of marina terrace and the waves because of bad quality) and there is progress. Their projects in jlt are coming along nicely and a few more should start rising soon

See... some optimism :)

you guys should read the scathing articl on DAMC and Sewani in the Arabiaes trends magazine, its quite intresting and I would not invest with these guys at all

^^ Precisely the reason why I chose not to invest in Ocean Heights, as much as I love the tower and location.

What does the article say? Or is there a link?

^^ Here is the article:


In June last year, when Darren Stanley decided to buy into the Dubai dream, he had no idea how far away that dream was from being realized. “We just came on holiday and loved the place, and figured we wanted a base here,” says Stanley, the owner of a small, successful CCTV business. “Possibly as an investment but maybe as somewhere to live for three months of the year.”

Fast-forward to now, and the property he bought into, Ocean Heights, is still a hole in the ground and a set of blueprints. Originally launched in 2004 as a 54-story block in the up-and-coming Dubai Marina, with a scheduled completion date of 2007, it has grown into an 82-story skyscraper that won’t be ready until some time in 2010.

The company behind this development, and dozens more throughout Dubai, Jordan, Lebanon, Egypt, Pakistan and elsewhere, is one of Dubai’s big hitters: Damac Holdings. With interests spanning catering to real estate to insurance, it’s one of the biggest players on the Dubai scene, a household name up there with Emaar and Nakheel, the developers of the Burj Dubai skyscraper and Palm Islands respectively. It is also one of the most secretive.

Damac banners, many of them featuring impressive renderings of the planned Ocean Heights building, plaster Dubai – but underneath the marketing hype there is a rising swell of anger from buyers, fed up with being fobbed off with excuses over when the project will start and even how high it will be. Such is the frustration, one group of off-plan homebuyers has come together and is considering taking legal action over the delays. Stanley is one of them. He’s paid out £150,000 so far for a 3.18 million dirham (£460,000) three-bedroom apartment in Ocean Heights. He has already stopped his payments amid concerns over the timescale of the project, and so is now in dispute with Damac Properties, the group’s property development arm, although he’s now worked out a compromise deal with the company to pay according to a schedule of his own. Last month, he flew from Britain to see what was happening on the ground. Not liking what he saw, he started asking around.

Horse’s mouth. “The latest I have straight from the horse’s mouth is that there is an increase in height. They’re going up another nine floors, and anyone who has invested so far is going up by nine floors, which is good news because for no extra investment you’re going to be higher in the air.
“They also said the piling work is going to be finished in three weeks, which I find hard to believe, but that’s what they told me.”

The trouble is, Damac’s chief executive, Peter Riddoch, says the floor increase is nonsense. “That’s not correct at all. It’s not gone up another nine stories; it’s still 81 floors, plus the lift motor room and other things,” he says. He also said the piling work, delayed by a nine-meter-deep band of hard rock, won’t be finished till the end of the year.

“I have no idea what information was given to him [Stanley]. Nobody in Damac could possibly have given that information,” Riddoch insists. He says some confusion may have arisen over there being nine floors of unsold apartments, which he says will be reconfigured to meet demand for larger units. But Stanley doesn’t swallow this, and is adamant that a Damac representative told him that the building would now be 91 stories, not 82. “There was no confusion, no misunderstanding,” he says.

Iain Robertson is another would-be homeowner frustrated with Damac’s customer relations. “I’ve been in contact with a customer relations manager who’s been very, very dodgy with the questions,” says Robertson. “He’ll never give you a complete answer.”

Legal procedure. Robertson, who works for Baker Hughes, the oil services company, bought his one-bedroom Ocean Heights apartment in a “distress sale” from a buyer who said he no longer wanted to live in the Marina. Robertson paid cash upfront: 80 percent of the 700,000 dirham ($187,800) price of a one-bedroom apartment.

Earlier this year, the completion date slipped to 2008. Later, he was presented with a new contract, which anticipated a 2009 delivery. At first he refused to sign the new contract, but his lawyer warned him that such a move would likely trigger a legal procedure. With no precedent, the lawyer said, it would probably be an expensive, time-consuming affair with no guarantee of success.

He, too, flew over to Dubai to assess the progress on the site, and he, too, was told by the site foreman that the elevation was increasing, though by seven stories, not nine. He was even shown the plans. Curiously, Damac sent him an e-mail stating the elevation was not changing a week before Stanley was told that it would, indeed, be adjusted to 91 floors. He says he has lost confidence in the company.

“When I was last through in Dubai, the billboards were still full of Damac everywhere,” he says. “And they’re always saying they’ve got new projects in Jordan, and the one with Ivana Trump [La Residence in Beirut] and they’ve got this and got that. But what they need to concentrate on are the ones they’re way behind on.”

Riddoch, however, is defensive of his company’s voracious appetite for new projects. The company is still announcing new projects around the world “and we will continue to do so; we are a property developer,” says Riddoch.
Indeed, construction of “La Residence by Ivana Trump,” a $150 million, 27-story luxury apartment tower in Beirut’s downtown district, is going ahead despite the 34-day summer war between Israel and Hezbollah, according to officials in the Lebanese capital. Damac had to cancel a gala luncheon in Beirut to launch the project when the war erupted on July 12. But it says the project is going ahead. Riddoch says he had sold 40 percent and taken reservations on another 34 percent of the La Residence condominiums by July, though it’s not clear whether those figures still stand.

Barrage of criticism. Back in Dubai, Ocean Heights is only the latest project by Damac to have run into problems. Marina Terrace and The Waves, the only projects the company has yet completed, faced a host of problems when they were delivered, a year late, including burst pipes and a barrage of criticism over its finishings, described as “cheap,” “poor” and “horrible.” According to local reports, much of the material for the developments was supplied by Damac’s own Omani subsidiaries Al Shams and Al Amana.
Riddoch admits there were “snagging” issues at Marina Terrace and The Waves, but he insists that the company has worked hard to put things right. “Notwithstanding the fact that both projects were delayed as a result of force majeure [unforeseeable consequences], we paid our customers interest on the monies that they had paid. And we gave them white goods and internal housekeeping services for a period.”

The delivery slippages and unrealistic completion dates forced Damac’s chairman, Hussain Sajwani, to admit last month that his company needs to make more realistic deadlines. Riddoch, however, insists the company and its projects are very much on track. “Our projects are very, very sound, very, very well financed, and are going forward very, very well,” he says.
Those familiar with the company’s history and financing are less sure, and say clues to Damac’s approach to real estate, in which it has been a player for only four years, can be found in its past. “The problem with Damac is over-commitment,” says one former insider, who spoke on condition of anonymity. “There’s a pattern of behavior here. He [Sajwani] likes to bet the farm … and he’s bet the farm and more. He has publicly said he has a portfolio worth $4 billion. You can just imagine the leverage he has on this.”

None whatsoever, according the chairman. Sajwani claimed in 2004 that all the funding for Damac’s real estate developments in Dubai are being met from internal resources. “At no stage have we asked for external funding from financial institutions or from private investors – as things stand now, we do not see the need to,” he said. “We are quite solid on our own. When we have our own funding, where is the need to go in for outside resources? As such, our property-related investments carry zero debt.”

‘Banks don’t tell.’ One business figure with connections to the company finds this incredible. He told Arabies TRENDS: “Ask the banks. That’s where you’ll find answers. But, of course, banks don’t tell. But, how can you go from nothing to everything in just four years without the help, or connivance, of the banks?”

Damac has also come under fire for its aggressive sales techniques. Aside from the billboards, radio spots and TV adverts, its aggressive sales team operates from offices as far afield as Britain, Iran, Russia and South Africa. Many buyers bought properties as investments on the back of contracts with unrealistic completion dates, expecting to make money on renting. It’s these people Iain Robertson is concerned about.

But despite the high profile, the company’s marketing sometimes smacks of desperation. Earlier this year, one promotion offered Jaguar cars as an incentive to buyers. Over summer it was tickets to the World Cup in Germany. After that, the company was giving away the keys to studio apartments in its developments to any takers for bigger units. Sales agents have told local newspapers in Dubai that demand has been so poor for some offerings the company has been selling units at prices lower than the original offering price.

Reports such as these, and their own experiences, have made purchasers wary. Darrell Stanley says: “I’m still very skeptical, and I certainly don’t believe that we’ll see main construction starting by the end of this year. But, even if the worst came to the worst, my lawyer says Emaar, the master planner for the Marina project, will step in and finish the tower.”

