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Old September 17th, 2013, 07:01 PM   #1321
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Damac picks Deutsche, Citi for London IPO

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By Reuters | Published Tuesday, September 17, 2013

Damac Properties, a privately held Dubai property developer, has hired Deutsche Bank and Citigroup to help arrange an initial public offer of its shares in London, two banking sources aware of the matter said.
http://www.emirates247.com/property/...09-17-1.521392
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Old September 22nd, 2013, 03:09 PM   #1322
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No one has moved in ... And that a fact.
There is absolutely nothing remotely "luxurious" let alone functional about this project
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Old September 24th, 2013, 06:45 AM   #1323
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Originally Posted by 4everdreamin View Post
No one has moved in ... And that a fact.
There is absolutely nothing remotely "luxurious" let alone functional about this project
Damac keeps on lying to the owners of Oceanscape .
How you can start handover the units from May 2013 when the building is not completed.
The only reason is to get the final payments from the investors to pay Donald Trump for luring new investors to fill the pockets of Damac management
Damac stands for cheating and lying
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Old September 24th, 2013, 07:06 PM   #1324
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Verjan, if most investors are UK based they need to get on a plane and see this property with their own eyes. These are not even finished to a UK standard of a basic townhouse of Wimpy standard 20 years ago. you need to compare these to Marina Square (Al Reem) 3 bed of similar sq ft and (pricehttp://www.propertyfinder.ae/en/buy/apartment-for-sale-abu-dhabi-al-reem-island-1357613.html?img/0) which have the standard finish that DAMAC pretended to sell.

Investors will not only be unable to get close to their purchase price to sell their Oceanscape Unit but they have no hope of renting either when you look at what is being offered on AL Reem.
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Old September 30th, 2013, 04:52 AM   #1325
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Oceanscape Januari 2014

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Originally Posted by 4everdreamin View Post
Verjan, if most investors are UK based they need to get on a plane and see this property with their own eyes. These are not even finished to a UK standard of a basic townhouse of Wimpy standard 20 years ago. you need to compare these to Marina Square (Al Reem) 3 bed of similar sq ft and (pricehttp://www.propertyfinder.ae/en/buy/apartment-for-sale-abu-dhabi-al-reem-island-1357613.html?img/0) which have the standard finish that DAMAC pretended to sell.

Investors will not only be unable to get close to their purchase price to sell their Oceanscape Unit but they have no hope of renting either when you look at what is being offered on AL Reem.
LATEST news: Oceanscape only ready to move at Januari 2014

Major problems in construction and Damac are due to another delay

Damac knew about this already 3 months ago

Instead of informing the investors they kept on lying
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Old October 1st, 2013, 04:05 AM   #1326
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Hi Verjan

Where did you get this latest info from? Damac have been stating the appartments are ready to move in to now but the maintenance guys told me there's still not even working a/c's
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Old October 1st, 2013, 07:39 PM   #1327
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Originally Posted by 4everdreamin View Post
Hi Verjan

Where did you get this latest info from? Damac have been stating the appartments are ready to move in to now but the maintenance guys told me there's still not even working a/c's
No Water connection , the ADDC doesn't give the license due to inferior use of the piping , Damac has to change them
No AC , the AC system is not cooling , inferior quality

Damac is lying , what they already doing for 4 months
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Old October 23rd, 2013, 12:31 PM   #1328
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DAMAC SCUM IN NEW SCAM - ARABIAN BUSINESS

[B]Dubai's Damac accused of selling same project twice

By Daniel Shane Tuesday, 8 October 2013 8:58 AM

Dubai investors in a major project by Damac that stalled amid the emirate’s financial crisis have claimed the developer launched a new, Hollywood-themed project on the same site without notifying them.

Buyers in the project, La Residence by Lotus, were told by Damac that if they wished to continue their investment in the new development, Damac Towers by Paramount, they would have to pay a sales price 75 percent higher.