This could be wishful thinking, as investors who lost everything in the Light House debacle can attest. Egyptian property developer Emad Ayoub fled Dubai in April 2005, reportedly to Britain, having taken 14 million dirhams ($3.8 million) in advance payments for off-plan apartments. His Light House tower, which would have been built in Dubai Marina, never made it past the foundations, but investors have been unsuccessful in convincing Emaar, which has oversight of the entire Marina developmment, to finish it. Investors are currently awaiting a decision from the Ruler’s Court in Dubai.

Robertson admits his case is less pressing than those who bought their apartments with the intention to make money from rents. “I’m not really looking at it for another two years, so I’m not really in that much of a hurry,” he says. “It’s just the lies they’re telling, you know? I just don’t know whether it’s going to fold or what it’s going to do.”

DAMAC Properties begins work on 1st residential tower in Business Bay
20-Nov-2006


La Residence at the Lotus

DAMAC Properties, the largest private real estate developer in the UAE, has begun work on its 1 st residential tower, ‘La Residence at the Lotus’, in Business Bay , Dubai . The 58-storeyed luxury residential tower is inspired by the petals of the lotus flower.

Hussain Sajwani, Chairman, DAMAC Group, said “This residential tower at Business Bay was a strategic decision and a much needed project as majority of them in the area are commercial. With this launch people staying at La Residence will be just a walk away from their offices in Business Bay ”.

La Residence at the Lotus will offer 1, 2 and 3 bedroom apartments with each master bedroom having a private spa-bath. The facilities include 3-level podium parking, 5-level basement parking, valet parking, room service, laundry service, mail delivery and collection, security, 24-hour concierge, help-desk service, swimming pool, kid’s pool, jogging track, gymnasium and health club.

begun work.. on what... the design?

at the tower!

Now, can we please have a 2-minute silence, in honour of the next 10 years of pain and heartache about to be witnessed by non-witted Damac investors. Thank you...

Interesting article there, is pretty much everything that we've been talking about. They really need to pull themselves together and hopefully this is happening or will be.
And what's this BS about this project starting? If that's true then thumbs up to them for finally getting something right. I find it really hard to believe though, especially since we don't even know the site yet so we can't disprove it :lol:

they probably haven't even bought a plot until now.

^^ They bought the plot back at the start of this year when the supertall plots were auctioned off

Riddoch, however, insists the company and its projects are very much on track. “Our projects are very, very sound, very, very well financed, and are going forward very, very well,” he says.


The repetition of "very" six times only a few words apart is quite indicative of a lie. It's one of the hallmarks, in addition to formality.

I have a feeling Sajwani will blame Ned Flanders here when the shit hits the fan.

So he thinks Ocean Heights is going very very well :D

http://www.ameinfo.com/images/news/1/32111-damac.jpg
these tower's are cool looking

i know the first tower in post#2 . t was plan to built in Labanon in Birut before war......

anyway these towers make me krazy eche time i see it wow wee

so they aren't going to get built ? , i wish they would build these cool tower's at the burj complex

The 60F residential tower just released is the shortest one of the four.

The repetition of "very" six times only a few words apart is quite indicative of a lie. It's one of the hallmarks, in addition to formality.

I have a feeling Sajwani will blame Ned Flanders here when the shit hits the fan.

why poor ned? He should blame smithers , hes the sly cunning little fox:banana:

The 60F residential tower just released is the shortest one of the four.:eek2::eek2::eek2:, wow what's the tallest 1 out of these cool tower's.

if you check the perspective of the rendering you can see that the towers in the background are maybe 10-20 storeys taller

but i'm not sure whether the first one also is the tallest one

http://img108.imageshack.us/img108/6394/damacnx5.jpg

The highlighted one only has about 45 floors according to this render. The tallest one is around 60F so that could be this one.

altin says this is the shortest one however.

anyway location is not sooo good.

^^ I have seen Damac advertising boards in SZR and the sortest one in the foreground is La Residence, as they call it.

its location is at the back of BB facing Al Khail rd

will add it to emporis when we have more info

would love to see this one materialise! :)

will add it to emporis when we have more info
do you work for emporis ?

Wasn't easy to model since every surface was curved in some way.

http://img176.imageshack.us/img176/7188/bigfatmapnb3.jpg

^^ great job malec:)

It's fun to watch the generic placeholder towers in your SU model slowly be replaced by real projects, Malec.

Well then have fun with the new Dubai Towers :nuts:

sweet design

http://i9.tinypic.com/2zfqu00.jpg

R

^^ nice pic, i had a big question. how come there using the old design of the business bay plan in the pic ?

http://i9.tinypic.com/2zfqu00.jpg

R

i wish they would build the old design SO bad :)

http://dubaiwaterfronts.com/sitebuilder/images/lres_daypicture1-280x400.jpg

http://dubaiwaterfronts.com/sitebuilder/images/lres_nightpicture-280x400.jpg

http://dubaiwaterfronts.com/sitebuilder/images/lotusplanpic-347x415.jpg

http://www.gowealthy.com/realestate/uae/dubai/laresidence/images/overview_01.jpghttp://www.gowealthy.com/realestate/uae/dubai/laresidence/images/overview_02.jpghttp://www.gowealthy.com/realestate/uae/dubai/laresidence/images/overview_03.jpg

^^ kick ass renders

can't complain about Damac's designs, no.

who is the architect? great find krazy.. the plans n all

ok
now we definitely know they all have different heights and this one is the smallest of the 4

No info about this one about Cityscape??

Location

http://i17.tinypic.com/49a77n5.jpg

^^ nothing new.

i expected a better plot for those. at least waterfront.

but still.. i just imagine driving along al khail road.. oh my.

same here dubaiflo, so that's the actual business bay there going to built ? with all those buildings

http://dubaiwaterfronts.com/sitebuilder/images/lres_nightpicture-280x400.jpg



http://www.ento.csiro.au/aicn/images/cain567.jpg

^^ lol

:|



DAMAC’s La Residence almost sold out

Luxury lifestyle provider and the region's leading private sector developer, DAMAC Properties, in less than two months has sold 75 per cent of ‘La Residence at the Lotus’, the company’s first residential tower in Business Bay. Often referred to as the upcoming Manhattan of the Middle East, Business Bay is Dubai’s freehold commercial and business cluster strategically located off Dubai Creek and extending all the way to Sheikh Zayed Road.

“The beauty of the island inspired DAMAC Properties to pioneer a residential complex at the heart of Business Bay. This residential tower at Business Bay was a strategic decision and a much needed project as majority of them in the area are commercial. With this launch people staying at La Residence will be - just a walk away from their offices in Business Bay. We are delighted to introduce yet another masterpiece for the discerning community in the Middle-East and worldwide,” said Hussain Sajwani, Chairman, DAMAC Group.
La Residence at the Lotus will have 1, 2 and 3 bedroom apartments, with each master bedroom having a private spa-bath, thoughtfully planned space and utilities, tastefully chosen furniture and joinery and elegantly designed interiors. In addition, the tower will have parking at 3 levels of the podium plus 5 basements, valet parking, laundry service, mail collection and delivery, security, state-of-the-art IT facilities, room service, 24 hour concierge and help desk facilities.

The architectural design of the spectacular 58-storeyed tower is motivated by petals of the Lotus flower. “We are proud to have sold 75 per cent of the tower in less than two months. Our inspiration for this project comes from the spectacular surroundings untouched by the stressful buzz of business life, the site location, the enveloping water body and one of the most celebrated flowers in the world, the lotus,” said Peter Riddoch, CEO at DAMAC Properties.

The ‘La Residence’ tower also offers the perfect choice of amenities such as; swimming pool, kids’ pool, jogging track, gymnasium, with separate male and female changing rooms, function rooms, health club, sauna, steam and massage facilities and children’s play area. The project is a distinctive lifestyle expression that offers unparalleled opportunities such as shopping at the varied choice of branded stores, unwinding over a cup of coffee or meeting up with friends and family over dinner. The tower has retail stores at the ground and mezzanine levels in addition to cafés, juice bars and restaurants with outdoor settings.
In line with the government’s introduction of freehold ownership, DAMAC was the first to introduce iconic properties on all the freehold master planned development launched by Dubai and Abu Dhabi governments. Throughout the spectrum of 52 buildings launched to date, DAMAC Properties provides a luxury lifestyle that is second to none. The total value of DAMAC Properties’ projects is over US$4 Billion. It is a subsidiary of the DAMAC Holding established in 1982.

DAMAC Holding has now grown into a global conglomerate with more than 6000 employees in 18 countries. Being the first private sector company to make a commitment to Dubai’s real estate market, DAMAC Properties has become the market leader with a strong sales record to its credit.

i hope that means the construction start is'nt far away :)

^^ if it is almost sold out, they most likely going to to start soon, i like the location cuz you get to see a good view of the BDC

^ I Wouldn't be so sure, this is DAMAC we are talking about here :lol:

Doubt we'll see much activity till 2008 personally.

sold out means nothing to DAMAC, I mean those Swiss Re looking towwrs in DIFC have been "sold out" for years and they still havent started

Park Towers u mean :D

well give em their time :rofl:

but to me it seems like DP would push developers to start fast. so we might see it UC in 2007

Damac launches La Residence 2

http://www.tradearabia.com/source/2007-02/04/dama.jpg

Damac Properties has launched ‘La Residence 2 At The Lotus’ – its second residential tower in the iconic Business Bay development.

The launch of La Residence 2 follows the overwhelming success of its first tower ‘La Residence, which is 83 per cent sold out.

The first tower was launched during end of November 2006.

Often referred to as the upcoming Manhattan of the Middle East, Business Bay is Dubai’s freehold commercial and business cluster strategically located off Dubai Creek and extending all the way to Shaikh Zayed Road.

Unveiling details about the second tower in Business Bay, Damac Group chairman Hussain Sajwani said: “Close on the heels of the impressive success of our first tower, which is almost sold out within two months of its launch, we are delighted to introduce yet another masterpiece for the discerning community in the Middle East and worldwide. ‘La Residence 2 At The Lotus’ offers everything that one seeks – from state-of-the-art facilities to the bliss and beauty of nature.”

Peter Riddoch, CEO at Damac Properties, adds:

“The development of these towers at Business Bay is a strategic decision and a unique and accessible opportunity, given the fact that majority of projects within the development are commercial With La Residence and La Residence 2, we offer a pioneering, premier residential complex within the heart of Business Bay.

“The impressive architectural design of the spectacular 64-storeyed tower is motivated by petals of the Lotus flower. “Our inspiration for this project comes from the spectacular surroundings untouched by the stressful buzz of business life, the site location, the enveloping water body and one of the most celebrated flowers in the world, the lotus,” said Riddoch.

La Residence 2 At The Lotus will have 1, 2 and 3 bedroom apartments and penthouses, with each master bedroom having an exclusive spa-bath, thoughtfully planned space and utilities, tastefully chosen furniture and joinery and elegantly designed interiors.

In addition, the tower will have parking at 3 levels of the podium plus 5 basements, valet parking, laundry service, mail collection and delivery, security, state-of-the-art IT facilities, room service, 24 hour concierge and help desk facilities.

The project is a distinctive lifestyle expression that offers unparalleled opportunities such as shopping at the varied choice of branded stores, unwinding over a cup of coffee or meeting up with friends and family over dinner.

The tower has retail stores at the ground and mezzanine levels in addition to cafés, juice bars and restaurants with outdoor settings.

The Tower also offers the perfect choice of amenities such as; swimming pool, kids’ pool, jogging track, gymnasium, with separate male and female changing rooms, function rooms, health club, sauna, steam and massage facilities and children’s play area.

In line with the government’s introduction of freehold ownership, Damac was the first to introduce iconic properties on all the freehold master planned development launched by Dubai and Abu Dhabi governments.

Throughout the spectrum of 52 buildings launched to date, Damac Properties provides a luxury lifestyle that is second to none.

The total value of Damac Properties’ projects is over $4 billion. It is a subsidiary of the Damac Holding established in 1982.

Damac Holding has now grown into a global conglomerate with more than 6000 employees in 18 countries.

Being the first private sector company to make a commitment to Dubai’s real estate market, Damac Properties has become the market leader with a strong sales record to its credit.

Damac Properties is part of Damac Holding.

The company was established in 1996 and has grown into one of the most successful residential, leisure and commercial developers in Dubai and the Middle East, and is expanding rapidly into North Africa, Jordan, Lebanon, Qatar and the Far East.

The company’s portfolio of 52 towers is worth over Dh15 billion.

By partnering with world renowned architects and designers, Damac Properties aims to develop schemes that include residential, commercial and leisure facilities that will create an integrated community.

The company’s schemes are located in the most desirable and exclusive locations and the homes are built to a high quality specification that has become synonymous with the group.

Driven by a passion for excellence, Damac Properties manage all their projects from start to finish.

The company’s diverse range of expertise allows them to control their land purchase activity, appointment of architects and designers, construction and sales and after sales service.

In addition to support services provided by their Dubai headquarters, the company’s comprehensive Customer Care Programme provides solutions through its vast regional network with offices in the UK (London, Manchester and Glasgow), UAE, Iran, Russia, Jordan, Lebanon and Qatar.

Damac Holding has grown over the years from a specialist catering company established in 1982, into a multi-billion dollar corporation to become one of the largest organisations in the Middle East.

http://img478.imageshack.us/img478/35/damackx8.jpg

^^ So they say 64F for the 2nd one. Are you sure we shouldn't change to 67F since there's a 3-storey podium as well I think. That's why we changed the last one from 58 to 61F

^^Why not?!

^^ So they say 64F for the 2nd one. Are you sure we shouldn't change to 67F since there's a 3-storey podium as well I think. That's why we changed the last one from 58 to 61F

I think the podium floors are included in the tower floor count?.. at least that's the way it is for majority of marina towers...

^^ Podium floors are never included on the count by developers. They list only the floors that they can sell.

^^ That's what I thought. Anyway, if we don't count the podium it should be 58 and 64. Then if we do count it it should be 61 and 67. I'll change to 67, change back if you want.

BTW these towers are stunning! Especially in that last render. Let's hope damac eventually build them

if they don't go bust the question is not IF but when ;)

aside from this 61 and 67F is correct and indeed they look stunning.

^^ That wasn't the case when he looked around for months last year for an apartment to buy... for example in paloma emaar clearly specified that the apartments start from the third floor because the first two floors are podum floors

DAMAC launches 'La Residence 2' - second

Luxury lifestyle provider and the region's leading private sector developer, DAMAC Properties, has launched 'La Residence 2 At The Lotus' - its second residential tower in the iconic Business Bay development.

http://www.ameinfo.com/images/news/0/35470-damac.jpg
'La Residence 2 At The Lotus'.

The launch of La Residence 2 follows the overwhelming success of its first tower 'La Residence', which is 83 per cent sold out. The first tower was launched during end of November, 2006.

Often referred to as the upcoming Manhattan of the Middle East, Business Bay is Dubai's freehold commercial and business cluster strategically located off Dubai Creek and extending all the way to Sheikh Zayed Road.

Unveiling details about the second tower in Business Bay, Hussain Sajwani, Chairman, DAMAC Group, said: 'Close on the heels of the impressive success of our first tower, which is almost sold out within two months of its launch, we are delighted to introduce yet another masterpiece for the discerning community in the Middle East and worldwide. 'La Residence 2 At The Lotus' offers everything that one seeks - from state-of-the-art facilities to the bliss and beauty of nature.'

'The development of these towers at Business Bay is a strategic decision and a unique and accessible opportunity, given the fact that majority of projects within the development are commercial With La Residence and La Residence 2, we offer a pioneering, premier residential complex within the heart of Business Bay.,' said Peter Riddoch, CEO at DAMAC Properties.

The impressive architectural design of the spectacular 64-storeyed tower is motivated by petals of the Lotus flower. 'Our inspiration for this project comes from the spectacular surroundings untouched by the stressful buzz of business life, the site location, the enveloping water body and one of the most celebrated flowers in the world, the lotus,' added Mr. Riddoch.

La Residence 2 At The Lotus will have 1, 2 and 3 bedroom apartments and penthouses, with each master bedroom having an exclusive spa-bath, thoughtfully planned space and utilities, tastefully chosen furniture and joinery and elegantly designed interiors. In addition, the tower will have parking at 3 levels of the podium plus 5 basements, valet parking, laundry service, mail collection and delivery, security, state-of-the-art IT facilities, room service, 24 hour concierge and help desk facilities.