Announced in 2006, La Residence by Lotus was conceived as a 58-storey ‘waterfront’ development consisting of one-, two- and three-bedroom luxury apartments. The project was to be built in Business Bay, which Damac literature boasted was the ‘Manhattan’ of Dubai, but never got off the ground as a result of a land dispute and the emirate’s property crash.

Damac publicly claimed at one point that 75 percent of La Residence had been sold off-plan, despite never laying a single brick.

In March this year, the company announced a new project branded by Hollywood studio Paramount on the same site, before launching sales to a fresh batch of investors.

One Gulf-based investor, who chose to remain anonymous, told Arabian Business they paid AED1,285 ($350) per square foot for a two-bedroom unit in La Residence in 2007, with a total sales price of AED1.77m. The investor was originally told that the project would be completed in Q3 2009 and subsequently paid 40 percent of the total purchase price.

In early 2008 it emerged Damac did not have possession of the site proposed for the La Residence development, which was at the time owned by a United Nations agency. On learning this, the investor requested a refund, which was refused by Damac, and was instead offered the chance to move onto other projects, but declined as they were “dead end” and being sold at “50 percent above market rates”.

In January 2011 Damac managed to win control over the La Residence site, with enabling works starting later that year, before piling works began in early 2013.

Damac announced the Paramount project in March 2013 on the same site as La Residence at Lotus, but has never publicly acknowledged that the latter development has been cancelled. The firm has since claimed to have notched up more than $270m in sales from apartments, representing 40 percent of the entire project.

Architectural impressions and floor plans of both developments show stark similarities between the two, most notably the design of four towers on top of a lower plinth.

As late as July 2013, however, signs outside of the project were still displaying the name La Residence at Lotus photos show, although these have since been switched to Paramount Towers.

Damac also issued a tender in February 2013 for the construction of Lotus Tower, with a deadline of March 25. In July Damac announced that Turkish contractor TAV had been handed the main construction work for the Paramount development in a $272m deal.

The Gulf-based investor told Arabian Business that he was never informed by Damac that La Residence had become Paramount Towers. After several calls to Damac advisors that did not illicit a response, they were told that they could move their investment to the Paramount development, although would have to pay the current sales price.

“[I] spoke to a [Damac agent] who told me that as I had not accepted Damac's offer for the La Residence development, should I wish to continue with my investment I would have to pay the new price the development was now being sold at,” the investor told Arabian Business. “I told the advisor that they were in clear breach of contract as I had already purchased this development off-plan.”

According to promotional literature circulated by local estate agents, the sales price at Damac Towers by Paramount is AED2,250 per sqft – 75 percent higher than that of La Residence.

The La Residence development no longer appears to be listed on the website of Dubai’s Real Estate Regulatory Agency (RERA), which at the time of writing only displayed an update on Paramount Towers by Damac, dated March 5, 2013.

The Gulf-based investor said that he has since verbally been offered a refund plus 10 percent of his initial investment by Damac. This offer was declined due to a discrepancy in the amount offered as well as the terms stipulating that they would be liable for all fees this incurred, which could include Dubai Land Department’s new 4 percent transfer fee.

Email correspondence between the investor and an agent representing Damac seen by Arabian Business urged the former to accept the offer, warning that the developer has significant legal clout and the backing of Dubai’s royal family.

A separate investor in the project, based in another Gulf country, told Arabian Business that they had received “persistent and harassing” phone calls from individuals claiming to be Damac agents this year urging them to cut their losses and switch to an alternative Damac property.

The investor said that the first they knew of La Residence at Lotus being changed to Damac Towers by Paramount was when they visited the construction site this year and saw that the signage had been changed.

After complaining to RERA, they were told by the regulator that an official notice had been issued to the media earlier this year confirming that the change in project had taken place. Damac has never sent out any such release. “We were never given this information and to this day if we ask any agent outright ‘has the project been changed?’, we received no response,” the investor told Arabian Business. “If you search online or otherwise for any announcement you will not find it. We checked thoroughly.”