The project is a distinctive lifestyle expression that offers unparalleled opportunities such as shopping at the varied choice of branded stores, unwinding over a cup of coffee or meeting up with friends and family over dinner. The tower has retail stores at the ground and mezzanine levels in addition to cafés, juice bars and restaurants with outdoor settings. The Tower also offers the perfect choice of amenities such as; swimming pool, kids' pool, jogging track, gymnasium, with separate male and female changing rooms, function rooms, health club, sauna, steam and massage facilities and children's play area.

In line with the government's introduction of freehold ownership, DAMAC was the first to introduce iconic properties on all the freehold master planned development launched by Dubai and Abu Dhabi governments. Throughout the spectrum of 52 buildings launched to date, DAMAC Properties provides a luxury lifestyle that is second to none. The total value of DAMAC Properties' projects is over US$4 billion. It is a subsidiary of the DAMAC Holding established in 1982.

DAMAC Holding has now grown into a global conglomerate with more than 6000 employees in 18 countries. Being the first private sector company to make a commitment to Dubai's real estate market, DAMAC Properties has become the market leader with a strong sales record to its credit.

those designs are Breathtakeing

DAMAC wont build them

This project has a while to go before it gets started regardless of whether damac or someone else builds them. This is because of the location. There's no land cleared on the other side of the road and they also have to build the bridges

This project has a while to go before it gets started regardless of whether damac or someone else builds them. This is because of the location. There's no land cleared on the other side of the road and they also have to build the bridges

Dont it work the otherway around in dubai?

This project has a while to go before it gets started regardless of whether damac or someone else builds them. This is because of the location. There's no land cleared on the other side of the road and they also have to build the bridges
but were talking about Dubai here :lol:

but we are also talking about damac here ;)

^^ yeah true, but i having a feeling that EMAAR will just take over ;)

^^ EMAAR isn't in charge of Business Bay. Dubai Properties is.

Guys, do u know the status of these towers? We bought some apartments here and according to them, it will be completed in 2009. Does it look possible? Thanks.

according to them, it will be completed in 2009. Does it look possible?

No chance!
The land in the area where these are is not even ready to build on yet. Considering this, the fact that it's Damac behind it, and also that it's a fairly large complex with a large podium, etc. Give it 4 extra years.

^^ at least ... for completing the structures only. :runaway:

No chance!
The land in the area where these are is not even ready to build on yet. Considering this, the fact that it's Damac behind it, and also that it's a fairly large complex with a large podium, etc. Give it 4 extra years.

Damn! Ive learned about DAMAC from the site, and from what I can see here is that they are unreliable, and are late ALL the time in delievering their projects. Do you know about the final quality of their work and if is high quality or not?

^^ From what I understand, for their first several projects had some significant problems with the finishing quality but "supposedly" they'll be doing better now. If you can somehow wait out the outrageous delays and they eventually build it you'll be in luck because their designs are second to none :)

cool looking towers....

^^ From what I understand, for their first several projects had some significant problems with the finishing quality but "supposedly" they'll be doing better now. If you can somehow wait out the outrageous delays and they eventually build it you'll be in luck because their designs are second to none :)

I have recieved an email from DAMAC saying that the Lotus Project is delayed for 24 months due "faliure of the current occupants to relocated to new premises"!!! What the hell, this land is desert, what CURRENT OCCUPANTS?

First of all, they infuriate me by offering me a refund on my ORIGINAL BUYING PRICE, not the new market prices!! And as a gesture, they will offer a 10% discount on any DAMAC property I choose to purchase.

I hate this stupid company and no thanks I dont want to buy anything with DAMAC in it--and they can take their stupid gesture and put it where the sun dont shine.

Do you guys think if I should sue this company or demand that they give me the current rates of the apartments I bought, or what?

Thanks.

24 months :no:

I have recieved an email from DAMAC saying that the Lotus Project is delayed for 24 months due "faliure of the current occupants to relocated to new premises"!!! What the hell, this land is desert, what CURRENT OCCUPANTS?

First of all, they infuriate me by offering me a refund on my ORIGINAL BUYING PRICE, not the new market prices!! And as a gesture, they will offer a 10% discount on any DAMAC property I choose to purchase.

I hate this stupid company and no thanks I dont want to buy anything with DAMAC in it--and they can take their stupid gesture and put it where the sun dont shine.

Do you guys think if I should sue this company or demand that they give me the current rates of the apartments I bought, or what?

Thanks.

You have made over 4400+ posts thus far. So, I am little curious that if you knew about Damac's track record, what made you buy into this location. Secondly, surely, you must be familiar with Dubai by now and would have done some research before buying into this location.
I am a Damac investor and honestly I have absolutely nothing to complain about...yet!
I read many bad reviews on Damac but I took them with a little pinch of salt because most were written by 16-25 enthusiasts watching from afar. Just my hunch!
As for your situation, I would insist on a refund at the current psf price and not what you paid originally. That should give you a good profit.
If you need further help then send me a pm.

Good luck

I have recieved an email from DAMAC saying that the Lotus Project is delayed for 24 months due "faliure of the current occupants to relocated to new premises"!!! What the hell, this land is desert, what CURRENT OCCUPANTS?


Check google earth (I know it's old but still), there are still some buildings in the area where this is to be built. Even if they have knocked them down by now the land isn't prepared by dubai properties yet.
Maybe there are some recent pictures showing this area? I don't know

You have made over 4400+ posts thus far. So, I am little curious that if you knew about Damac's track record, what made you buy into this location. Secondly, surely, you must be familiar with Dubai by now and would have done some research before buying into this location.
I am a Damac investor and honestly I have absolutely nothing to complain about...yet!
I read many bad reviews on Damac but I took them with a little pinch of salt because most were written by 16-25 enthusiasts watching from afar. Just my hunch!
As for your situation, I would insist on a refund at the current psf price and not what you paid originally. That should give you a good profit.
If you need further help then send me a pm.

Good luck

Watching from afar ... as supposed to you others who fell for fancy advertising boards? And not all the enthusiasts belongs to that age category, not to mention that the majority of those youngsters have shown more mature understanding then the old folks with money to burn (literally).

Watching from afar ... as supposed to you others who fell for fancy advertising boards? And not all the enthusiasts belongs to that age category, not to mention that the majority of those youngsters have shown more mature understanding then the old folks with money to burn (literally).
I admire the work you do for this forum and obvious demonstration of your tireless energy. Furthermore, I am always looking forward to your submissions.
I am truly grateful to this site for providing invaluable information as I am an armchair investor.
With regards to my comments. It is just my opinion as you expressed yours. No hard feelings to 18-25s as I have a couple of those myself.
Happy snapping!

:rofl:

24 months .. this was launched 12 months ago ... Damac i just ridiculous..

Thanks guys for your replies, but apparently some United Nations office or something is in their land, and they were given an extention to stay there until 1.5 years!

According to Tamer (who is head of sales for the Lotus), the Lotus 2 tower is ontime; however, Lotus 1 tower is theone delayed as it lies directly in this UN land! Correct me if I am wrong, but isn't the whole project one massive project as opposed to 4 separate towers each being built separately. After all, they share the same podium!

I am never going to invest in DAMAC again, and will personally meet with these agents to give them a piece of my mind. After all,I am a civil engineer so they cant talk crap about construction delays and expect me to believe them.

This is quite a hurdle, leasing commitee wont let those tenants go easily even if the Landlord wants to evict them

Guys any update on this, there is a payment due and i didnt hear from DAMAC anything so far.

Guys any update on this, there is a payment due and i didnt hear from DAMAC anything so far.

As far as I am aware, DAMAC are not selling anymore units for the time being as there is a significant delay to this project. The land won't be released by the master builder (DP) for another couple of years and I guess the build will be another 3/4 years at least after that. So, 2014 is the likely completion date.
Don't pay until they remind you and then delay it further by going down the route of 'why pay when project is delayed?'
I'm sure they would be reasonable.
If they penalise you with interest then so what. You can offset some of the interest by putting your money in a high earning saving account as a safe bet or buy elsewhere and get the money that you have already paid back from Damac to pay future installments for any new purchase.
:cheers:

terrible news for investors here...

terrible news for investors here...

It's not "news"; it's speculation, based on realities on the ground that existed even when this tower was launched. If an investor is unhappy now, he didn't do much research when he bought, because this time table was inevitable from the beginning, no matter who the developer was, because of the location.

It's not "news"; it's speculation, based on realities on the ground that existed even when this tower was launched. If an investor is unhappy now, he didn't do much research when he bought, because this time table was inevitable from the beginning, no matter who the developer was, because of the location.

ok, you are definetly right. I was aware about the project but did not much reasearch because I was not interested in buying... Therefore I was kind of shocked and put myself in that situation.
BusinessBay is very hot at the moment but all these cancellation of projects, delays, rising construction costs etc are not really positive for the whole development..

The reason why this one will have to be built so late is because there's a building in the way.

I remember someone working for UN in that facility, complaining when word first came out that they were to be relocated elsewhere. He was saying that the relocation is like moving from Manhattan to New Jersey. :lol:

Construction Update

http://i31.tinypic.com/11alh8x.jpg

Anyone know how long have the UN been there?

^^
http://www.ameinfo.com/88097.html

dont know if this helps...

I HAVE BEEN OFFERED MY MONEY BACK FROM DAMAC WHO CAN NOT CONFIRM THE START DATE OF THE LOTUS PROJECT.

I think, this project will be cancelled as well....

Hi David,

can you please post the message you have recieved from damac and can you give more details, so that it will be helpful for the other investors in tha project.:)




I HAVE BEEN OFFERED MY MONEY BACK FROM DAMAC WHO CAN NOT CONFIRM THE START DATE OF THE LOTUS PROJECT.

On hold seems the best place for now..... Anyone disagree?

It can't be on hold since it never started in the first place

Fairway Heights
Suburbia
Tuscan 2
Amber Residence
Madison Residences
Westside @ Lincoln Park
Damac Heights
Burjside Boulevard
Lincoln Park
Lakeside
La Residence2 at Lotus
La Residence at Lotus
Тuscan Residence
The Waves
Emirates Gardens
Flamingo Heights
Lake Terrace
Emirates Gardens 2
Park Towers
Ocean Heights
Lagovista
Lagovista 2
The Crescent
Теrrа Del Sol 1 and 2
Marina Terrace
Palm Terrace
Fairway Heights
Haz Tower
Water's Edge
Lincoln Park
The Corner
Business Heights
Business Central
Business Gate
Capital Bay
Park Central
Executive Bay
Executive Heights
XL Tower
Smart Heights
Business Tower
Park Towers


Current projects of Damac in Dubai... + many more overseas..
Any project launched prior to RERA is exempt from RERA.... I wonder why?

Did anyone actually get a free car?

good news:)

Damac Properties 3rd project in Al Reem Island, Abu Dhabi

Venue: The Ballroom, Emirates Palace Hotel, Abu Dhabi
Date: 13th April 2008
Time: 8 pm onwards

what a pity, it is a wonderful project :(

Now they can offer camel with every apartment ...DAMAC is no limit

http://i32.tinypic.com/6p8agx.jpg

UN still seem well settled...

I have been driving on Khail and saw few progress made which confort me thinking that this project will not be canceled. Although the UN warehouses are still there, we can see a bridge under construction ending right in front of the warehouse, meaning that a road will be built at the place where the warehouses are.
I have called Damac recently and they ve reconfirmed that the completion of the project is sometime towards end of 2011.
Has anyone got any other updates?

^^ That will not happen even if those buildings were demolished and they started proper construction now.

What you can see is the bridge stopping short of the site, the UN even erected a new tent in front of the bridge. They will not go as they would have to construct a new UN head quaters, warehouses and offices.

this is the only project which is on hold due to a real problem, same goes for volante ect.
And DAMAC launched as much as they cold before RERA came into the picture, its all business.

From an internal source this project will never be built.

So I have asked DAMAC for a refund since September 2008 and until now they didn't refund me back claiming that they are waiting for RERA approval for refund. Does any one have the same situation? and what can we do about it.

DAMAC is trying to convince LOUTS investors to relocate their apartment in another DAMAC property.

JOOODY, did you purchase after the original offer of a refund back in October 2007, or are you an original purchaser from late 2006 early 2007?

I've heard nothing further about a renewed refund being offered or that the project will never get off the ground.

How accurate are your sources?

Back in 2007 when the refunds were offered, DAMAC was just trying to get the inventory back to resell for much more. What is going on now no one knows. Saying this I would really like to get to know the "internal source".

JOOODY, did you purchase after the original offer of a refund back in October 2007, or are you an original purchaser from late 2006 early 2007?

I've heard nothing further about a renewed refund being offered or that the project will never get off the ground.

How accurate are your sources?

I have purchased in early 2007, they have offered me a refund in Mid 2008 which I have accepted but they never made the transfer. What Damac is trying to do is to let investors to accept another option in a different Damac property and they are working on allocating another land for the Lotus.

Where are the investors of this tower, Guys come on an action needs to be taken.

What else has changed since Damac informed clients at the back end of 2007 that the entire Lotus project (1 & 2 at least) were delayed?

If the UN building's location is holding up the start to the development and we've been told that it could be 2010 before they are ready to go then there is nothing I can see that can be done.

They gave 3 options back in late 2007:

1) Pull out and ask for any money paid to be returned with LIBOR interest,
2) Select another DAMAC development and get 15% discount (I think I remember the %age right),
3) Stay with the original purchase and expect a delayed start.

I've just checked my contract regarding any compensation. They have worded the "Anticipated Completion Date" as 36 months after the handover of the plot by the Master Developer to the Seller.

If things run to plan: UN hand over in 2010 (let's say JUNE,) after another 3 years have past DAMAC are running 2 years late which is usual for them so the building could start handing over to clients in June 2015 for which you'd receive 18 months of penalty claim (The developer is allowed to vary the anticipated completion date by 6 months).

You then have to crystal gaze, what will the property market be like more than six years down the line in Dubai, numerous tower blocks will have been completed, other location such as Abu Dhabi could by then have moved into top notch. Life's a gamble.....

So which option did you go with?

What else has changed since Damac informed clients at the back end of 2007 that the entire Lotus project (1 & 2 at least) were delayed?

If the UN building's location is holding up the start to the development and we've been told that it could be 2010 before they are ready to go then there is nothing I can see that can be done.

They gave 3 options back in late 2007:

1) Pull out and ask for any money paid to be returned with LIBOR interest,
2) Select another DAMAC development and get 15% discount (I think I remember the %age right),
3) Stay with the original purchase and expect a delayed start.

I've just checked my contract regarding any compensation. They have worded the "Anticipated Completion Date" as 36 months after the handover of the plot by the Master Developer to the Seller.

If things run to plan: UN hand over in 2010 (let's say JUNE,) after another 3 years have past DAMAC are running 2 years late which is usual for them so the building could start handing over to clients in June 2015 for which you'd receive 18 months of penalty claim (The developer is allowed to vary the anticipated completion date by 6 months).

You then have to crystal gaze, what will the property market be like more than six years down the line in Dubai, numerous tower blocks will have been completed, other location such as Abu Dhabi could by then have moved into top notch. Life's a gamble.....

Hi prince 97,

I bougth me in this projekt in Jan 2007. After I made my first two payments DAMAC provides me with a contract where the seller is named as BIG Star Properties. I denied to make a contract with a "third partie" as my reservation and all my payments was made with damac. They force me to accept the contract without explaining the nature of Big Star Properties.
I was not willing to accept that and all what Damac did ist to terminate my contract ( wich I didn´t sign ) and tell me they keep all my money (aproxx. 1 Mio / AED ). Even when I got a letter from RERA wich stated that they are not allowed to do so...........the give a sh*t on this.
They canceled my contract after they offered the backpayment to all other investors.
As I can see today on the RERA website there is no BIG STAR registered with RERA and the Lotus projekt ist registered under DAMAC´s name..........
This people from Damac are real pirates & thiefes........

What I like to know:

1. Did you made your contract with DAMAC or with Big Star ?

2. What argument they use to "not pay back the money + Libor ) as they offered and some investors accept?

3. Is there allready any place where "Lotus victims" meet and chat ??

Best regards

Chinatrade

the developer will ask you to come and visit him , in order to replace your apartment with another one , other project , same like tuscan , or i do not know , at the IMPZ .