They told Arabian Business that they had not been offered a refund on their investment in the project. Both investors now say they want to generate enough awareness to present a case to RERA.

In an emailed response to Arabian Business enquiries regarding investors in La Residence at Lotus, a Damac spokesperson tacitly admitted that the project had been quietly switched to the Paramount development.

In a statement sent to Arabian Business, Niall McLoughlin, senior vice president of marketing and corporate communications, said: “As the original project was delayed, customers were advised and offered the opportunity to exchange to other projects within our portfolio. A high percentage of customers decided to do so. The small percentage of customers who decided not to avail of this opportunity were offered refunds or subsequently the opportunity to remain in the new project. As Damac Towers by Paramount is a furnished, serviced product, the interior design package will be charged extra on completion.

“The Damac Towers by Paramount is a branded, serviced hotel and this has been received very positively as it increases the value to customers. Since taking land possession approximately 12 months ago, K&A have been appointed as Lead consultant, National Piling appointed as enabling contractor and works completed. The piling and pile head cutting and guniting works have been completed and last month we awarded the main contract to TAV and main works have commenced.”

Damac, one of the property developers worst hit by Dubai’s financial crisis of 2008-2009 when a number of its projects stalled or cancelled, has launched several new developments this year on a back of a resurgence in the emirate’s housing market.

Earlier this year, the developer announced its Akoya by Damac development, which will include a golf course designed by US business magnate Donald Trump.

The residences will each have views of the golf course, the first in Asia by Trump’s Trump International. Akoya by Damac is the company’s largest development to date, spanning 28m square feet off Umm Suqeim Road.

The land has already been bought from Dubailand and construction is expected to take five years, Damac has said.

Following the 2008-2009 financial crisis which saw Dubai property prices tumble by up to 60 percent, the emirate’s real estate market has experienced something of a rebound this year.

Some estimates suggest that real estate prices in prime areas in Dubai have risen by up to 30 percent in 2013 to date.
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Old November 5th, 2013, 02:21 PM   #1329
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Originally Posted by verjan View Post
No Water connection , the ADDC doesn't give the license due to inferior use of the piping , Damac has to change them
No AC , the AC system is not cooling , inferior quality

Damac is lying , what they already doing for 4 months

Has anyone actually moved in yet? Electricity hooked up ? I haven't been by the property for over a month. Too depressing
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Old November 15th, 2013, 06:28 PM   #1330
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DAMAC IPO Launch in London

....and they are up to their old tricks again. Search for 'Damac' on Google.co.uk and you will see a sanitised set of hits for the first 10 pages. Probably worth a few million to suppress the real story for a few days while they hunt for naive pre-xmas shoppers, recently excited by Royal Mail and Twitter IPOs.

As always - buyer beware with Damac. Skip the first ten pages of Google to start to find real stories.
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Old December 5th, 2013, 05:07 PM   #1331
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http://uk.reuters.com/article/2013/1...0JI15G20131203

Reporters aren't worth their weight in newspapers. They write "...international investors are still wary of the emirate's property market." It's not the emirate's property market that's the problem. The problem is Damac! The IPO isn't about investing in Dubai, its about investing in one worthless company.
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Old February 6th, 2014, 08:00 PM   #1332
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Damac advertising all over Dubai ,this offer.

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Old February 9th, 2017, 06:57 AM   #1333
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Is there a thread for service charges & Damac hotel apartments? We have just been issued 2017 service charges for Capital Bay Towers at an incredible 28.8Dhs/sqft and would like some perspective on this as it seems outrageous to me.
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Old February 27th, 2017, 02:09 PM   #1334
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Is there a thread for service charges & Damac hotel apartments? We have just been issued 2017 service charges for Capital Bay Towers at an incredible 28.8Dhs/sqft and would like some perspective on this as it seems outrageous to me.
It is a bit high, but you can check it on rera.
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