Please For all do not accept , what is this - after more than 2.5 year they are asking same like this question , and what they told you , they will give you another apartment and they will consider what you paid for them in lotus is a payment for the new one , we have no proplem , i asked them to give me any apartment equivelant to my apartment i purchased - Size & Location and view .

the only two project equivelant to lotus is either ocean heights , or park residence , and the projects in IMPZ Or Emirates Road is not equivelant to the same .

thier answer , if you want the same size in the above two towers , you have to pay 3 million extra :lol: , and this is the price list they have :bash: , i do not know , simply they type one excel sheet and they gave it to me telling me that this is the price :banana:

3 million , they are joking or what , the price at the resale market is not even 500,000 Extra to what i paid , what they are feeling the people are stupid or what . , really very bad , damac is very bad .

they do not feel what the investor are feeling , the investor is paying so much for thier apatment , and they spent too much time thinking about it , how to make decoration , and how to move to it , and thy promise thier families only to go near Dubai Mall and to finish the rent which they are paying mionthly - All Dreams .

Also damac is making ADviertisement - Invest With Us and the return shall meet more than what you expect - Luxury Live - and promises .

you know somthing now , really i do not care if the apartment will come or no , but i want the goverment to show damac property what they desirve .

however , it should not take too much time for us to take action against this . please all investor cooperate with us in order to finish this drama .

Bad , very bad Damac .

Hi All,
I have been talking to Damac lately about exchanging my 2 bed appartment to something equivalent. I have given up, as what was offered was a 2bed in lago Vista at IMPZ - way too far away, and badly finished. Their price was 2.2m, and they could give a 10% discount, which is no way close to what I paid. When talking to their commercial people, you could still feel that arrogance of before the crisis, and they seems that they have not realized that the market is changing from a seller's market, to a buyer's market.
I will open a group on facebook for all unhappy customer of Damac - The lotus project.
Stay tuned

I have created the group...it s called The lotus at Damac.

ok got it

Hi all,

Is there any owners association for the Lotus ? Maybe we should get united to choose the best lawyer(s) to defend our interest against Damac?

I am sure that Dubai officials wont let a real estate developer damage the entire UAE reputation.

:ohno:pitiful advertising:ohno:

Use Dubaipropertyclaims.com, Don't use here.

www.dubaipropertyclaims.com

i try to post it there but the website is facing problems.

ty

www.dubaipropertyclaims.com

Website for claims have been closed...is there someone trying to shut down unhappy customers comments ?

the owner never paid the renewal fee...

so what the solution now , we have to wait , this is not fair , any bosy have suggestion

The land is unlikely to be handed over as the UN are firmly placed. Even bridges which should cross the land are not under construction.

I'm sure Damac would want customers to swap into other towers, I would only recommend this at the same AED SQFT.

Much speculation is place on DAMAC being now a goverment owned company, it is likely they will try and use law 9, 2009 to avoid a full refund.

what do you mean use law no.9 - 2009 , what it is ?

Refund sliding scale, check the investment thread.

Google - law 9, 2009 rera

Hello all, I am based in Dubai and will be forwarding a case to Dubai courts to receive a full refund. Having had preliminary talks with a lawyer based in Emaar Business park they feel as though we have a very very solid case that will result in a successful outcome.

The lawyer goes further and says that Damac are committing fraud by selling units even though the land was not in their hands.

This will obviously be a costly experience, however, a risk that we're confident of.

I have already been told that court fees will be AED 30,000 - this fee will be paid by the loser of the case. Lawyer fees have still yet to be negotiated, and the case will most likely take 6 months to complete from start to finish.

We asked the lawyer what happens if within the next 6 months land is handed over to Damac and they start work. The lawyer informed us that the case will be based on the date of filing, so irrespective what happens after that the case will be based on your initial request.

We have yet to make a final decision on whether to move forward with this, but the next step is to find out how much the lawyer fees are.

Will keep you posted

Good Luck..

Please remember that Dubai Courts will only deal with investors individually.

I again expect Damac to use some part of law 9, a full refund is unlikely.

I have already talked to a lawyer to file a case , the cost is AED 30K as a court fee + %10 of the refund amount as well as expenses i.e translation.

http://archive.gulfnews.com/business/Real_Estate_Property/10312791.html

Where the developer has not started construction, the buyer must forfeit 30 per cent of the amount already paid by the buyer.

How much have you paid, as this is the likely outcome.

...And we will start collecting names and contacts information for the buyers to coordinate
between them and call them to take the necessary legal measures and this will
not cost you any thing at this stage.
Mr. Nasser Jawad Al-Arbash a lawyer from Kuwait (Law firm since 1969-
www.alarbash.ws) who is also an owner in the project has accepted to take charge of coordination
between effecters of the owners without any pay to set the office of an
specialized lawyer in these kind of cases in Dubai, so to reach
Final decision which we have to take about these losses, especially
That Damac has not responded to any of the owners we know .
We believe that our actions as one group will reduce the expenses a lot.
Please send us your name,unit number & contact informations to:
alarbash@alarbash.ws
and we will keep you posted as we go along.
NASER JAWAD ALARBASH
AGROUP OF La Residence - the Lotus(2)- Buyers

DAMAC WEBSITE :...Recently customers were invited to take part in a ‘Recovery Programme’ where by they were given the option to switch their investment from a less advanced development to a ready or nearly completed project – so giving them the opportunity to realise their asset more quickly.
Chief Executive of DAMAC Properties, Peter Riddoch explained: ‘Our ability to offer customers a range of options has undoubtedly been one of the strengths that we have capitalised on during the first half of the year...

Peter Riddoch forgot to say the 150 % square feet price increase they charge on their "recovery programme"

http://www.arabianbusiness.com/562242-exclusive-damac-accused-over-selling-flats-on-un-site-in-dubai
Damac accused over selling flats on UN site in Dubai

http://i29.tinypic.com/md065z.jpg

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guys...this project is dead....just get away from it.

Soon to be moved to never built.

Yes, a shame !! :wallbash:

Soon to be moved to never built.

which Damac project has more chance to be ever built ? :)

The Lotus or Palm Springs (Palm Jebel Ali )

The Lotus!
Don't forget, Nakheel is in charge of palm jebel ali.

Good evening, did someone know how i have to proceed to buy my joint buyer's part of the apartment we bought together. Is there a form ?

Filing my case soon as holidays are over. If anyone is willing to join, please get in touch. This is a dead stock!

Filing my case soon as holidays are over. If anyone is willing to join, please get in touch. This is a dead stock!

Nelson, forwarded you the copy of judgement the lawyers received on this property.

Has anything progressed in retrieving your funds from this project?

I copied the in italics article from the LAKE VIEW bulletin board on SSC.

It mentions in the text that Dr Hardt has had two of his off-plan purchases, "Lotus Residences" and "Wildflower," cancelled.

Am I correct in taking it that Lotus Residences refers to La Residence at the Lotus? If so..... I have heard nothing. I have emailed the legal firm concerned but to date they have not got back.



"Lawyers representing a German investor, Dr Lothar Ludwig Hardt, said the developer allegedly used the money from other property projects to construct Park Towers, the only development that appears to be ongoing out of the five that Hardt had signed up in February 2007.

"These close links show the other four properties are connected to Park Towers… which should have been finished two years ago," Ludmila Yamalova, legal consultant and partner at Al Sayyah Advocates and Legal Consultants, told Emirates Business. She said Hardt has invested $9.7 million on five properties which, in addition to Park Towers include the two cancelled projects – Lotus Residences and Wildflower; Ocean Heights, which was scheduled for completion eight months ago; and Water's Edge, where construction hasn't been started yet.

The German investor is thus demanding refund of $9.7m and is seeking damages and lost profits caused by the developers' breach of contract and other violations of the UAE, Dubai and DIFC Courts. Yamalova estimates that damages, loss of profits plus all the legal fees could go up to $140m.

"As of today, defendants have not delivered any of the properties and have not complied with any of the contractual obligations to claimants," a claim form seen by Emirates Business said.

"Defendants have committed a series of violations of UAE, Dubai and DIFC Laws in connection with properties such as enticement and unfairness, illegal sale, failure to obtain necessary approvals, failure to commence construction timely, failure to timely register developer and obtain necessary license, mismanagement of escrow funds and violation of trust account regulations, unfair contracts of adhesion, fraud and deception… illegal competition, bribery, trickery, breach of trust, cheating in commercial transactions, money laundering and accomplice liability," said the claim form.

On Damac website, the residence Lotus project location map shows that developer have changed the project location from the initialy business bay UNO occuped plot to another plot between emirates towers and DIFC.

here is the map:
http://img227.imageshack.us/img227/1742/damac.png

they will never build it, forget about it. There is not even enough space in this area for such a massive development and no money too. Not to talk about demand.

Thanks King for map and advices, i will forget about this project as soon as land department will do their job and cancel it.

I also vote never built,

This location shows it would be dirrectly on top of the new exhibition center.

Let's all vote. Thing is does anyone knows when is the counting votes day ?
It seems that Damac is addicted to occupied plots.
Anyhow nothing hurry for me.

I don't have to vote do I ?

I'm going to be optomistic on this one; Damac have restarted a lot of their projects and this one might be next...

Should we read anything into the fact that they(DAMAC) have registered my off-plan unit in the "Interim real estate Register" known as Oqood? Letter dated 24th June 2010.

Still no mention that the location has been shifted, they still talk of it as La Residence, Business Bay.

RERA have changed "The LOTUS" location on is website.
For a project that DAMAC will never built...
http://rpdubai.ae/rpdubai/jsp/ProjectIndicator.jsp?imageLoc=../SharedFolder/ProgressIndicator/443_388.jpg&projectName=Progress%20Indicator%20of%20The%20Lotus

UN is out at the end of July..

Watch the space below,,,

DAMAC Properties begins work on 1st residential tower in Business Bay
20-Nov-2006


La Residence at the Lotus

DAMAC Properties, the largest private real estate developer in the UAE, has begun work on its 1 st residential tower, ‘La Residence at the Lotus’, in Business Bay , Dubai . The 58-storeyed luxury residential tower is inspired by the petals of the lotus flower.

Hussain Sajwani, Chairman, DAMAC Group, said “This residential tower at Business Bay was a strategic decision and a much needed project as majority of them in the area are commercial. With this launch people staying at La Residence will be just a walk away from their offices in Business Bay ”.

La Residence at the Lotus will offer 1, 2 and 3 bedroom apartments with each master bedroom having a private spa-bath. The facilities include 3-level podium parking, 5-level basement parking, valet parking, room service, laundry service, mail delivery and collection, security, 24-hour concierge, help-desk service, swimming pool, kid’s pool, jogging track, gymnasium and health club.

Now, can we please have a 2-minute silence, in honour of the next 10 years of pain and heartache about to be witnessed by non-witted Damac investors. Thank you...

UN is out at the end of July..

Watch the space below,,,

Great news , as the launch was in 2006 and they still not have the land:)

Lets wait another 5 years and probably they will start the piling . :lol:

Great news , as the launch was in 2006 and they still not have the land:)

Lets wait another 5 years and probably they will start the piling . :lol:

5 months Imre, 5years and the project will be finished..

5years and the project will be finished..

They said the same in 2006 :)

I know.. you know,, we all know..

But now I tell you they will be starting it,, you seem not to believe it..

I believe it , investors are still paying here or the developer has lots of free money and they want to waste it? :)

It would be the same miracle as the Pentominium , market price is half as before or even less now..

anyone know whats the latest on this project, have the UN gone, has any construction started, anyone got their money back via the courts?

Nearly gone

not yet i think..

offices are not vacant yet, however some wharehouses are. they are in no rush to vacate either.

2014 if ARABTIC is the contractor but with DAMAC mentality i would say 2016 as a completion date!!

Received an email today from DAMAC which stated that the project will be starting shortly. See below.

Having paid my deposit in February 2007, I could be moving in possibly in early summer 2015. (What about the loss of interest on my savings (£64K) for the last 5+ years???? [at 5% compounded this would be now worth £81,682 Gross)

Dear Valued Customer,

Further to our various updates on the status of your investment with us at The Lotus, DAMAC Star Properties have been given access by the Master Developer to commence construction.

The National Piling Company has been appointed as the Piling contractor and is currently mobilizing to site to commence the piling works.

In addition, the tender is out for the main contractor and we will keep you updated with the regard to their appointment and all subsequent developments at the project.

DAMAC is fully committed to the development of The Lotus Project in Business Bay and we anticipate that we will be welcoming you to take handover of your investment within 36 months.

Whilst we will be sending you regular updates of progress, you may also like to view works at our website www.damacproperties.com, The Lotus customer service team are also available should you have any queries and can be contacted at crm@damacproperties.com or on + 971 4 515 6111 alternatively by fax at + 971 4 373 1373.

Yours sincerely,

For and on behalf of Damac Properties Co. LLC

I can confirm that the piling has indeed started in one of the plots, although the frames of the warehouses are still not disassembled

Damac boards being put in place around the plot as we speak.....

Pictures taken on 3/5/12

http://i1184.photobucket.com/albums/z331/ianpowell76/IMG_6315.jpg

http://i1184.photobucket.com/albums/z331/ianpowell76/IMG_6316.jpg

http://i1184.photobucket.com/albums/z331/ianpowell76/IMG_6319.jpg



Source (http://www.skyscraperlist.com/showthread.php?53-THE-LOTUS-61F-67F-F-F-Mixed-Use-m)

May/2012

Back on track with Soil testing ...

http://www.damacproperties.com/plot-development/UAE/Dubai/Business-Bay/La-Residence-at-Lotus/44/constr-updates.xhtml?p=8&cons=t

19/August/2012

The Lotus

http://i46.tinypic.com/125mj3c.jpg

http://i50.tinypic.com/2zoivqv.jpg

Damac also published the first contruction update:

http://www.damacproperties.com/plot-development/UAE/Dubai/Business-Bay/La-Residence-at-Lotus/44/constr-updates.xhtml

However as Damac has two Lotus Projects in Business Bay I would suggest to rename it as: "La Residence at Lotus"

what is the Damac project in the background of the above picture? is it moving ahead?

update from damacproperties.com...

excavation works going on, hopefully we can see this beauty rising in 2013 :cheers:

http://damacproperties.com/uploaded-files/Property/ConstructionUpdates/-1/005.jpg

The whole idea of The Lotus was that the FOUR towers would form an overhead view of a LOTUS FLOWER. La Residence was the first tower put up for off-plan sales back in late 2006/early 2007. Quickly followed by Lotus 2.
If Towers 3 and 4 don't go ahead.... which seems more than likely in financial climate that will be lasting until 2020/22. Then the whole concept is holed below the water line.

More images:
http://www.damacproperties.com/plot-development/UAE/Dubai/Burj-Area/La-Residence-at-Lotus/44/constr-updates.xhtml?p=8&cons=t

It seems to be in the middle of nowhere. On the pictures posted on Damac Website, we have the feeling that there is even no road access.... :dunno:

We actually it is between two major roads so this won't be the problem but yes it is isolated from the rest of business bay.

12/2012
Pictures by DAMAC
http://imageshack.us/a/img819/4812/000505012.jpg
http://imageshack.us/a/img708/898/000405022.jpg
http://imageshack.us/a/img803/2553/000305011.jpg
http://imageshack.us/a/img211/9673/000201005.jpg
http://imageshack.us/a/img5/365/000101002.jpg
:cheers:

What about the rest of what used to be the UN plot. Is it sold to another developer or is it gonna stay barren

Well if The Lotus development ends up being the FOUR tower blocks that it should be to complete the four petals of the Lotus Flower, then I would think they'd need one hell of a size of site!

should be changed to UC

Jan 2013

http://www.damacproperties.com/uploaded-files/Property/ConstructionUpdates/-1/08122012315.jpg

http://www.damacproperties.com/uploaded-files/Property/ConstructionUpdates/-1/01122012282.jpg

http://www.damacproperties.com/uploaded-files/Property/ConstructionUpdates/-1/08122012302.jpg

http://www.damacproperties.com/uploaded-files/Property/ConstructionUpdates/-1/100_2874.JPG

http://www.damacproperties.com/plot-development/UAE/Dubai/Burj-Area/La-Residence-at-Lotus/44/constr-updates.xhtml?p=8&cons=t

Does anyone know the height for all the towers?

Nowhere in 11 pages of Bulletin Board does it mention anything else than 58(61 Storeys) and 64(67 storeys) The bracketed figures are the announced number of floors added to the 3 floors of above ground parking.
Some correspondents here say that the figures 58 and 61 already include the 3 levels for carparking........ Others say that the figures given out (58 and 61 for La Residence and La Residence 2 respectively) are the saleable floor levels, i.e. over and above the parking floors.

I have created the group...it s called The lotus at Damac.

Did this ever get going on Facebook?
I can't seem to locate.
Any help from those using would be appreciated.
Thanks

What about the rest of what used to be the UN plot. Is it sold to another developer or is it gonna stay barren

I believe the old UN plot will be used to complete a bridge/interchange construction. It was right in the path of an incomplete bridge.

New website of DAMAC:
http://www.damacproperties.com/en
And of La Residence at Lotus:
http://www.damacproperties.com/en/project/projects/la-residence-at-the-lotus.html

If Damac don't mess out with this lotus project delivery it is a still gold nugget for investors.

^^ And this statement is based on what?

comparison.

^^ Of an old render with what, exactly?

Rising over 250 metres, the four tower project will have 540 hotel rooms and over 1,400 service apartments

By Parag Deulgaonkar
Published Wednesday, March 06, 2013

http://i50.tinypic.com/244e81w.jpg
Damac Towers by Paramount (Supplied)

Damac Properties, a Dubai-based developer, on Wednesday launched a $1 billion hotel and branded serviced apartment project in Downtown Dubai, a master development that has seen the maximum project launches to date this year in the emirate.

The developer, in a statement, said the project, christened Damac Towers by Paramount, is being developed in collaboration with Paramount Hotel & Resorts, the official licensee of Paramount.

The four tower project, with each tower rising over 250 metres, will comprise 540 room Paramount Hotel & Residences and over 1,400 serviced apartments in Damac Maison.

The announcement follows the developer’s launch of the two towers in Dubai and Riyadh last month which are being built in partnership with Italy’s Fendi Group. The new project, which is currently under construction, will be completed by end of 2015, according to the developer.


.............



http://www.emirates247.com/business/economy-finance/damac-paramount-launch-1bn-downtown-dubai-project-2013-03-06-1.497629

http://i45.tinypic.com/r1nf3q.jpg

Berlin, Germany, 6th:
March 2013: From ‘’The Godfather’’, ‘’Breakfast at Tiffany’s’’ and ‘’Titanic’’, Paramount Pictures has become synonymous with entertainment and above all creativity, and today the brand stands for more – adventure and escape. Now, in its 101st year, the global launch of ‘DAMAC Towers by Paramount’ in Dubaimarks the company’s first venture into the hotel and real estate industry.

In an exclusive partnership with DAMAC Properties, the leading luxury private developer in the Middle East, and Paramount Hotel & Resorts (PHR-FZ-LLC), the official licensee of Paramount, ‘DAMAC Towers by Paramount’, will comprise a 540 key Paramount Hotel & Residences and more than 1,400 units of DAMAC Maison – Paramount co-branded serviced hotel residences located in the heart of the downtown Burj Khalifa area in Dubai, a new tourism hotspot.

The US$ 1 billion ‘DAMAC Towers by Paramount’ is currently under construction, and once completed by the end of 2015, will provide enviable views of the world tallest tower, the Burj Khalifa and provide easy access to one of the world’s largest shopping malls, The Dubai Mall. This area welcomed more than 65 million visitors in 2012, an increase of over 20 percent compared to 2011. The number is more than the amount of annual tourists to New York City (52 million).

FULL ARTICLE: http://bit.ly/WRUbq8

Delete paramount is the same lotus

Delete paramount is the same lotus

Are these "new towers" being constructed where the Lotus was to have been?
Is that the end of Lotus La Residence 1 & 2 ?

^^ It seams so

http://static.worldarchitecturenews.com/news_images/22186_1_damac.jpg
http://www.worldarchitecturenews.com/index.php?fuseaction=wanappln.projectview&upload_id=22186&q=dubai Images: DAMAC

Confusing thought doesn't seem to be the same plot thought the four tower design are a giveaway that lotus might be dead lets see

Signs at site Damac Maison???????????

^^ Damac Maison is actually the project name, only one of the towers will be a Paramaunt Hotel

Please modify if incorrect

http://wikimapia.org/#lat=25.1867203&lon=55.2914107&z=16&l=0&m=b

http://www.youtube.com/watch?v=WT1pBxactPM

http://i50.tinypic.com/mj0ic.jpg

Phase 1 of Damac’s $1bn Paramount project sold out on Night 1 - http://www.emirates247.com/news/emir...03-27-1.500287

The first phase of Damac Towers by Paramount, a luxury hotel and serviced residences in the Burj Khalifa Area of Dubai, has sold out the first phase during an exclusive invite-only launch event.

More than 1,000 investors were in attendance at the IMAX cinema at Meydan Hotel for the ‘premiere’ of the $1 billion development. Executives said the event was among the most successful launches since the Dubai property market resurgence of the past 12 months.

Clients came from as far afield as the UK, the Kingdom of Saudi Arabia, Lebanon, India, Nigeria and Russia. Damac Properties have announced they will release the second phase of apartments during a road show in India and the Kingdom of Saudi Arabia.

Developed by Dubai-based Damac Properties, in partnership with Paramount Hotel & Resorts, the project offers an ambience and reflection of the Hollywood glamour and California cool lifestyle, synonymous with Paramount Pictures over the past 101 years.

.....

They are also launching phase 2

Damac to launch Paramount project sales in Saudi - http://www.arabianbusiness.com/damac...di-496550.html

Damac Properties said on Wednesday it is launching phase two of a $1bn luxury hotel and serviced residences to Saudi investors, following a sell-out event in Dubai.
Damac Towers by Paramount is being developed overlooking the Burj Khalifa and the world's largest mall in Downtown Dubai.
More than 200 units were snapped up in just a few hours when the project was launched in Dubai, making it one of the most sought-after projects in the region.
Damac Properties said it will be presenting the project during a road show in Riyadh and Jeddah on April 6 with further events in Dammam and Makkah on April 7, with exclusive launch prices for the second release of the project.

....

With an 8% introductory discount, prices start at AED 1.9Million. (I take it that's for a one bedroom unit, I don't think they are doing "studios")

Nice looking project, available at pre-launch prices www.click4dubaiproperties.com (http://www.click4dubaiproperties.com)

This should be it. Picture taken by me april 2:

http://farm9.staticflickr.com/8125/8659368820_a594f3a588_b.jpg (http://www.flickr.com/photos/timdebruijn/8659368820/)
DAMAC TOWERS by PARAMOUNT construction site (http://www.flickr.com/photos/timdebruijn/8659368820/) by timdebruijn (http://www.flickr.com/people/timdebruijn/), on Flickr

so wait a second what will the plot be surrounded with on its immediate left and right? other projects or some garden?

they have a stand in moe

Why would anyone buy into this project? Look at Damac's history. Their Marina project that they have taken payments on for years is just coming out of the ground. That will stall whilst they appear to start this one! This will stall when they start their next project. Wise up......they will use your money to market their next project, and one day they will begin construction on a project they sold out years ago, stall it , get some more payments , and start to market their next one. This project will not be completed for ten years, who knows where the market will be by then?!

so wait a second what will the plot be surrounded with on its immediate left and right? other projects or some garden?

http://www.khaleejtimes.com/images/da-0603.jpg

^^ Really? You are using a brochure render to answer his question? :D

I know according to brochures dubai looks like Kuala Lumpur with lots and lots of lush jungles ...

For a sold out project they are spending loads to get buyers with DTC stands ...

Anyway, more towers are planned around. The area is part of the Business Bay project

so wait a second what will the plot be surrounded with on its immediate left and right? other projects or some garden?

There are other tower plots left and right of this development. There is no park in this area.

There are other tower plots left and right of this development. There is no park in this area.

On the renders there is green zone around Damac towers.

^^

So?

Anticipated Completion Date NOW: Dec 2016.

Estimated Handover Date: March 2017

Already slipping..... The early Press Releases on 6th March 2013 said "The new project, which is currently under construction, will be completed by end of 2015, according to the developer."

I must admit seemed a little too quick for Damac!

2016 seem optimistic but not impossible for 1st tower ; compare to the "never built", "soon cancelled", "it's a dead stock"...blablabla we read here from some well informed members of this forum it's quite a good news.

Has anybody checked out wether paramount is coming in same location as lotus? has Lotus been replaced?

looks like , from the map given in the broucher of Paramount, the shape and location looks same.

on May 15, 2013

DAMAC Properties has announced sales exceeding AED1bn ($272m) in its DAMAC Towers by Paramount development, which is under construction in the Burj Khalifa area of Dubai.

http://www.constructionweekonline.com/article-22438-dubais-damac-towers-by-paramount-sales-top-272m/#.UZRCF7V01ik